What Are Cash Loans?
Emergency financial needs can be frightening especially if they show up when you’re short of funds and your payday is a mile away. With the cash loans option, you can be sure to get just enough money, as quickly as possible, when the need arises.
Cash loans are small loans you take to cater to unplanned expenses and normal financial commitments you can no longer keep up with, including car repairs, boiler repairs, utility bills, and medical bills. Unlike traditional loans, cash loans are unsecured, and the loan term is relatively short.
Like other short term loans, quick cash loans have high-interest rates. Hence, the total cost of the loan may become unaffordable and difficult to repay. PaydayLoansUK understands this possibility and so introduces its borrowers to lenders with flexible repayment terms. Their interest rates are also comparatively lower than that of the competition.
Where Can I Get a Cash Loan?
Local banks and financial institutions
Overdraft and credit cards are two ways you can get instant cash loans from your bank or credit card company.
One downside to this method is the hefty interest rate that builds up when you delay payments. The other is that eligibility criteria are usually high.
Online loan lenders
Most online lenders have shaped their services to accommodate instant cash loans with relatively fair interest rates and proper acts of conduct. Thanks to rising market competition and Financial Conduct Authority (FCA) regulations.
Ensure you only accept loan offers from FCA-compliant lenders as this will protect you from financial problems like money scams.
Peer-to-peer lending involves the act of borrowing without a middleman like banks or brokers. It can be from a friend, a loved one, or even an online peer-to-peer lender. Here, the lender usually doesn’t charge interests and offers a flexible payment plan. You, however, risk a strain in your relationship if you miss repayments.
Online brokers are like guides. When you relay your financial needs to online brokers - via forms or telephone, they provide you with a list of lenders who will most likely offer someone in your circumstance loans.
We understand how financially deadly is it to fall into the hands of predatory lenders. Therefore, PaydayLoansUK provides you with a panel of industry-leading FCA-licensed lenders only.
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|
We Made Getting A Loan Today A Breeze
Fill application form
Fill out our short, secure form and search an industry-leading panel of lenders to find your loan. We connect you with the best-suited lenders for your financial situation with the information you provide in this singular form and stage of the application.
The lender reviews your application, runs credit checks on your profile for formality’s sake, and approves you if they deem you creditworthy. Not to worry. Our lenders have an approval rate of more than 97%. On approval, the lender sends you a quote containing the loan amount, interest rates, and loan conditions.
Sign the quote and get paid
Review the offers and sign the quote which appeals to your best. Our lenders are big on processing your cash quickly. So, consider your cash accessible within the hour or next.
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).
Advantages and Disadvantages of Online Fast Cash Loans
Soft on credit score requirement
It’s so easy to obtain a fast cash loan that even bad credit loans exist. Lenders, unlike traditional loans, consider your credit score alongside affordability and other factors.
Everywhere you look online, you see a fast cash loan lender. Special cash loans even exist e.g medical loans, auto loans, etc. What's more, you usually get your funds within 24 hours of approval.
Here are some of the cons of quick cash loans
Quick cash loans are accompanied by high APRs which increase when you miss repayments. At times, they even lead to greater financial debt. You can, however, beat this by paying back within the agreed-upon time and avoiding borrowing for flimsy reasons.
Quick cash loans are valuable for short-term expenses and also demand that you settle them within a short period of time. Failure to keep up with the repayment plan may incur a debt trap especially if you depend solely on your paycheck.
What Can I Do to Increase the Chances of Getting Approved for Cash Loans?
An already-terrifying emergency financial needs can worsen if a cash loan is rejected. What follows are tips that improve your chances of getting cash loans.
Meet the criteria
As mandated by the Financial Conduct Authority(FCA), to qualify for a loan, you must be able to prove that you reside in the UK legally, you’re 18+ with a UK bank account, and you have a source of income.
Fill applications honestly and accurately
All information you fill in is cross-checked by lenders. Just typo errors - like missing a digit or two - can disqualify your application.
So ensure you provide accurate and consistent information when applying.
Apply for Loans You Can Settle
Lenders carry out affordability checks. You risk being disqualified if you choose a loan that’s more than you can afford.
PaydayLoansUK increases your success rate by matching you up with a panel of lenders that are most likely to approve your funds - even if you have bad credits.
How Can I Utilise the Cash Loans?
There’s no one way to utilise cash loans. Cash loans, however, may do more harm than good if not used for what they are meant for - emergency expenses.
Here are the most common use-cases for quick cash loans
- Car repair
- Boiler repair
- Unexpected medical bills
Quick cash loans are not advisable to be used for:
- Shopping spree
- Eat outs
- And many other things that can wait till your next paycheck.
What Are the Key Criteria for Cash Loans?
You must be at least 18 years old, have a source of income, be a UK resident with a UK bank account, and be able to settle the repayments over the term of the loan
Do Your Lenders Conduct A Credit Check?
In line with FCA guidelines, lenders are required to perform a full credit check before releasing loans.
I Want to Get A Loan Today, Can You Help Out?
Yes. Fill out our form today, choose from the list of lenders we provide to you, accept an offer from a lender, and the money gets deposited into your account when a lender approves your offer.
Will Getting Instant Cash Loans Affect My Credit File?
When you make repayments as agreed-upon, your credit score improves. Your credit file is affected negatively only when you delay repayments or you apply for loans from many lenders at the same time.
Do Your Lenders Allow for Flexible Payments?
Yes, we do have some lenders who allow for flexible payments. Feel free to choose from the panel of lenders we provide for you.
Will I Receive the Cash Loan Instantly?
Yes. Depending on lenders, you may receive your funds as quickly as 60 minutes. Others may release funds within 24 hours or the next business days - at most.
Will My Personal and Financial Information Be Kept Safe?
Yes. With our sophisticated broker technology, be sure your details are secured. We do not sell or share your personal information or data with survey sites or any such entities either.