Fast approval loans can be applied for online and are designed to give you a quick decision, and if approved, you may be able to receive the loan within 10 minutes² after approval.
We all find ourselves in situations where we need some money, and we need it pretty fast. Fast approval loans are just one way to obtain a quick loan for life’s little emergencies.
A fast approval loan generally takes place online with the borrower applying through the lender’s website. The lender makes a reasonably quick decision whether to lend the money and usually you receive the loan within 10 minutes² after you've been approved. In most cases, you can borrow from £50 up to £5000†.
People use fast approval loans because they need the money quick due to an unexpected situation. So, for example, if your boiler breaks over winter or your car breaks down and needs to be repaired. All the annoying little scenarios that ironically, always seem to happen at the worst time. Fast approval loans can sometimes be offered as short-term loans, or instalment loans. This means you can choose to pay back over a comfortable time period mutually agreed by you and the lender.
The biggest advantage to this type of loan is how quickly you obtain it. There’s no waiting around, and you can have the money that day if approved. It can be a massive help to people in a time of need where they haven’t budgeted for an unexpected expense. You won’t have to wait in line or fill out endless paperwork or even wait longer than a day for your loan to be deposited into your bank. You don’t even have to leave the house to apply. You can apply straight from your smartphone. Many people choose this type of loan because of how quick and easy it is to see if you’ve been accepted.
With any fast approval loan, there’s always going to be something to consider due to its speedy nature. Any fast approval loan or short term loan will have a much higher interest rate than your normal long-term loan. This is always something to consider when choosing how you borrow money. Ask yourself, will you be able to pay back the loan with interest charges on top and not default on your payments? It’s always best to be completely honest with your financial situation and weigh up all of the options you have before proceeding.
Always make sure you will be capable of paying the loan back in the time frame agreed. If you start to default on your payments, it will more than likely affect your credit score and you’ll have to pay a late payment fee. Therefore, making it harder for you to obtain a loan in the future. Always do your research and make sure the lender you choose is the right one for you.
A lender will always check your credit score – an enforcement set by the FCA (Financial Conduct Authority). This is to protect both the lender and borrower. The loan industry on a whole has had a huge shake-up in the past few years, to make sure lenders are lending to people who can actually afford to pay it back. They will also more than likely check your employment status and calculate what you want to borrow against what you can actually afford to pay back.
So, shop around and check out which lender best suits your needs. Then note down all of your financial obligations, how much money you have to cover them and how much you’ll need to borrow to cover the unexpected expense that has arisen. Always make sure you’re completely clear of how much you’ll need to pay back and if the lender charges an early repayment fee. Plus take into consideration the fee you will have to pay if you start to default on your payments.
If you are having financial difficulties or need to speak to someone regarding your financial situation before applying for a loan you can get free and confidential advice from MoneyHelper (formerly The Money Advice Service), National Debtline or debt charity StepChange.
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Representative 49.9% APR
Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.
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