How Do Instant Loans Work?
The finance industry has greatly benefited from this age of digitalization and lightning-quick transaction speeds powered by the internet. Indeed, the digital age has transformed credit application and lending processes, making it easy and instant loans accessible on the go for borrowers when they most need them.
Instant loans, commonly referred to as payday or short-term loans, are loans that are made available to people who need access to credit instantly.
When Do Instant Loans Come to the Rescue?
Instant loans were designed to offer quick help to people when urgent financial needs arise. If you need to repair a leaking roof, redo electrical wiring, pay medical or utility bills, and you don't have any savings, or can't access other types of loans quickly, you should consider getting an instant loan.
Getting an instant loan is also a good and popularly explored option for building credit scores. Your credit score climbs by a few points if you get an instant loan and pay it back in time. But here’s the caveat - Default on payment and your credit score can take a serious hit.
How Can PaydayLoans UK Help Me To Take Out Instant Loans?
Our loan application process is pretty easy and straightforward. PaydayLoansUK can help you get a loan in these few, simple steps:
Step 1 – Complete our online application – fill out the application form, we will then search our panel of lenders for you – you’ll be provided with an instant decision!
Step 2 – Review the terms – if approved, the lender will provide you with the terms – please read these carefully.
Step 3 – If you’re happy, agree to your loan!
Step 4 – Payout – You will receive your funds the same day!
Want to Get a Loan?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
How Quick Are Instant Loans?
While every lender may have its own process and average paying out time, it shouldn’t take more than 60 minutes. Approval for funding itself should not take more than five minutes.
Should there be any delay of any sort, you should be able to withdraw your cash anything within the hour. This, on average, is a lot smaller than the time it takes to process a bank loan or a loan from other financial lenders and institutions like pawn shops and credit unions.
Are There Instant Loans for Bad Credit?
With PaydayLoansUK’s lenders, bad credit is no blockade or hindrance. You can still get instant loans if your credit profile is poor or less-than-perfect. Your credit history is your past and is treated as such. You should be able to land a loan as long as you can prove to be more responsible with paying debts going forward.
We partner with different lenders that offer loans for bad credit. These lenders process several loans daily, and only a few go unapproved. With PaydayLoansUK, you can bank on getting connected with lenders who have a high approval rate of instant loans for bad credit.
Getting a loan is easy
Apply NowAm I Eligible To apply for Instant Loans?
To be eligible for an instant loan you have to be employed. This may be part-time or full-time employment. You may also be self-employed; that doesn’t matter. The most important thing is that you have a steady source of income and can afford to repay your debt when due.
Other eligibility requirements to be met to get an instant loan are that you must:
- Be a resident of the UK
- Have a government-issued ID
- Have a valid bank account number
- Have a functioning debit card
- Proof of income
Critical Factors to consider before applying for instant loans
Instant loans are usually taken in distress situations. Lenders understand this and some try to take advantage of it by charging cut-throat interest rates.
Irrespective of how quickly you need the loan, it’s important to make these considerations before taking out one.
Who is lending you?
One of the most crucial things to consider is who you're getting the loan from. There are many fraudsters on the internet disguising themselves as lenders and credit brokers. Never deal with a lender who isn't approved by the FCA.
The Financial Conduct Authority is the body that regulates the activities of all the financial firms in the UK, including direct lenders and credit brokers.
If you deal with a lender that is not authorized by FCA, you are likely to fall prey to scammers. Your personal information could be stolen and you might also fall victim to very high-interest rates.
How fast is the lending time?
If you have read up till this moment, you will understand that instant loans are taken when you need money now. This means you should get your fund as soon as possible. If you are in an emergency, you don’t want your funding to stall unnecessarily.
However, you should note that an instant doesn’t necessarily mean five to seven seconds. It’s impossible to process a loan that quickly because some checks must be run on your profile to see if everything ticks. It’s a red flag to promise less than ten seconds of processing time and you should steer clear of lenders who promise this.
At PaydayLoans UK, you can get your instant loan approved in less than 60 minutes.
How good is the approval rate?
Choosing an FCA-accredited lender is not enough. You must consider how high or low their approval rates is as well so you don’t waste your time. Choose lenders with whom you have a high chance of getting a quick loan.
How Does Payday Loans UK Compare?
 | Why Use Us? | |
|---|---|---|
| What is the maximum amount I can borrow? | Up to £5000 | Instant approval |
| Will I be considered if I have bad credit? | Yes | Bad Credit Considered |
| Interest rates (variable) | 49.7% | Zero paperwork |
| Loan repayment terms | 1-36 months | Flexible repayment |
| Will I be credit checked? | Yes | Will perform credit checks as for financial regulations |
| How do I apply? | Apply online | Simple application form |
FAQ ( Frequently Asked Questions)
Why choose PaydayLoans UK for instant loans?
We connect you with very reliable lenders with high approval rates. We, therefore, cut down the time and eliminate the stress associated with finding an FCA-accredited lender who can get you a loan in minutes.
Do you have to conduct a credit check?
Credit checks are unavoidable in borrowing. Our partner lenders conduct credit checks as mandated by the FCA. But with us, you can be sure the check will not impact your credit report since they are not logged with any of the three biggest credit reporting agencies.
Can I get the instant loan the same day I apply?
What's an instant loan if you don't get it within an hour of application? With PaydayLoansUK, you can expect to receive your fund within 60 minutes of the application.
What should I do If I am unable to repay the loan?
If you take an instant loan and you find it difficult to meet up with the repayment deadlines, the best thing to do is contact your lender. A lender can help you with a repayment plan or not charge fees and interest for defaulting further.
When is it best to apply for an instant payday loan?
The best time to apply for instant payday loans is when you have no savings and you have financial needs that must be met immediately.
How much can I get?
With PaydayLoansUK partner lenders, you can get up to £5k with a fair interest rate, within a few minutes of application.
