My Financial Broker is a credit broker and not a lender. Warning: Late repayments can cause you serious money problems. For help, go to https://www.moneyhelper.org.uk/

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£750.00

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Representative APR

489.4% APR

Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 191.2% (fixed). Total repayment amount £1726.68 and total interest is £976.68. 12 monthly payments of £143.89. My Financial Broker is a broker, not a lender*.

* As a broker, we are unable to ascertain exactly how many customers take out a loan or the lender's rate of interest particular to that customer, therefore our calculation is based on the mean APR of our panel of lenders.
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Why Might You Need an Online Loan?

If you have an emergency expense, you often won’t have time to fill in endless forms and complete paperwork. In the digital age, we expect to be able to do almost everything online, from shopping to reading the news, and taking out a loan is no exception. We want things to be as quick and painless as possible.

We can’t offer instant loans, as we work with responsible lenders who undertake credit checks, which can take a bit of time. You may be able to get a ‘same day loan’ however, and if approved, you could have the funds in your account on the same day.

So if you have a leaking roof or a broken-down car, and need cash fast, you can apply for online loans through My Financial Broker. We’ll save you the hassle of applying with multiple lenders online, as we’ll try to match you with a lender offering the best rates for you.

Are There Online Bad Credit Loans?

It can be more difficult to find personal loans for people with bad credit. There is more of a risk involved for the lender if there are negative marks on your credit file, as it could mean you were unable to manage your money well in the past. Your credit history stays on your credit file for six years, so even if you made a payment late years ago, it could still impact your ability to take out credit.

Several lenders do offer payday loans for those with bad credit, as your credit file isn’t the only thing they look at. They will evaluate your income and ability to repay the loan to ensure you are eligible. There are several options of loans without a guarantor that could be suitable for a person with a poor credit score to get online.

If you’re not sure if you have good or poor credit, you can check you score for free with companies like Credit Karma.

Before you take out a loan though, it’s important to consider whether borrowing is the most suitable option. If you are able to save up for what you need, this is a good choice, as it will be interest free. Borrowing to pay back other credit is never a good option, as this could lead to a cycle of debt.

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Eligibility Criteria for an Online Loan

To be eligible to apply for an online loan, you'll need to consider what type of loan you need. For example, a secured loan will require you to have an asset like a house to get the loan, and a low interest personal loan will require you to have a good credit score. Generally, you'll need the follow things to meet the minimum criteria for a loan:

As mentioned above, you don't need perfect credit history to apply for online loans either - many short term lenders will look at your affordability as well as your credit rating when making a loan decision.

Advantages of Online Loans

The most obvious benefit of online loans is that you can apply for them just about anywhere, using pretty much any device. You don’t need to visit a local branch, as you may need to do with a bank loan, but can apply from the comfort of your own home.

An online loan can furthermore be applied for at any time - you don’t need to worry about the lender’s opening hours. While you may not get a loan decision straight away, as your application could need to be looked over by a manual underwriting team, you can nonetheless apply at a time convenient to you.

Another advantage of online loans is that the process tends to be much quicker. With more traditional loans, you may be required to provide various documentation, which could be in person or via post. Obviously this can slow down the loan application process. When you apply for most online loans, if any additional information is needed, you can usually upload this via the lender’s site. 

When it comes to speed, the loan decision time and payout are often faster with online loans. With many online lenders, you can expect to get a quick loan decision, and may have the funds in your bank account in as little as an hour after approval.

Other Things to Consider

If you’re searching for the best quick loans online, you may also wish to compare several lenders to see what their customers are saying, and the loan terms they offer.

One of the best things about using a broker service like My Financial Broker is that we can do all the hard work for you. It can be incredibly time consuming, not to mention frustrating, comparing loan providers, and seeing whether you meet their specific loan criteria. You can instead use our clever matching algorithm - simply complete our short online application, and we'll do our best to connect you with a suitable lender.

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