Flexible, affordable & convenient quick loans that you can obtain online
The quickest way to get the money you require is to apply online for a loan. In the UK, quick loans are recommended only when all other options have been exhausted.
This is because a quick loan comes with smaller loan amounts hefty interest rates, and a short repayment period. While initially, it may solve your problems, it often results in an expensive debt that gives birth to additional issues.
The penalties for non-repayment are high as well, which has caused financial experts to regard quick loans as an absolute last resort.
Key features of a quick loan
Like mentioned, quick loans should only be applied for, when there is no other way of getting the money that you require. The first option should always be asking for help from friends or family.
If you have relatives who can give you a loan, you should draw up a contract and both should agree to abide by the terms. If you have a credit card, then an overdraft can be requested by your financial service provider.
In case that both options are impossible, then peer-to-peer lending may be considered. Whereby, a private lender gives you a loan in order to gain profit, under many flexible terms. If it is also not possible, quick loans are the only option that remains.
Finding a quick loan in the UK
In the UK, you can find quick loans from several lenders. Banks being the first and foremost. Most, if not all, banks offer quick loans. However, the loan amount is usually smaller, and the interest rates are high. Another option would be credit unions.
Formed by communities, credit unions offer quick loans with flexible rates and good terms. According to the law of the UK, if you take a loan from a credit union, they can only charge a 3% monthly rate and this accounts for APR of a little over 40%.
You must be a member of a credit union in order to qualify, but it has benefits. For instance, the loan is cheap, and the community is benefited by one another.
Some individuals also qualify for a social fund loan, which also offers inexpensive loans that are more affordable than those offered by banks. You can always turn to your friends and family who can offer you a quick loan with flexible terms.
Compare loans before taking the big step
Due to the availability of numerous lenders, confusion can arise as to which lender to apply to. Its always recommended doing your research on the lenders before signing with any of them.
You could be a victim of fraud of predatory loan sharks who target weak individuals who are in desperate need of money. There are numerous loan comparison websites available, where lenders can be compared.
The most important things to look out for are the APR, repayment terms, costs and all other conditions that you might be subjected to.
The application process is super easy
Almost all lenders now have an online loan application system, as this eliminates the time-consuming paperwork and all additional hassles involved in the traditional application process. You can go on the websites of the banks, credit unions or private lenders to apply.
The form can be filled in and submitted online, along with the required documentation. The process goes fast, and you receive a response in a matter of hours.
Once approved, you can sign the agreement between you and the lender. However, it is vital to know the terms of repayment and all the extra costs of the loan.
What are the loan approval requirements?
It must be noted that certain criteria are important when submitting the application for quick loans. You must be a resident or citizen of the UK to apply and should be able to submit proof of identification. In some cases, proof of residence may also be required.
You must be of legal age and should be either self-employed or fully employed. Unemployed individuals are rejected as they are not earning a stable income and unable to pay back the loan. This is why you must be able to present recent payslips or any other form of documentation to prove your employability status.
Applicants are also required to have a good credit history. While you may find rare cases where lenders accept those with bad credit, this is almost always impossible.
The lenders require your credit report and bank statements to deem you as eligible to apply or get approved for a quick loan. All in all, quick loans can be expensive loans that come with high-interest rates.
Other options and alternatives should be completely exhausted before seeking out quick loans. Banks, credit unions, social funds, and private lenders are the sources of quick loans, but an eligibility criterion applies.