The main reason why you cannot receive an instant loan is because lenders need to check your eligibility and affordability. This means that lenders may:
Require a quick phone call
Require proof of income (pay slip or bank statement)
We understand that it can be frustrating to have to wait to get access to funding, especially as many applicants who apply for short-term loans usually need to get cash quickly to help cover an emergency. However, you could see this as a sign of a responsible lender and you should always be wary of any lender or broker who promises to offer you an instant loan without undertaking any necessary checks.
Sometimes you will be required to provide proof of income, identity, bank details or address - and this is one of the reasons why you will not be able to receive a short-term loan instantly.
The lender may need you to verify your identity, in the form of a recent bank statement or pay slip, before being able to go ahead to the funding stage. If you are securing the loan against a high-value item such as a car or a property, then the lender will also need you to provide them with proof of its value and its ownership before going ahead.
In addition, the lender may want to contact you directly on the phone in order to check your details or ask a question about your application. It may be due to a potential error that you have made on your loan application or to confirm some further details.
This is why it is vitally important to make sure you provide valid details such as your address and phone number – or it could delay your loan application.