Fast Loans to Suit Your Needs
What are Quick Loans?
Unfortunately, every one of us will face some kind of financial problems in their lifetime, no one is exempt. However, when unexpected expenses appear, and you have no surplus of funds to cover the costs the urgency to resolve the problem still remains. Traditional high street lenders can often leave borrowers waiting days to receive a decision on whether or not their application has been approved, let alone to receive the funds, so what do you do? Well, quick loans can provide borrowers with an extremely well-needed solution in this situation.
What is a Quick Loan?
Quick loans in the UK are great financing options designed to provide a solution for those who are struggling for money short term due to an unexpected financial emergency or event. A quick loan or a 'fast loan', just as the name suggests, is able to provide its borrowers with a little extra quick cash in order to cover the costs of things such as bills and repairs, as quickly as possible, meaning that you’ll never have to wait for money in the wake of a financial emergency.
So, although instant loans don’t exist, quick loans are the next best thing.
How much can I borrow?
If you need a quick loan you can borrow anything from £100 to £5,000, which will be enough to cover the costs of any short-term emergencies which you may be having such as car repairs, unexpected bills and boiler or home repairs.
What can I use a quick loan for?
Although we spoke briefly in the previous section about what you can use this type of short-term credit for, there are many different reasons to which someone might want to apply.
Ultimately it is up to you what you spend your quick loan, as there are no restrictions, although, undoubtedly the short duration and amount of these types of loans won’t be suitable for all the needs and requirements you may have. However here are just a few of the most common reasons why applicants take out fast cash loans:
- Vehicle repairs/breakdown
- Home repairs/work
- Covering the cost of household bills
- Including the cost of unexpected bills
- Putting down a deposit on a purchase
- Family and medical emergencies
- Cost of necessary food and travel
Nevertheless, it’s also essential for you to understand that these quick and easy loans aren’t suitable for all your needs, so here are also a few situations that aren’t recommended to use a quick loan for:
- Unnecessary purchases
- Large purchases
- To help pay your monthly bills each month
- Consolidating large debts
- Pay off debt collectors
Alternatively, if you are struggling to pay existing debts, or to make ends meet at the end of each month, then we do not recommend taking out a quick loan. For advice on how to seek help for debt and money problems, visit www.moneyadviceservice.org.uk or www.stepchange.org for more information.
The Application Process
The application process for quick online loans is specifically designed to ensure that your needs are taken into consideration. That’s why you’ll find that the whole application process is fast and straightforward ensuring that you get your money within just 15 minutes* of your application being approved by our direct, quick loans UK lenders. Read on for more information on our application process.
How do I apply?
To apply for a loan with Multi Month Loans all you have to do is visit our website, click the ‘Apply Now’ button, and you’ll be transferred to our application form. We ask that you fill out all of the questions provided with your personal, work and financial details ensuring that all the information is as accurate as possible to ensure that we can provide you with the best quick loan provider who is suited to your specific needs.
Once you have filled out our online form all that’s left for you to do is submit your application, as there’s no need for you to provide any additional paperwork with your application, unless a lender asks you to provide bank statements, or proof of employment subject to the decision of your application.
How long will it take to apply?
Our quick loans application process is designed specifically with the needs of our borrowers in mind, that’s why we’ve made applying for a cash loan with us a prompt and straightforward procedure. Our application form doesn’t require you to provide any paperwork or answer any long-winded questions so it will take you less than 5 minutes for you to complete.
Once you’ve submitted your application, although the time frame for fast approval may vary, in most cases you should be able to receive an instant loan decision, on whether or not your application has been approved. This means that you won’t have to spend hours or days waiting to see whether you’ve been approved.
How long will it take for me to receive my money?
Once your application has been approved, your loan will be sent to you straight away and you will have your funds within just 15 minutes of confirmation of your approval, which will be dependent at how quick your bank is at processing fast payments.
Whereas more traditional lenders would take from a few days to up to a week to deliver your funds, with faster payments available, this enables quick loan lenders to send your money to you as soon as you have received your loan approval confirmation.
In an emergency, many people are deterred from using a quick loan, as they believe they may not be eligible to be accepted due to the personal circumstances they’re in. However, this type of short-term financing is available to a lot more borrowers than you may believe. Carry on reading this section to find out whether you could be eligible.
Am I eligible for a Quick loan?
To be accepted for these quick easy loans, as the minimum requirements it is expected that you should tick the following boxes:
- At least 18 years of age
- UK resident
- With a valid bank account
- Regular income of at least £700
If you’re considering getting a quick loan and are worried that your particular circumstances could make you exempt from being accepted, then we’ve comprised the following section which will provide you with information on whether you’re likely to be approved for this type of financing.
Can I get a quick loan if I have bad credit?
Yes, fast loans such as these are available to those applicants who may be suffering from poor credit history.
This is because many lenders who offer quick small loans online, have varying different risk thresholds that they are willing to take with borrowers, meaning that you will be able to find a lender willing to provide you with a quick loan regardless of your bad credit.
Although we don’t explicitly offer bad credit quick loans, all of the lenders we work with consider all applications irrespective of credit history, as these loans are usually for smaller amounts and for a shorter duration making them suitable for those who have bad credit and providing them with the option to boost their credit when used correctly.
However, it may be worth mentioning that borrowers with bad credit may have to pay slightly higher rates of interest than those with good credit history, these rates are capped by the Financial Conduct Authority (FCA) back in 2015 to ensure that this type of financing was regulated to ensure that no unfair practices were taking place.
Can I get a quick loan if I’m unemployed?
Yes, it is possible for you to take out a quick loan if you are unemployed; however, quick loans for unemployed borrowers will be subject to a few requirements.
When borrowing money, lenders like to see that you have a regular income, whether this is from your paycheque at work, employment benefit or spousal maintenance.
In order for you to take out any type of finance, you should be able to demonstrate to lenders that you have a regular and reliable source of income.
Can I get a quick loan if I’m a student?
In the past, students were seen to pose a considerable risk to lenders when borrowing money. Nowadays, thankfully thoughts have changed on this subject and lenders are a lot more open to allowing quick loans for students in addition to any student loans that they may already have.
All students applying for quick loans will have to do is be able to show lenders that they are financially responsible and that they have a regular income which would allow them to repay the loan.
However, students may have to provide lenders with additional information concerning their education, employment and finances.
Will you perfom a credit check?
Unfortunately, you can’t get quick online loans with no credit check as credit checks are essential for accessing whether your financially responsible enough to take out a loan and repay it.
In fact, it is against the law in the UK to offer a quick loan or any type of loan without performing a credit check first.
However, when you submit your application with us, we will carry out what is known as a ‘soft credit check’ alike to most other companies that wish to pre-access applicant’s credit before performing what is termed as a ‘hard credit check’.
This means that the soft credit check we carry out will provide us with a part of your financial history file, enough to give us a good insight as to whether we believe that you are financially responsible enough to take out a loan.
Soft credit checks will show that you have checked your credit on your credit report; however, they won’t affect your credit score.
Once you are matched with a lender, they will perform a hard credit check, meaning that all of the information on your credit report will be available to them and they'll be able to make a decision on whether or not they feel you would be a reliable customer.
Hard credit checks will also leave an entry on your credit report and can affect your credit score if you are then rejected for credit or have repeatedly been applying for finance in a short space of time.
Will I require collateral?
As the nature of quick cash loans is for short-term use only, alike to most short-term financing options, they are unsecured loans, meaning that they do not require you to provide any collateral to secure the loan against.
This makes them the perfect choice for applicants who need a loan fast but do not own assets such as a vehicle or property.
Will I need a Guarantor?
In addition to not needing you to provide any collateral for you to secure your loan against, you also aren’t required to submit a guarantor with your application for you to have your application for a quick loan approved.
Although, if you want to provide a guarantor and feel it is necessary, then this is allowed but not a requirement.
This can be quite a tremendous help as many applicants for these fast easy loans that do require a guarantor, can find it a difficult task to find someone willing to be their guarantor. This is because being a guarantor can be a position which is quite risky as if the loan applicant fails to make their payment, the guarantor is obligated to ensure that the loan is paid, regardless of who pays it, the borrower or the guarantor.
Asides from the accessibility and their speed, you may be wondering if there are any other benefits to be had from borrowing a quick emergency loan, and you’d be right. This type of loan has its many advantages and here are just a few of them, read on to see whether the following advantages of quick loans would benefit your current financial situation.
The benefits of borrowing a quick loan
There are many benefits to this form of financing, which is why quick loans are so popular and suit many people in a variety of different situations.
- A quick and easy application process: no paperwork or lengthy questions.
- Instant loan decision on application approval: perfect for those emergencies.
- Inclusive of all credit histories: our lenders consider all applicants fairly.
- Receive your funds in just 15 minutes*: faster payments for quicker cash.
- Don’t waste any time: Quick loans can help you to avoid late payment fees.
- Quick repayment periods: repay your loan on your next payday.
- Apply any time anywhere: At home or on the go, 24/7.
- Apply online: For added convenience, speed and efficiency.
- Improve your credit: When used responsibly and paid in full and on time.
Quick Loans with Multi Month Loans
If you believe that a quick loan is the right credit option for you, then you may be interested in applying for a loan with us here at Multi Month Loans. If you are interested in applying for a loan with us, then why not read the following section about how you could borrow a quick loan with Multi Month Loans and receive your free no obligation quote today!
Getting a Quick Loan with Multi Month Loans
At Multi Month Loans, all the quick loans direct lenders that we work with can provide our customers with prompt and satisfactory service to ensure that we find you the best deal available on all of our short-term loan products.
Our vast range of available quick loan and short-term loan options will help you to find the best one that suits you and charge no charges or upfront fees for our services.
It takes just minutes for you to fill out an application for a quick loan with us here at Multi Month Loans, and you can receive your credit in less than 15 minutes after being approved with no fees or charges for the prompt service.
Whatever you need your quick loan for, we’re here to help and to provide you with the fastest and most efficient service available online when you need it the most.
For the majority of loan applicants, being able to have access to a loan you can receive on the same day you apply, is exceptionally beneficial and can be achieved with borrowing a quick loan.
With quick loans, the appealing factor is that these fast easy loans are perfect in those emergency situations where you can’t sit around waiting for cash without incurring late repayment fees and charges or be without your household necessities.
In a fast-paced world, more than ever do we see the need to borrow quick loans and borrowers want to ensure that they can get their credit the same day.
If you have any questions or queries to ask about quick loans, then don’t hesitate and feel free to contact us with any questions you may have about quick loans, any other short-term loans or the application process.