We just love anything that is fast and convenient, much more when it involves money matters for urgent situations. Sometimes you need extra cash fast to cover urgent unforeseen expenses, and quick loans are there when you need one. If you search online, you’ll find many options available that will provide you with quick loans, which are oftentimes accessible within the day.
What are Quick Loans?
Quick loans are small and short-term type of credit that are unsecured method of borrowing. Quick loans are a huge help for individuals to cover unforeseen costs when you have no savings or when there’s an urgent expense shortly before payday.
Quick loans usually have a loan term of two weeks to two months, but other lenders allow longer repayment period to suit your financial capability. You will have to pay back the total loan cost, which comprises of the principal or the amount borrowed, the interest that was accrued in that period, and other fees.
With the fast and convenience quick loans provide, they usually have high interest rate than regular loans. These loans are also targeted to those with poor credit. So, the added risk is also the reason for the high interest rate.
Online personal loans in the UK are also known as quick loans that can provide you cash within the day. Loans from banks or credit unions could take a few days or even weeks just for the feedback alone.
You’ll find many lenders in the UK offering quick loans online. But, before you grab a loan offer, shop around for better deals as much as possible. What you get in exchange for borrowing quick and easy money is a sky-high annual percentage rate or APR and interest rate that could possibly trap you in its debt cycle.
How Do I Apply for Quick Loan?
When you apply for quick loans, it is guaranteed that you get an almost instant response as long as you provide all the necessary information. The application process is a simple and easy procedure. You would immediately know if the lender approves or rejects your loan request.
If approved, the lender will have your funds transfer to your account within the day. If the lender declines your loan request, start searching for some other lenders or other cash alternatives, as they are abundant everywhere.
With quick loans, all transaction is done remotely via the internet. No appointment needed, no calling the lender for an application, and no waiting in line. You can submit an application online directly from home or office at any time of day or night. These lenders operate even beyond office and banking hours.
While most bank loans are provided for a certain purpose, you are free to use quick loans for any expenses you desire. And this is what makes quick loans more helpful, but riskier at the same time. Remember to use quick loans for urgent expenses or emergency only.
Quick Loans for Bad Credit
One’s credit score is an important factor whenever you apply for a loan. In general, you won’t be able to qualify for a traditional loan from banks if you have a low credit score. On the other hand, you have a good chance of getting a loan approved even with bad credit if you apply for quick loans. As long as you prove your ability to repay it right away, you’re good to go.
Lenders might check your credit record, but it will be a soft pull, which doesn’t leave a mark on your credit record. The lender makes decision based on your current situation. Having financial struggle in the past does not limit you from accessing quick loans.
Lenders usually limit the loan amount for first-time or new borrowers. The loan amount that the lender allows you to borrow is based on your salary range. After paying off the first loan on time, the loan amount on your next loan applications may be increased.
Getting a loan approved even with a bad credit is already a lucky thing. Use the loan to rebuild your credit rating by making your monthly repayments on time. While the shorter term to repay the loan seems like a disadvantage because of the high cost, it is beneficial at some point because you’ll be able to settle the loan in just a few weeks. You won’t have the burden of debt for a long time.
Do Quick Loans Need A Credit Check?
Fast, easy loans such as quick loans can be attractive for many reasons. Speed and efficiency mean you should not have to wait long to receive the money you urgently need. In any emergency, this is probably the very first thing people would consider.
Lenders understand that when you need money to help in your time of need, you need a quick loan with no fuss at all. You can complete an application in just five minutes, and you’ll get a loan decision instantly. Once approved, you’ll only have to wait for a few hours to have the funds deposited in your account.
Quick loans can be a great solution when you need extra money especially if you are in a tough, unexpected situation with no savings on hand. It is very important though to keep in mind that you get the loan that you are capable of paying. These loans come with high interest rates and you might have trouble repaying them. But. Quick loans are very helpful especially when you have poor or bad credit history. If you diligently follow the repayment plan, you will easily be able to improve not only your credit score, but also your overall quality of life.
As the amount you can apply for can greatly vary, make sure that the loan you apply for is affordable on your part without compromising your other monthly obligations. Stick to the repayment plan and it will have a positive effect. You’ll be improving your reputation and credit score among lenders, making future financing easier and reducing stress through your accounts.
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Loanora is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances