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Representative APR


Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 292% (fixed). Representative 171%APR. Total repayment amount £1351.20 and total interest is £601.20. 12 monthly payment of £112.60.*

* We do not know how many customers take out a loan or the APR, this calculation is based on the mean APR of the lenders we work with

According to Raisin, around a quarter of the UK population have less than £1,000 in savings. Without savings to cover an unexpected cost, it can be difficult if you need to pay for something urgently, which is why many people search for quick loans.

What Is A Quick Loan?

A quick loan is a type of credit where it is simple and fast to apply to borrow money. There are many types of loans that can be considered a “quick loan” as they can be paid out in a few hours, such as a payday loan or a doorstep loan. These loans are usually small cash amounts and are repaid within a few weeks or months.

Generally, these fast forms of borrowing are intended for people with a poor credit history, which means they come with higher interest rates. 

How Quickly Will I Be Approved?

Approval times will vary depending on which lender you apply with. In many cases you can get your application instantly approved provided you meet the right criteria. Quick small loans are likely to be funded faster because the lower loan amount is likely to be easier to underwritten by a lender.

Applying for a loan is generally fast, as the application is online and requires basic personal details such as your income and your identity. 

With My Financial Broker, there is no time consuming paperwork or complicated questions to answer. Simply fill out the necessary fields and we can match you with a lender within minutes!

Once you’re matched with a lender, you’ll need to complete their application, and may need to send across a document like your payslip. If you’re approved, you should get your money the same day, to cover that emergency expense.

How Fast Can I Get My Money?

When a loan application is accepted, most short term lenders will transfer the money on the same day. To ensure you get your money on the same day, try to apply during business hours.

Provided that your bank supports the Faster Payments Service, then lenders that use Faster Payments are able to transfer your money to you almost instantly, although occasionally it can take up to two hours.

Getting a Quick Loan With Bad Credit

Even if you have a bad credit score, it is possible to get a fast loan. Having a low credit score and a history of arrears and defaults can make it more difficult to access credit. Payday loans are designed for people with poor credit who are looking to borrow money quickly.

If you are looking to borrow a larger amount with bad credit, you may consider a guarantor loan, although the process is generally slower than a short term loan due to the time it takes to find someone to cosign the loan agreement. 

Will I Be Credit Checked For A Quick Loan?

All applications “quick loans” in the UK or any type of consumer credit must involve a credit check before being approved. During the credit check the lender will assess your current credit commitments, overall credit score, and also your identity to prove your creditworthiness.

It is a common misconception that you are able to get some fast loans without being credit checked, but this is not true. Any lender offering this is highly likely to be a scam, and should be avoided.

The application process at My Financial Broker does not include a credit check, we simply match you with a lender that is likely to accept your application. However once you select a lender, you should expect your credit report to be searched.

How Much Money Can I Borrow?

Quick payday loan amounts are usually between £300 to £1,500, although many lenders that advertise fast payouts can offer up to £5,000. You can borrow the money between 1 month and up to 5 years. 

How much you repay will depend on how much you can afford to pay back each month or on your payday. Our lenders make sure that they are lending responsibly, and that by borrowing a quick cash loan you are not putting yourself into financial difficulty.

Am I Eligible?

To get a fast loan with the help of My Financial Loan Broker, you will need to be at least 18, a UK resident and in part time or full time employment. You’ll also need a UK based bank account and debit card. If you think you’ve got bad credit, you may still be eligible for a quick loan, as the lenders we work with don’t expect your credit history to be perfect.

Before you take out a short term loan or a payday loan, you do need to consider whether it’s the best option for you. A quick loan is not always the best solution: if you are able to save or if you are taking out credit to pay credit, a short term loan may be a bad idea. If you think you need help, you can contact Step Change for free impartial financial advice.

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