Who provides quick loans in the UK?
Today, the UK has numerous quick loan providers who can be accessed online or at brick-and-mortar locations.
When you need convenient credit, a high-cost short-term loan is one of the most popular options people take up. That said, there are now many UK lenders who offer more long-term credit solutions based on a similar financial model. So if you are in urgent need of a fast loan, you can get in touch with a lender directly or contact a broker who can find the best possible credit provider for your circumstances.
Applying directly with lenders
If you approach a lender directly looking for a quick loan, you will be required to fill out an application and hand it to them directly. This can usually be done online. However, if the lender rejects your application, you will have to find another lender and begin the process repeatedly.
Many lenders in the UK are specialists in offering fast financial products for borrowers in urgent need. You should always check that they are authorised and regulated by the Financial Conduct Authority (FCA). You can check the details of direct lender companies by searching for them on the FCA Register.
If you wish to apply directly to a lender, it is recommended that you first look at your credit file to ensure the information is accurate and up-to-date. Any errors on your credit record could harm whether your credit application is approved.
Using a credit broker
When you work with a credit broker to find a quick loan, you could save yourself time and give yourself the best chance of success. Instead of submitting one application after another directly to lenders until you are approved, you fill out a one-off application through the broker, and they will handle the rest. Brokers are experts in the market and have a strong knowledge of the various lenders and their deals. Therefore, they can help you pinpoint the best option for your circumstances and advise you of all the pertinent information you need to know.
A credit broker can make the whole process far less stressful and minimise any impact it has on your credit record. They can also answer your questions to ensure you fully understand the fast loan product you are committing to. Furthermore, by expediting the whole process of applying and securing your quick loan, a credit broker can help you resolve the cash emergency as swiftly and painlessly as possible so that you can get back to normal.
What are the benefits of a credit broker?
1. You get access to multiple lenders at once, so you won’t have to fill out multiple applications.
2. You will be matched instantly with the lender with the highest chance of granting a loan based on your circumstances.
3. Your credit record is protected as you avoid having numerous credit searches performed.
The online application forms for quick loans tend to be straightforward, and the decision from the lender is usually swift (in many cases, it’s just a few minutes). The length of time it takes will vary, of course, but we can ensure everything goes as smoothly and quickly as possible if you apply through us.
When submitting your loan application, the information you must provide includes:
- Details of the amount needed
- Personal information
- Residential status
- Details of current employment
- Monthly income figures
- Regular outgoings
- Bank account details
The underwriting process
Based on the information provided in your application form, the lender will assess your credit history to make a decision immediately or seek further information.
Fast loan decisions
A loan application will result in one of the following decisions from the lender:
1. Loan approved: A loan amount will be given to you, along with its interest rate, the full interest payable, and key information like how many repayments will be required and the start and end dates of the loan period.
2. Further information required: This means the lender’s information is insufficient to make a decision. They will specify further information they require.
3. Loan declined: The reality is that loan applications are not always approved. If you are declined for a quick loan, you may need to review your credit file. You can do this through a credit agency like Experian.
Applying through a broker will maximise your chances of approval. However, if you have been declined, you should make direct contact with the lender to request an explanation to know where there were weaknesses in your application.
Understanding what impacted the outcome of your loan application can improve your chances of success with subsequent applications.
Applying for quick loans with us
We aim to make the loan application process as fast and smooth as possible. Therefore, you will need to complete the following steps:
Step 1: Complete an online application form. This usually takes 3-5 minutes.
Step 2: We will match you with the right lender. This means the one most likely to approve your application, and it is based on the details you provide in step 1.
Step 3: The lender will carry out the necessary checks with you directly. This will include confirming your identity and checking your credit file.
Step 4: If your application is approved, you will receive your formal loan offer. If you wish to proceed, you will need to give a signature to confirm your acceptance, and the process is completed.
Step 5: The funds are transferred into your account, usually within 24 hours.
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Quick loan approval
If your application for fast credit is approved, you might be asked to confirm some of the information in a phone call. The lender may also ask to see evidence of your income in the form of a bank statement or payslip. No money will be transferred until you have signed the loan agreement to confirm your acceptance of the offer. Once you have signed, the process is complete.
We recommend you keep your phone close by as a PIN code may be sent to verify the electronic loan agreement. When everything is processed electronically, it saves a lot of time. Before electronic processing existed, customers had to print out documentation, put their signature down then submit them by post. By processing the entire agreement online, completion can come in under an hour.
When the lender has gathered all the necessary information and received your agreement, the money will be transferred directly. From this point, you must adhere to the monthly repayment schedule as detailed in your loan agreement. Be sure always to have the necessary funds available to make your repayments.
Most fast loan agreements have a cooling-off period of 14 days that starts on the date on which the loan agreement is confirmed by signature. You can cancel your quick loan during this period. Upon cancelling the loan, you will be given 30 days to pay back the funds to the lender.
Interest is only charged for the period of time you actually had the credit. After that, all additional fees must be refunded.
Quick loans summarised
Quick loans are fast, convenient credit products designed to assist people who need to resolve an urgent financial emergency. When situations like this arise, it can be extremely stressful if your bank balance is insufficient to cover the costs.
A quick loan can be a good solution for many people, even those with bad credit. The application process is swift, and with the help of a broker, you can maximise your chances of approval and even get your hand on the money within 24 hours.
Fast loans usually have a significantly higher rate of interest than mainstream personal loan products. For this reason, you are strongly advised to take the time to read the documentation thoroughly. In addition, it’s important that you completely understand the terms of any loan agreement before committing to it.
When used responsibly, quick loans are a great way to resolve an urgent financial situation before it develops into a highly stressful problem. Financial advice is available to you, and a credit broker can help you get your head around the terms and conditions of any fast loan product you are considering. If you have any doubts, contact us, and we can help you get the ball rolling.
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