Everyone ends up with financial emergencies eventually, and in that case, you need to be able to get money fast. Short of an emergency fund, what you need is a loan, but the process for that can take a long time, too. Between finding a loan, getting approved, and getting the money, it can take several days, and you don't have time for that. Thankfully, there's such a thing as a quick loan. Here's all you need to know about them!
What Can You Do With Quick Loans?
So, assuming you manage to get a quick loan - what can you to do with it? How can it help you? And does it cover your needs?
- Pay off an unforeseen personal expense
Sometimes, you just need some money fast. You can't plan everything, and emergencies often cannot be prevented or foreseen. Whether it's for a purchase you hadn't necessarily planned, a trip you need to make all of a sudden, or anything else, a quick loan can provide you with the cash you need.
- Cover medical bills
When you're hit with sudden medical bills, it can throw off your financial balance. Dental work is exceptionally expensive, and it can make a real dent in your monthly budget. Not a lot of people can afford that, so it can leave you scrambling to find funds. Get a new loan to pay for any medical equipment or expense you may need.
- Pay for a repair
We all know that appliances and vehicles tend to break down when you most need them. You can't go to work if you don't have a car, and what are you going to do without a washing machine, especially if you have kids? There are repairs that cannot be postponed, but that are absolutely necessary. Why not get a quick loan to cover that repair swiftly?
How Long Does It Take To Get A Quick Loan?
Like the name says, quick loans have the advantage of being fast. Traditional loans can take up to a few days to complete the entire borrowing process, and it can be an entire ordeal, especially if you are borrowing from a bank. A quick loan, however, allows you to make an application quickly and easily, either online or in person, on the high-street.
You just need to fill in an application with some basic personal information and your application can be assessed on the spot. You should find out if you are approved instantly or within a few minutes, at the latest. Once everything is approved and processed, you can get your money even on the very same day you applied, depending on the time of your application.
How Much Can You Get With A Quick Loan?
Of course, you are probably interested in knowing how much, exactly, you can get with this type of loan. Will it be enough for your needs? Should you look into a different kind of financing option?
As you can imagine, since quick loans are unsecured loans given on an emergency basis, the amounts are not very high, but the interest is. That is something to keep in mind when looking at options. You can expect to receive anywhere between £50 and around £2,000. You can also get more, depending on the lending company and what your credit score is like.
Who Can Get A Quick Loan?
Are you eligible for a quick loan? Is that something you should concern yourself with? Who can get a quick loan? Let's take a look.
In order to be eligible for most quick loans, you need to meet a few criteria:
- Be at least 18 years old
- Live in the UK
- Have a bank account in the UK
- Be employed (or self-employed)
As long as you can demonstrate all of these, you should be good to go and approval will only take a few minutes, after your application is assessed.
As you can see, a quick loan can be an excellent option for your urgent funding needs. You just need to be aware of the eligibility criteria, and the amount you can expect to borrow, and know how the application process works. These loans can be the option you need to solve your urgent finance issues!