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Quick loans are loans that are given out within a short time. These types of loans have a less rigorous approval and screening process. They are also available to individuals with bad credit and those who need to secure money fast.
Quick loans are issued in the form of personal loans, and they are usually offered in small amounts. A £500 loan is a type of quick personal loan that is issued to individuals who need to access funds quickly.
Quick loans range between hundreds of pounds to a few thousand pounds. These loans are offered by traditional lenders, online lenders, loan brokers, credit unions and several non-traditional lenders. Although some quick loans are secured, there are also unsecured options. Borrowers do not need collateral or assets to get them.
If you are searching for a fast loan, take a look at the following types of quick loans to find out the options that suit you best.
A logbook loan is a term that refers to a secured short-term loan. This requires an individual to use his/her vehicle as collateral.
With this type of financing, you need to leave your car registration document (the logbook) with your lender. This will be returned when you have completed paying your loan. If you fail to repay the loan in time, your car will be repossessed by your lender.
The advantage of this loan is that it provides cash quickly and you can find various places to borrow from.
Yet, with a logbook loan, your lender can repossess your car. This happens if you miss your payments. It is a more costly option compared to other financing options.
You can secure funds with a pawnbroker loan by using an item of value, for instance, a high-end item, jewellery, electronic device or a musical instrument.
A pawnbroker will then determine the value of the item and keep it as a collateral to back your loan. To get your pawned item back, you will have to repay the loan in full.
A payday loan is a kind of short term loan that is meant to be repaid with the person’s next paycheck. A payday loan is ideal for individuals with no credit history or those with bad credit.
The loans range from £300 to £500, and a person requires a bank and income account to access this loan. You must also be over 18 and a resident of the UK.
When applying for a payday loan, the lender will ask for information. Usually your identification and banking details. For your loan to get approved, you might need to give your lender a post-dated check. This will need to cover the full amount of the loan and any fees that have been incurred. Alternatively, you might also need to authorise the lender to debit your bank account electronically.
Once your details have been approved, you will receive the funds immediately or within 24 hours. Generally, the loan will be due within 2-4 weeks but recently there are longer-term payday loans available. If you fail to repay the loan by the due date, the lender will cash your check or electronically debit your account.
If you are experiencing cash flow problems and want to access finances fast, you can seek a quick loan regardless of your credit rating or financial status. The benefits of quick loans are:
Most credit unions and banks offer unsecured personal loans that are funded quickly - when you get approved. These are instalment loans that are repaid with regular monthly payments over a specific time.
A personal line of credit is similar to a credit card. It allows a person to take out cash until a certain limit is reached. Then the borrower pays off the loan with interest over time.
P2P lenders are a unique group of online lenders who offer personal loans. In P2P lending platforms, you can borrow money from other individuals rather than borrowing it from institutional investors or traditional banks.
Those with more cash make their money available to borrowers. P2P platforms then take care of the logistics of connecting lenders and borrowers, reviewing the applications and processing the payments.
Borrowing personal loans from online lenders guarantees a quick and straightforward process. Just like banks and credit unions, after submitting your loan application, the lender will perform a credit inquiry to determine the interest rate and the amount you are eligible for.
When the loan request gets approved, the lender usually sends the funds to your bank account. They do this usually within a few business days. The lender will then require you to repay the loan according to the set agreement.
The simplest and safest way to get a quick loan though is through an online loan broker, like Loanza. We could connect you to a lender who will most likely approve your request and save you the hassle of going from lender to lender while risking a damage to your credit score.