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Representative Example: £400 loan repayable over 39 weeks at £18.96 per week, Rate of interest 113.46% p.a fixed; Representative 498.78% APR, Total amount payable is £739.44.
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Instant loans can make your life easier especially if you find yourself in an emergency situation and have a poor credit history. Health issues, car repairs, or other such expenses can mean you need to get money quickly. That's where a quick loan with a fast approval rate comes in.
Here's all you need to know about instant loans. Keep in mind that instant does not mean guaranteed acceptance rate. That doesn't exist, and you're still going to need to submit an application for these types of loans.
Instant loans are a great solution when you can't wait for the usual loan application process. When you apply for a regular loan, it can sometimes take weeks for you to be approved and to receive your money, which might be a problem if you need money urgently.
With instant loans, you can have the money as quickly as the same day as your application or within 24h of it being approved. As mentioned above, instant loans don't come with a guaranteed approval rate. However, they usually have higher acceptance rates than other loan types, such as personal loans. As a general rule of thumb, the smaller the loan amount with shorter loan terms, they will have a higher acceptance rate and faster approval decisions. Very often instant loans are offered to those in emergency need of credit, and as such, are made available for those with poor credit or no credit history at all.
The loan repayment period might also be shorter with an instant loan, so make sure you are able to pay back the loan before applying for one.
With short-term loans like instant loans, the maximum sums one can borrow tend to be smaller than those offered with standard loans. This is because of the shorter repayment period. That's why these loans are meant as a solution for emergency situations but should not be used as a long-term credit option.
You can apply online for an instant loan either with a direct lender or through a loan broker, or you can apply in-person. Online loan applications take less time though, as you don't need to leave the house.
The application form will usually ask for your personal information. This could be your monthly earnings and other debts, as well as confirm that you are over 18 and a resident of the UK. The company will also run a credit check with your application. Once you've been approved, the money will be transferred to you.
As the name implies, an instant loan is the quickest loan available. But as we mentioned before, there are no guarantees of approval for instant loans. However, if you do get accepted, you can expect the money to be deposited in your account almost as fast as an instant.
The short answer here is yes, you can apply for a loan even if you have bad credit and no guarantor. Having bad credit doesn't immediately exclude you from receiving a loan, even though it might make it harder.
If you have bad credit, you might also not be eager to apply for a loan as a credit check can further damage your credit history. Loan brokers can be an option here. They connect you to a lender who will most likely accept you based on only a soft check. This way, a hard credit check will only run once, with your chosen lender. Thus saving you the need to undergo multiple credit checks.
That being said, bad credit can affect your chances of being approved for a loan, whether a payday loan or a different type. In these cases, you might want to look at guarantor loans or secured loans. If you don't have a guarantor, there are still options for you with no guarantor loans. Bad credit loans will usually come with a higher interest rate as well, so that's something to keep in mind when you're shopping around for credit.
There are many reasons for wanting to apply for an instant loan and you are free to do with the money as you wish. Many people, however, apply for quick loans when they find themselves in an emergency situation. Urgent medical care, car repairs, or unexpected household bills are some common reasons.
During the application process, the applicant must prove that they will be able to pay back the loan. This can mean showing that you are currently in employment or own a business, for example, or using your property as collateral.
In terms of repaying the loan, it's important to ensure that you do this in a timely manner and meet all payment deadlines. If you don't, it will negatively affect your credit score and might even mean extra late repayment fees.
If you cannot pay back your loan, you should get in touch with your lender or broker as they may be able to help out. There are no guarantees that they will be able to, however, so it's important to ensure you can pay the loan back.
When you apply for an instant loan online, lenders will want to look at your personal information as well as financial history. This helps them consider your application. Even if you have bad credit, you can still apply.
Lenders must do a credit check for all applications. Some will perform a soft credit check. This doesn't negatively impact your credit score.
When applying for a loan you'll have to provide some information. This could be your banking and financial history. Also, any outstanding debts such as a mortgage. As well as your current employment situation and monthly salary. All of this helps lenders assess your application quickly. With fast loans, you could be approved and have the money within a few hours.
Use Loanza's free service to connect you to a lender in only a few minutes. Fill our simple online application form with your details, such as personal details, home details, employment details, expenditure and bank account details - where you want the loan paid to. Make sure you are truthful with your details because processing will be faster and your approval chances will be way better. Once submitted, we will try to connect you to your best option lender, who will most likely accept your request. On the lender's site, you need to read the loan terms offered to you and sign your loan agreement if you are happy with the terms. Remember, the lender will make a quick check of your credit file. But it's standard procedure, and you cannot avoid this. Once you had your loan approved, the money can be deposited in your account the same day, often within a few minutes!
Instant payday loans available for Loanza customers, with easy repayments. Without waiting for a decision for days, applicants get their lending decisions right away. And again, we charge no fee for access to our large panel of lenders. Please start your loan request by clicking on one of the big orange buttons on this page.
With any kind of loan application, including quick loans, you need to make sure your lender or broker can be trusted. Make sure you check they are authorised and regulated by the financial conduct authority. Check that the interest rate they offer, and what's illustrated in the representative example is in line with your expectations and their promises. You can always search the lender or broker's name on the financial conduct authority - fca- website.
Instant loans are a great option if you find yourself with some last-minute emergency expenses. You can submit the application online on your mobile phone even and have the cash quickly. Just make sure you can afford your monthly payments before making an application. Defaulting on a loan can negatively impact your credit score.
Remember our warning, late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk