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Explaining Quick Loans

What are Quick Loans?

What can I use a Quick Loan for?

What are The Uses of Quick Loans?

Do you have what it takes to qualify?

Could I be eligible?

Find out what a quick loan lender could offer you

What can I expect from Lenders?

Ensure you get the best rates

How to Get the Best Deal Possible

Before you apply

Additional Information to Consider

Explaining Quick Loans What are Quick Loans?

If you've found yourself with an urgent bill that you can't afford to pay, then you might be wondering where you'd be able to find finance to cover the costs on such short notice. Whether you've planned for rainy days or not, you don't usually have the time to wait around, so you're probably wondering what your options are for obtaining quick and easy credit, fast.

What is a Quick Loan?

Quick loans are a form of a short term loan, which allows you to borrow a reasonable amount of credit for any short term and one-off problems that may crop up suddenly and unexpectedly when you have little funds to cover the costs.

Quick loans get their name from their quick and easy application process, as most applicants who apply for quick loans can have their application accepted within minutes, receiving their funds the exact same day that they've been approved.

The repayment period can vary from lender to lender and is usually dependant on how much you intend to borrow and can afford to pay back. But generally quick loans are paid back within a term of within a month, to anything up to two years.

What are the alternatives to a Quick Loan?

There are a few other alternatives for short term financial problems other than a quick loan, although they are dependant on your needs and circumstances and generally, are varied in their degrees of helpfulness. Your alternatives to a quick loan would be either: Show More »

  • A loan from a close friend or a family member, if you are able to do so and know of someone who would be willing and who also has the financial means to do so.
  • By taking out a credit card to cover any unexpected expenses, although credit cards come with limits that can be easily maxed out and that can impact your credit score.
  • A long-term loan, although these are for more substantial sums of money, which may not suit your short term needs and you could end up paying for the loan longer than expected. Also, long-term loans are harder to obtain, especially if you have poor credit.
  • Budgeting more efficiently from month to month, in order to account for any unplanned expenses, although if you're already having financial troubles, this may be hard to do in hindsight. « Show Less

Take your time, don't let the urgency of your financial situation push you into making a poor decision.

What can I use a Quick Loan for? What are The Uses of Quick Loans?

Quick loans are an easy way to obtain short term credit, that can help bridge the gap. Quick loans are an excellent and convenient solution for people with one-off or short term needs; they won't always be suitable for everyone and their needs. If you are considering applying for a quick loan, then it's vital you ensure that you understand what you're getting yourself into.

What are the uses of Quick Loans?

Who uses Quick Loans and what are they used for?

Although quick loans are efficient and convenient for many customers, unfortunately, they're not suitable for diversification of needs. Therefore, it is essential to access your circumstances in order to make an informed decision on whether or not a quick loan is suitable for your needs.

If you're in a rush to obtain credit by using a quick loan for one of the following reasons, then a quick loan could be the perfect solution for your money troubles. Show More »

  • Short term cash flow problems, if you, your partner or someone in your household has had time off work due to illness and haven't been paid, then you might be in need of funds to help pay the household bills for this month. If this is the case, then the chances are that you could take out a quick loan to cover the costs of the bills for a month or two.
  • If you need extra funds to pay for a one-off bill, such as an emergency medical bill or a car repair, then you could take out a quick loan to cover the costs of the bill or the repairs.
  • If you want to avoid occurring a late repayment charge on already existing debts and you're worried about receiving a negative entry on your credit record, then you could take out a quick loan to bridge the gap between when your bill needs to be repaid by and your next paycheque.
  • If you're going on holiday and you've already spent your budget on just the flights and accommodation alone, then you could take out a quick loan to provide you with some extra cash for spending money or in case of any emergencies.
  • Quick loans can even be taken out if you want to improve your credit score. However, you must ensure that you will be able to make all of you loan repayments, if you are able to make your repayments then you will succeed at giving your credit score a needed boost. However, if you are unable to make your repayments, it could have the opposite desired effect, which is always something to consider. « Show Less

If you are considering applying for a quick loan, it is essential you understand what you're getting yourself into, and that you're getting a quick loan for the right reasons.

Do you have what it takes to qualify? Could I be eligible?

Every lender who offers a quick loan will have different lending criteria which you may or may not be able to pass. Most lenders will happily advertise on their website the main guidelines on what they will expect you to have to be likely for approval. But here's some extra helpful information on what you'll need to have to be eligible.

Am I eligible?

Every lender who offers a quick loan will have their own specific lending criteria which you may or may not qualify for. But generally, as an absolute minimum requirement, the lender will expect you to be at least 18 years old or older, a UK resident (if you're applying for a loan in the UK), be in full-time employment and hold your own UK bank account.

Although it is difficult to know everything a lender expects from you as a borrower, as a lot of lenders will have additional criteria in addition to the previously mentioned minimum requirements, so it's just a case of checking to see if you're a match.

Will I need collateral?

Many borrowers worry about collateral as they've heard stories about lenders seizing assets when borrowers were unable to pay back their loan. With a quick loan, however, you do not need collateral as a requirement for security to ensure that you make your repayments. Instead, all that quick loan lenders will require as security is evidence that you can afford to pay back the loan.

Can I still get a quick loan if I'm unemployed?

Although a lot of lenders will expect applicants to be in full-time employment, this doesn't mean that you won't get a loan if you're unemployed. Show More »

Quick loans in the UK are available to anyone over the age of 18 with a steady income. This income doesn't necessarily have to come from employment; it can also come from government benefits or alimony, etc. The lender will require that you submit copies of your bank statements, income reports and any information about your awarded benefits that you can provide during the application process.

So, in short, yes, it is still possible to acquire a quick loan even if you're unemployed. The same circumstances and guidelines will still apply to you, and you must be able to provide evidence that you can afford the loan that you are taking out. Some lenders may offer you a limited amount of money because of your employment status, and you may find that your interest rates are higher when compared to someone in employment. « Show Less

Can I still get a quick loan if I have bad credit?

Yes, it is possible to get a quick loan even if you have bad credit. In fact, quick loans can be an excellent solution for those who are struggling to get credit. This is because they have higher approval rates in comparison to other types of loans which make them more accessible to those with bad credit, as the lower values and shorter repayment terms mean that quick loans are ideal and considered to be less risky than other forms of lending.

However, this doesn't mean that quick cash loans can be provided to just anyone, as all lenders in the UK are regulated by the FCA and are therefore obliged to check each customer's affordability to ensure that they can afford a loan. Show More »

Lenders will check your credit rating when you apply, and by doing this, it will enable the lender to view your current financial position. Any recent debt problems will present more of an issue than those that are firmly in the past. If you've got a history of late or missing repayments or had a CCJ issued in the past, you are still likely to find yourself a bad credit quick loan. However, if your money problems have occurred relatively recently and weren't isolated incidents, then you may find it more difficult to get approved for a quick loan.

This is because lenders look at various different factors to establish a picture of your current financial position. If these indications show that you're not keeping up with your existing financial commitments the lenders are unlikely to believe that it is ethical to allow you to borrow more cash.

There's no black and white answer to whether a bad credit history could prevent you from taking out a quick loan, as it is dependent on individual circumstances. However, if you can afford the repayments and your bad credit is firmly in the past, you stand a good chance of being accepted with more specialised lenders. « Show Less

Always check your eligiblity chances before you apply for a loan. You can do this by using an eligibility calculator, such as the one available at Money Saving Expert.

Tips for boosting your credit score

  • When applying for any type of loan, it is vital to ensure you check your credit report before applying. That way you can get on an idea of what a potential lender will see when looking at your credit report when weighing up your likelihood to repay a loan. You can use helpful websites such as Experian and ClearScore, who offer reliable online credit checks for free.
  • Make sure to check all the information on your credit file to ensure that everything is correct and that there isn't any missing or incorrect information on your record. This is because missing or inaccurate data could hinder your credit score, so it's important to contest anything that isn't right. If you've paid off a loan or a CCJ in the past and it's not on your credit report, potential lenders could be likely to refuse your application purely on that basis. However, if you contest any mistakes, then you have the potential to improve your score by doing so. Show More »
  • If you've got any outstanding debts, try to reduce the amount of debt you owe while you can. Ensure that you keep up with your repayments, by paying them in full, on time and regularly to avoid late repayment charges. As well as this, if potential lenders are worried that you won't pay your debts, then this will show them that you can.
  • Always use your credit card responsibly, try to opt to use it more as a debit card and try not to maximise the limits on your card. Instead, keep the credit utilisation balance on your card low and ensure you pay off the debts you build up each month. Even if you can't afford to pay off the debt in full, it is vital that you pay off something, to ensure that you pay off a certain amount of your debt regularly and on time each month.
  • Lastly, if you're having trouble paying off your debts and you are struggling to make ends meet, then get in touch with your creditors or alternatively reach out to a credit counsellor. That way you'll be able to get help in the form of a repayment schedule which should make your debt repayments more manageable than they were before. « Show Less

Find out what a quick loan lender could offer you What can I expect from Lenders?

After finding out what lenders tend to look for in their customers, you're probably wondering what you should look for in a lender that gives a good indication as to whether they're reliable or not. Well, here's a list of things that are essential to look for in your search for your next lender.

How much can I borrow?

Every lender will have their own limits on how much you'll be able to borrow. The amount you can borrow will also depend on how much you'll be able to repay. Affordability checks will help identify how much you can compensate and the figure you can borrow will be based on that sum.

A good loan company will never let you borrow more money than you can afford to pay back, and you must take interest into account when calculating how much you can afford to pay, as you will have to pay interest in addition to paying off your loan. Show More »

It is critical to ensure that when you calculate how much money you can afford to take out, by taking into account things such as household bills and the general living expenses of you and your family. If you know that you can comfortably pay all your debts and any additional interest, then good news, you can afford the loan!

If you would like to calculate how much credit you can afford to borrow, then try using the online calculator tool that a lot of lenders supply on their on their websites. This will help you to get a good idea of what sum you can afford to borrow and the type of repayments you'll be able to make each month.

Each lender will also have their own limitations on how much you will be allowed to borrow. If you're a first-time borrower or a new customer with some loan companies, then it isn't unusual for the loan company to cap their loans at around £2,000. As soon as you've used their services and proved that you're a reliable customer, they'll allow you borrow more on your next time. « Show Less

In addition to interest it's not uncommon for lenders to include some hidden fees. Be sure to read all the terms and conditions, ensuring you don't just skim through and sign. You'll be more likely to uncover any hidden fees if you always double check.

What should I look for in a lender?

When looking for a lender, you want to ensure that your lender is looking out for the possible best deal available to you and your best interests by essentially offering you the best deal and service that they have to offer, so it's crucial that you find yourself the best lender you can. Here's some essential things you should look for in a lender. Show More »

Affordability

A good lender will never encourage a borrower to take out a large loan that they wouldn't be able to pay back. Neither would they persuade them to take out a quick credit for an improper or long-term purpose, knowing fully well that quick loans aren't designed for it, as this has the potential to end in financial jeopardy or a short term loan cycle. So, make sure you're aware of pushy lenders and be mindful of what you can and can't afford.

Compare Lenders

Companies differ in what deals they're offering and whom they're advertising their deals to, whether that be old or new customers. Therefore it is essential to look and compare different lenders to see what they're offering regards to deals, APR and terms and conditions. That way you'll always have peace of mind that you know you've got yourself the best deal.

FCA Regulated

You always want to make sure that you are protected in the unlikely event of an altercation between you and your lender. Therefore it is vital that you protect yourself, your finances and your rights by making sure that you before you agree to anything, you ensure that the lender is regulated by the FCA. This ensures that lenders adhere to a code of conduct which ultimately sets out to protect the rights and best interests of customers.

Look out for Penalty Charges

If you believe that your circumstances are likely to change during the repayment period and that at some point you may be able and wish to pay off your loan in full, then you must check if your loan has an 'early redemption charge.' Ensure you're aware of how much the charge is, and that way you will be able to steer clear of high additional fees if you make sure you're aware of them. The same applies to late payment fees, it's always necessary to check this, as there may be one time you might not be able to make a repayment. Ensure you can comfortably pay your loan and any additional charges before you agree.

Reasonable Terms and Conditions

When you're looking for a lender to get a loan with, it's important to make sure that you always read their terms and conditions before you even consider agreeing to the loan.

In the loan agreement, you can expect to find all the following information in regards to your loan, including things such as:

  • The loan term
  • The loan amount
  • The APR rates you'll pay
  • How much you'll pay in full
  • Your loan repayment agreements
  • Information on overpayment and repaying your loan early
  • Consequences of late and missing payments
  • Information on your rights to withdraw and the cooling off period

It is essential to read and understand all of this information they have provided you with, as failure to do so could mean that you end up agreeing to something that you were not already aware of and therefore prepared for.

Sensible rates of Interest and APR

Information about your interest rates, charges and APR will usually be found in your loan agreement terms and conditions. It is essential to check this as interest rates, fees and APR as this could severely impact upon your affordability if they are high.

Ensure you can comfortably afford to pay the APR and interest rates in addition to any additional charges should they ever arise during your loan term. If you can't afford it, then it's a good indication that the loan isn't for you. « Show Less

How to tell if a lender is genuine or not

Another worry that can arise when looking for a loan is, how can I tell if a lender is genuine or not? As there are so many different lenders online offering the same product, how do you differentiate between a legitimate lender and a counterfeit lender? As you will want to ensure a lender is trustworthy before you hand over your sensitive personal data. Here are a few ways to tell if a lender is legitimate or not:

  • Any lender who offers finance or credit in the UK is regulated by the FCA which will provide you as a customer with a certain degree of safety, as all of the companies who are regulated by the FCA must follow a code of conduct. Therefore, when looking for a lender, you should ensure that they display the FCA logo somewhere on their website if you have any worries about their legitimacy. If you can't find the FCA logo on their website anywhere, then you might want to check the FCA register for their company, and if they're not on the registry either, then you have good reason to believe that they're not a reliable or legitimate company. Show More »
  • They should also have a fully registered company name, address and telephone number, which you should be able to check online and it should be displayed clearly on their website.
  • Their website should also provide precise, concise, well-written information. It should provide you with helpful information about what you wish to know about the company and their loans. There shouldn't be an overwhelming amount of spelling mistakes or incomprehensible terms that you struggle to understand.
  • Every trustworthy lender must have a privacy policy. This will disclose how that company uses, gathers and communicates information about their customers. If a company doesn't have a privacy policy, then you should be wary of this company as you're not likely to know what they'll do with your collected personal data.
  • Ensure that they have security technology on their site before you submit any of your data, you should never provide any of your personal information on a website that isn't secure and encrypted. This makes sure that there is no unauthorised access to your data, by ensuring it is protected against any fraudulent or suspicious behaviour.
  • Use comparison websites, as reputable and genuine companies, are more likely to be security checked and will be more likely to appear on price comparison websites. « Show Less

The way a company deals with negative reviewers will be able to give you a good indication of what type of company they are. If they argue, blame or ignore unhappy customers, then you should probably stay away. A good loan company will always seek to resolve any problems with unhappy customers.

Ensure you get the best rates How to Get the Best Deal Possible

The most common question people ask when getting any type of loan is 'How much will it cost?' You don't want to pay a lot of interest on your credit if it isn't necessary and you can get a better deal elsewhere. You need to ensure that you're getting the best deal possible when searching for what companies have to offer, so follow our advice and get the best possible deal!

Get The Best Deal

Make sure you compare the market and utilise all the tools that are at your disposal. As well as checking price comparison websites, make sure that you also go to lenders directly, as some lenders don't always advertise their products on price comparison websites. APR's are a good way of comparing loans as well, as although you may not be offered that specific rate of interest, they can give you a good indication of what you can expect to pay in addition to your repayments.

Remember if you see a loan that seems too reasonable to be true, then it usually is!

As well as looking at APR, it is also important to look at the terms and conditions when calculating costs. This lets you know if there's any up-front fees or late payment charges or penalties. Therefore, you'll know how to avoid these charges, or you'll decide that the loan isn't quite right for you.

So, ensure you consider the following before accepting or signing a loan agreement

  • Can you repay the loan early without penalty if you wanted to?
  • Does the lender have good reviews on a reputable website such as Google and TrustPilot, and not just on their own site?
  • Can you manage your loan online?
  • How much are their late repayment charges if they have any?
  • Ask yourself do you meet their minimum requirements for a loan? As if you're applying for a loan with bad credit, then you might want to look specifically for a bad credit loan, as you might be more likely to be accepted.

If your credit history isn't great and you feel that potential lenders could view your current financial situation as quite precarious; then you may not present enough security for the lending company, which won't dampen your chances of being accepted but could limit the amount you can borrow.

How do I apply?

For a quick loan, you can expect that most providers will allow for you to apply online, although alternatively, some lenders will also allow for you to apply both via telephone or through a loan agent/officer if you aren't internet or computer literate. Show More »

What information will I have to provide?

You can expect to provide the following information in your application

  • Name
  • Address
  • Date of birth
  • Email address
  • Employment status
  • Employment details
  • Home/mobile telephone number
  • Annual income
  • How often you get paid (weekly, monthly, etc.)
  • Marital status
  • Number of dependents
  • How much you would ideally like to borrow
  • For how long you would want to spread out the repayments « Show Less

How long will it take?

Quick loans, as their name suggests, mean that the application process is rapid and the whole process can take place in less than an hour. The application process can be carried out on the high street or online. To apply for a quick loan, all you will need to do is fill out a form and give some personal information regarding your finances. The time frame can vary, but as the entire application process is dealt with swiftly, with no complicated questions or long-winded paperwork, so you can expect your application to be reviewed quickly and to receive your decision more or less instantly. And as long as you follow all of the lender's directions, you should be able to obtain your loan the exact same day as you have your application approved.

If you are accepted, you can expect to receive your funds in your bank account the same day you're approved. This makes quick loans ideal if you have any urgent bills you need to repay, as you will be able to pay them off as soon as possible without getting into further debt by occurring late payment fees or threats.

Am I guaranteed a Quick loan?

If you need the money quickly, then it is vital you know whether you are likely to be accepted or not.

Like any type of credit you apply for, there is a process that must be followed when you apply. You'll usually have to answer some questions about your circumstances and how much you would like to borrow and depending on your answers, you'll either be refused or accepted, it's as simple as that.

Unfortunately, no one is guaranteed to be accepted for a quick loan, and it is mainly dependant on the lender, but you can help your likelihood of being approved by trying to adhere as much as you can to the lender's requirements.

So, don't be disgruntled as quick loans have good acceptation rates regardless!

Each lender will have their own limitations on how much you'll be allowed to borrow. If you're a first time borrower or a new customer, then it isn't unusual for the loan company to cap their loans at around £2,000. As soon as you're able to prove your a reliable customer, they'll allow you to borrow more.

Before you apply Additional Information to Consider

After reading all our pratical information about quick loans, you should be able to make an informed decision as to whether your financial situation would benefit from this form of credit. If you have decided you would like to pursue a quick loan, then you may want to read the following section before you go ahead and apply.

Advantages and Disadvantages of Quick loans

Quick loans are different from traditional and long-term forms of finance and are only useful in short-term circumstances. Therefore, it is essential to be fully aware of the benefits and disadvantages of quick loans so you can decide whether or not a quick loan is the type of finance that you're looking for. Show More »

Advantages

  • Quick loans are easy to apply to as they have a short application process which means that you won't have to fill out loads of paperwork.
  • You'll receive your decision instantly and, in most cases, you'll receive your funds the exact same day that you are approved.
  • They give you the opportunity to borrow smaller sums to perfectly suit your short-term needs.
  • You'll also have a short repayment period, so you don't have to worry about paying off the loan for years to come.
  • You've got a higher chance of being accepted for a quick loan than other types of credit, even if you have bad credit or are unemployed.
  • They're perfect for helping to make ends meet until your next paycheque.
  • Quick loans are fully regulated in the UK by the Financial Conduct Authority.
  • Available round the clock, as many quick loan companies offer a 24 hour a day, seven days a week application process, for whenever you may need it.
  • They can be the perfect loan if you're new to borrowing credit.

Disadvantages

  • Only relatively small sums can be borrowed, therefore making them unsuitable for large one-off payments such as cars or long-term financial problems.
  • Short repayment term periods, so if you're hoping to even out the cost of the loan out over a couple of years or more, then this may not be suitable for your requirements.
  • Substantial fees and penalties can be applied and charged by loan companies for late repayments and early repayments. Therefore, if you're considering paying off your loan in full earlier or you aren't seriously considering whether you will be able to make the repayments each month, then you should reconsider getting a loan from a company that has these charges.
  • They can tend to have much higher rates of interest in comparison to typical and traditional forms of lending such as bank loans and credit cards.
  • It can be easy to fall into a cycle of borrowing, as you can end up relying on short-term credit, and the fees can end up being very expensive.

Only you can decide whether a quick loan is right for your needs and circumstances, so you'll need to consider all of the factors mentioned above before you can make an informed decision. « Show Less

Quick Loan or Credit Card?

One of the alternatives to a quick loan is to get a credit card, which can help you with your short-term financial needs. Although both are easy and can be extremely helpful in entirely different circumstances, so here's a quick guide to whether you should opt to take out a quick loan or a credit card to suit your needs. Show More »

How much do you need to borrow?

Credit cards usually have low credit limits, which make them unsuitable if you need to borrow a higher sum for home improvements or to pay off a few debts. Whereas quick loans can lend you around the vicinity of £5,000, any more than that amount of money, then you might have to look elsewhere.

Is this a one-time emergency?

What is it that you need this money for? If it's a one-off emergency medical bill or an unexpected home or car repair, then a one-time quick loan won't affect your finances. However, if you find yourself in need of funding regularly every end of the month or so, as you see yourself struggling to pay your expenses, then its probably worth you getting a credit card. Ultimately, it's better for you to get a credit card than fall into a borrowing cycle, as using a credit card works out cheaper in interest rates.

Is the interest a problem for you?

Any form of credit which you take out will charge interest, whether it be a loan or a credit card. Regardless, for many, the interest can be a deciding factor in whether you decide to take out a loan or not. Although they don't allow you to borrow as much money as quick loans do, generally speaking, credit card interest rates can tend to be lower. Therefore, if you're uncomfortable paying interest or you worry that you could potentially find yourself being in financial trouble each month, then get a credit card as this may be a safer option for you.

Is this for one big purchase or for general expenses?

If you wish to make a one-off purchase or put down a deposit on something, then you may not want to put this on your credit card as this will most likely max out your credit card limits. Instead, it could be better for you to take out a quick loan allowing you to spread the costs over a short-term period, which would free up your credit card and be better for your financial wellbeing.

However, if you just need credit for general expenses such as food shopping or perhaps you just want to go shopping and treat yourself, then it's better if that these types of expenses go on your credit card.

Conclusion

All in all, both quick loans and credit cards can be excellent choices for many customers, and while they are similar in some respects, they're also different enough to work for different people with different needs.

In conclusion, quick loans are an excellent financing solution where you need an urgent supply of cash, where other sources of options aren't available or fast enough. « Show Less

How much will a Quick Loan cost?

The cost of quick loans can vary from lender to lender and are dependent on the rates of APR, interest and any additional charges you may receive. But on average you can expect that companies offering quick and payday loans will charge interest of around £25 for every £100 that you borrow. So if you acquire £200, you can expect to pay the loan company around £250 for your credit.

How do I repay?

As the name implies, quick loans are the type of short-term credit. Borrowers are usually required to pay back the loan in a period of a month to up to a year depending on the agreement. Payday loans have shorter repayment periods of anything from 2-4 weeks and are usually settled in just one instalment.

The repayment will be collected by your lender, and they will debit your repayment sum including any interest and additional monthly fees from your bank account each month on your prearranged date.

Quick loans can be a good option to have in case you need financial help in case of an emergency or for an unexpected expense. You are able to get a quick loan regardless of whether you have good or bad credit.

What happens if I can't make a repayment?

If you take out a quick loan then your lender will take your repayment straight out of your bank account, however, if you do not have enough funds in your bank account, then they have other ways for lenders to get their money back. They will either keep trying to debit the funds from your account until they get the money. Or if you had a guarantor when you first took out the loan, then they will take the money you owe from their bank account and either way you will still occur a late payment charge because of this.

Checklist before you apply

Quick loans can be an excellent financing solution if you find yourself in a situation where you need a vital source of money and other options are not available or suitable enough for your needs. However, before you opt for quick loans, you need to be aware of the circumstances surrounding such a financing option. It is therefore essential that you consider the implications of a quick loan correctly and that you complete this checklist we've comprised before you sign that loan agreement! Show More »

Do your research

  • This will ensure you're getting the best deal.
  • It will also provide you with the satisfaction of knowing your lender is genuine.
  • It will also ensure that you've understood and familiarised yourself with their terms, conditions and all the information supplied.

Look at your own credit file

  • Ask yourself 'What would a potential lender think?' By looking at your credit score.
  • Ask yourself whether you could improve your credit score.
  • Ask yourself if all the information on the file is correct.

Consider your own financial situation

  • Make sure you can afford the loan and the repayments without missing any.
  • Take other bills and expenses into consideration when calculating affordability.
  • Make sure you're likely to be accepted before applying.

What not to do

  • Do not make multiple applications to different loan companies in a short space of time
  • Do not accept any loans terms that you haven't read or that you don't understand
  • Do not let anything or anyone force you into a loan that you can't afford to pay back « Show Less

Things to consider

It isn't uncommon for people to take out quick loans, only to realise they don't have enough money left to cover both their loan repayments and their cost of living. In this situation, the most significant risk is that you may enter a vicious circle if you attempt to use them as a long-term financing solution. That is unsustainable because it's a costly loan to get and it doesn't make any sense to continue to obtaining quick loans if you are repeatedly having financial troubles as it is easy to take out another loan to cover the debts and fall into a borrowing cycle. Be wary of this cycle as it can end up being a costly form of finance and try to plan ahead and budget to avoid this.

Only you can determine whether or not quick loans are suitable for you, depending on your specific financial situation and what your needs are. If you're in an otherwise good financial position and are just strapped for cash at this precise moment, then you'll know that you're financially secure enough that you may be able to afford a quick loan. If however, you know you could be at risk of not paying off your loan and then needing another loan to support yourself, you may be better off with a different long-term financing solution, but are instead a quick fix that can come in handy.

Although you may be anxious about getting yourself a quick loan as soon as possible, don't let anything such as your circumstances or a lender force you into making a poorly informed decision about a quick loan. Make sure you do your research, compare deals and always ensure you read the terms and conditions every lender provides you with. This way you'll eliminate any nasty surprises in the future. You're only set to benefit from the time and consideration you've spent on your quick loan decision.

Next Steps to take

After you have considered all of your options and the information that we have provided you with, you should be able to make an informed decision on whether or not a quick loan is the best option for your finances! Apply now!

Choose us for your instant decision quick loans from £300 to £5,000! We compare small loans from over 30 lenders so you don't have to, ensuring we'll get you the lowest APR possible!

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