The Best Instant Loans From UK Lenders
£50 – £5000
Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
There are moments in life when securing quick funding becomes a must but taking a loan from a bank or other traditional lenders can take up to a week or more. Fortunately, there are plenty of lenders in the UK that specialise in providing immediate loans with online approval, and they can give you the funding that you need in a matter of hours.
Instant cash loans, just like other types of loans, can vary depending on the lender, your current income level, and your credit history. There are also lenders who put a cap on how much you can borrow if you are a first time applicant so it’s always best to check the criteria for each lender before you apply. Majority of lenders in the UK can offer immediate loans between £100 – £2,500 although there are others that can provide much more. Below are some of the popular instant cash loan options in the UK and the important things that you might want to consider before you decide to take them out to ensure that you get the best chances of getting approved for the best deal from the right lender.
Fast Loans with a guarantor
If you need to take out a guarantor loan in the quickest time possible, then fast loans with a guarantor are what you need. Many lenders providing the financial products in the UK try their very best to get you the funding that you need as soon as possible, with most targets to be within 24 hours. Even if you have been turned down by your bank or any other lender, you can still apply for a specialist lender online who will cater your application immediately after you have sent it to their website.
The Basic Requirements
For you to obtain fast loans with a guarantor, you will need to meet the lender’s basic requirements. To enjoy quick and reliable funding that can have your money ready for use in the same day, you will need to pass all of the electronic that the lender will conduct. These checks can vary from lender to lender but normally they would include:
- Online ID Check. So you can pass the online ID check, you will typically have to be registered at your current address through your bank and all the other information that you shared in your application. Depending on the lender, your social media accounts may also be checked to verify whether or not you really exist. There are also instances wherein you will be required to provide your bank code and account number before the lender carries out the check.
- Online Income Check. Many lenders can quickly determine your average income by directly checking your bank statements. If your salary is in cash, you will need to provide a payslip as proof of income. The lender can also opt to check the average earnings of your specific job on the place that you work. How lenders accurately carry out this check can be difficult to know as all of the information are in their black boxes but if you have a stable income and have been honest about your earnings, passing this check would be easy.
- Address Check. Address checks are conducted together with the credit search as it will reveal on whether or not you are on the electoral roll. When you have recently moved to a new location, the first and best thing that you should do is to make sure that you vote in any upcoming elections.
If you fail from any of the mentioned checks, the lender may ask you to provide supporting documents for your instant cash loan with a guarantor to verify all of the information that you have filled out in your application form. It can include a passport or any valid ID for the ID check, a payslip for the income check, and a utility bill for proof of address.
Some important reminders
Fast loans with a guarantor can be a solid option to consider, especially if you have a poor credit rating or still do not have one because you are a first time borrower, as the presence of a guarantor offsets the risk involved on your credit status. It is however, important to take as much needed time as possible to consider exactly what you and your guarantor will be entering in. This is particularly vital for the guarantor as he will need to shoulder the loan and its repayments in the event that you miss out or default from them. There are also strict legibility requirements that the guarantor needs to meet to be accepted in an instant cash loan with a guarantor.
2.) Fast Loans with no guarantor
Fast loans with no guarantor can help you enjoy the funding that you need with relative ease and speed even without the presence of guarantor. Lenders who provide these types of financial products in the UK normally have flexible lending terms because of the nature of the loan. Some of the features of no guarantor fast loans include:
- Small, easy to manage loans – Most lenders offer anything from £100-£2,500 with the amount you are approved for depending on your income and financial circumstances. The higher your income, the bigger the amount and the better the payment term as well.
- Can be used for any purpose – If there is a leaking roof in your home that needs to fixing right away or you need a last-minute gift for your child’s birthday, the loans are designed to cover different emergency expenses and cash shortages. They can use for any purpose you see fit as longs as it is not illegal.
- Seamless repayments. Typically, fast loans with no guarantor are designed to be paid back in one lump sum payment. You can opt just to pay back what you borrowed plus the fees and interest rates on the agreed-upon date. But you can also choose to pay it back in small, fixed monthly payments if you want as there are lenders who provide flexible payment options to borrowers.
- Great convenience – Most lenders providing the loans allow you to apply online and can approve you application within minutes, making it an extremely convenient way to secure additional funding anytime and anywhere you are in the UK. Usually, you will get the cash through your bank account on the same day you made your application.
Important things to consider
Bear in mind that instant cash loans with no guarantor tend to have higher costs compared to traditional loans. For this reason, it’s essential that you check what the fees and rates are and make sure that it is something that is comfortable for your budget. Some lenders who will permit you to pay back your loan earlier than agreed upon which would be beneficial to you as it will help you save on interest rate payments. And while it is certainly tempting to keep on using fast loans because of the ease, speed, and convenience that they provide, it would be best to only take them out in times of emergency situations as they can be very costly.
Advantages of Instant Loans with no guarantor
Fast loans with no guarantor are popular options to many people in the UK especially those who are looking to secure a loan to cover different emergency expenses. If you are considering to take out the loans, here are some of the advantages that you can expect to enjoy:
- Convenient loan options. Because they are available online, you can quickly secure the funding that you need by applying through your computer, smartphone or tablet. If you use an iOS or Android device, you can even find apps designed to help you apply for the loans.
- Quick turnaround time. Most lenders can transfer your money into your bank account in the same day you made your application while there are some that can do this on the following day depending on your bank.
- Lenient eligibility requirements. Having a stellar credit rating is not a requirement to get approved for instant cash loans with no guarantor as opposed to traditional loans offered by banks and other financing institutions. You can even choose from a plethora of options and lenders who are willing to cater your need for instant funding also if you have an adverse credit rating. If you are enjoying a steady income and can display an ability to manage the repayments, then getting approved can be quick and easy.
- There is an assortment of options available. There are plenty of instant cash loans that you can choose from in the UK today from payday loans, personal loans, personal lines of credit and bad credit loans. Through the internet, you can choose from an extensive array of alternatives when compared to bricks-and-mortar establishments.
Fast Loans for Bad Credit
If you have a bad credit history, chances are, you won’t become approved for a loan from a bank or traditional lender. However, this doesn’t automatically mean that there are no longer options available for you. If you have a regular income that you can consistently depend on, and you can show a lender that you can manage a loan, then taking out fast loans for bad credit is an option that you can consider.
Getting approved on fast loans for bad credit
While there is no guarantee that you can get approved of an instant loan for bad credit, there are things that you can do to give yourself the best chance of getting approved. When you are considering taking out an instant loan and your credit history is not that appealing, keep in mind these following tips:
- Check the eligibility criteria before applying
Lenders normally have their own set of eligibility criteria that you need to be aware of before you make an application. Normally, you can see their eligibility requirements in their website or from comparison sites in the internet.
- Request a copy of your credit file
Try and get a copy of your credit file so you will know what your credit score is and see if there are inaccuracies that may have lowered it. Having a good credit score can help you land the best deals and favourable rates that will work best for you and your present circumstances.
- Compare your options carefully
Every application you do will be recorded on your credit file so be sure that you compare your options carefully before you apply to minimise the number of applications you make.
What to consider when comparing Immediate loans for bad credit
- Online application. The convenience that an online petition provides can help hasten that approval process and save you time as a result. You will also have the opportunity to compare a wide array of lenders online with ease, giving you more than enough choices to land the best deal.
- Few or no credit checks. If you have a bad credit history, you know how hard it would be to secure a loan from an ordinary lender. Searching for fast loans for bad credit gives you the opportunity to reach lenders who look at your at your current financial standing instead of your credit rating when determining your eligibility for a loan. And if your credit history is that worse, you can also opt for a no credit check loan option.
- The repayment terms. The repayments should be comfortable and tailored to your needs and present circumstances. It should also be something that you can quickly follow and is convenient to your budget.
Fast Loans from a direct lender
When choosing the right direct lender for immediate loans, the interest rate is something that you need to compare firsthand. But because of the current competitive market in the UK, most direct lenders offering immediate loans have lower than average rates. The great benefit of taking out fast loans from direct lenders is that once you find a legit and reliable one, securing fast cash for a financial emergency will be even easier and quicker.
With that, take as much time as you need to find the best direct instant loan lender available. In fact, it might be useful to create a list when you have the time, so in times when you are in a financial crisis, you can use your list to pinpoint the best instant loan, lenders. And just to be safe, evaluate each company on your list and do some background check first before you apply. While there is indeed no credit check immediate loans and other fantastic offers in the UK, the company providing them might be a loan shark a dubious one. Checking if a lender is under the FCA or Financial Conduct Authority is one right way of ensuring that you won’t become a victim of exploitative lenders.
Also, if you cannot pay your direct lender on time, be prepared to pay extra in interest or penalties for late payments. While there may be some options in extending the payment term of your loan, it would depend on your direct lender and it would be best to discuss this matter before you sign you credit agreement. But if you find a trustworthy direct lender, you will find that payment options and discussions are honest, easy, and designed for your own financial wellbeing.
5.) Instant Loan to enjoy instant funding
There are two ways in which you can secure payday loans: through a brick-and-mortar instant loan and instant loan lenders. Basically, both types operate in the same manner although there are a number of particular differences between the two.
- Brick-and-Mortar Instant Loan Stores: The instant loan that you availed for will be handed to you in cash right on the spot. It is the quickest means by which you can secure immediate funding to deal with emergency finances. The only set-back, however, is that physical stores tend to have an opening and closing hours and you will need to drive to its location to process your loan.
- Direct Online Instant Loan Lenders: Through a direct online instant loan lender, your money will be issued and collected electronically as deposits and withdrawals from your bank account. Direct lenders also hand out their loans which means you know where your money comes. And because the process is through online, you can apply any time of the day on any given day of the year no matter where you are in the UK.
- Online Instant Loan brokers: Brokers act like middlemen in the sense that they help direct you to the possible direct lenders that will cater your need for an instant loan. Most brokers work for a panel of direct lenders which means that if you submit your application to the online middleman, your request will reach numerous lenders who will review your information and determine if it matches their lending criteria.
But whatever the option you choose, expect payday loans to give you the immediate funding that you need with ease and convenience. It could be on the same day or the next day, but one thing is for sure: it’s faster than most loan options out there!