Quick Online Loans – Everything You Need to Know
An emergency fund is important to have so that you can have access to financial resources when you encounter unexpected expenses. Unfortunately, not everyone has access to an emergency fund, especially since there are a lot of people who are living paycheck to paycheck. What happens when there is an emergency situation? You can opt to borrow from your friends or family, or sell some of your prized belongings in order to produce the cash you need. Or during these times of emergency financial situation, you can turn to quick online loans. This is a type of credit loan product that is designed to provide individuals in need of loans urgently.
If you find yourself in a similar situation and find yourself unprepared to handle for unexpected expenses, whether it be late bills or medical emergencies, quick online loans offer a valid solution. More and more lenders in the UK are offering quick online loans in order to provide fast cash for those who are in need.
It is different from a traditional type of loan because of the much faster approval process. If you can find a lender in the UK that offers this type of loan, you can expect feedback on your loan application within hours (or in the same day). Once approved, you can also get the money in your bank account in no more than one business day. The processes differ from one lender to another but the application process itself is designed to be easy and well-streamlined. This is to facilitate faster approval to ensure that you can get the funds you need at the soonest possible time.
While this is a common type of loan nowadays, there are a few things you need to know before you choose to apply. Each lender in the UK has their own set of requirements for approval. It is also important to know more information to guide you as you go about your search for the right lender.
Basic Eligibility Requirements for Quick Online Loans
There are a few basic eligibility requirements that you must meet in order to obtain quick online loans. For first-time borrowers, it is important to take note of the following requirements:
- • You should be 18 years old or older (some lenders require you to be at least 21 years old);
- • You must provide proof of income;
- • You must have a valid bank account in the UK;
- • You must meet a certain minimum credit score.
Again, the requirements might differ slightly form one lender to another. Make sure to pay it due diligence and check the eligibility requirements for the lender you want to borrow money from.
Benefits of Quick Online Loans
There are plenty of benefits for obtaining a quick loan online. One of the obvious benefits that you can get is the quick access to cash. As mentioned above, there are instances in your life wherein you might find yourself lacking cash in an emergency situation. A fast cash loan is the perfect solution for this. You can get access to the money you need within 24 hours (sometimes even less). Whether it is to cover for emergency home repairs or medical bills, you know you can get the money you need when you need it.
If you are unable to borrow money from your family or friends, this is a viable alternative to get quick cash. It enables you to cover for those emergency expenses until your next paycheck arrives. But a very important thing to remember for borrowers is that this is only a short-term solution. It should be avoided at all costs, whenever possible. Since it is a short-term loan, it also comes with a short repayment period (approximately 30 days or a month). If you are unable to pay it back within that time frame, then you could put yourself at risk of gaining more financial trouble.
Quick online loans might be fast and convenient. However, it also comes with a high interest rate. It is a type of unsecured loan so you won’t have to co-sign or provide collateral for the loan. For this reason, lenders will impose a steep interest rate on quick online loans. As a result of that, you have to repay it within 30 days to ensure that you won’t pay for the expensive interest rate. If you fail to do that, it could lead you into a vicious debt trap.
It is also important to note that this type of loan does not reward good customers. Even if you manage to pay your loan in time, you will still have to pay for the same interest rate and charges. The amount you owe and the interest rate remains fixed. This is one of the downsides to obtaining this type of loan. But since it has a specific model to it, you must only depend on it when the situation applies to you. If not, you might want to consider other loan options. If you need help with that, you can seek the advice of debt and financial experts to guide you.
Finding Quick Online Loans
With an understanding of how quick online loans work, you are now in a better position to search for a lender that can provide this loan. This loan type is handy during a variety of financial situations and emergencies. Finding the right lender is another challenge, especially since there are plenty of lenders in the UK.
With the use of services such as Money Pig, you can simplify your search for a lender. As an online loan broker, we have made it our commitment to help borrowers find the ideal lender to provide them with cash. With our streamlined method, we improve your chances of getting an approval since we use your information to match you with the right lender from a panel of over 50 lenders. You no longer have to waste your time researching online and comparing options. We do that on your behalf; plus, you can ensure that the lenders you are working with a legitimate and certified by the FCA.
We understand that you are faced with an emergency and in need of cash urgently. These emergencies don’t wait – and neither should you! With a specialised approach to matching you with lenders, we can ensure you can get instant decision on your application. Since the entire application process can be done online, it also simplifies the process and makes it faster than traditional loan types or methods of applying for a loan.
Frequently Asked Questions on Quick Online Loans
Are you looking for a quick loan online? You have come to the right place! Below is a list of the most commonly asked questions so you have an idea on what to expect if you want to apply for this type of loan:
- What are quick online loans?
- How can I get quick online loans?
- How to find lenders that offer quick loans online?
- Is it hard to qualify for quick online loans?
- How fast can I get the money with a quick online loan?
- How much can I borrow?
- Are quick loans secured?
- Do I need a credit check for a quick online loan?
- Can I get a quick online loan with bad credit?
- When should I not consider a quick online loan?
- Who provides quick online loans in the UK?
- What is the APR on quick online loans?
- When is it recommended to get quick online loans?
- How soon do I have to repay this loan?
- Do you need a guarantor for quick online loans?
- Are quick online loans safe to use?
- How do I know if the lender is legitimate?
- Can Money Pig help with quick online loans?
A quick loan that is available online is a specific type of loan that is typically short-term. It is also available in a short amount of time, such as 24 hours, or is best suited for financial emergencies. You can look for this type of loan when you are in an emergency situation and you need extra cash.
Due to the nature of its use, this type of loan is often released within the same day or within 24 hours from the time of approval. Since they are quick loans, you can expect that the amount you can borrow is limited too. The amount you can loan is smaller than other types of loans (as the repayment term is also shorter).
You can do your research for providers of quick online loans in the UK via the internet. This is a commonly offered type of loan so you should find it easy to locate a lender. Just like other types of loans, you need to comply with a set of requirements during your application so that you can be assessed for approval.
Finding lenders that provide quick loans online is easy because there are plenty of options in the UK. Just make sure to validate the lenders you work with to ensure that they are legitimate. Avoid fake lenders or those that ask you to pay them for quick approval. You can use the services of an online loan broker to ensure that you are working with legitimate UK lenders only. There are a lot of scams and fake lenders out there that try to exploit borrowers who are desperate for money during emergency situations.
No. Since the amount you can borrow from this type of loan is smaller than what you would normally get, the lenders do not impose very strict eligibility requirements. In most cases, you must only comply with minimum requirements in order to qualify for this type of loan.
It depends. The time it takes to release the amount you intend to borrow will vary from one lender to another. Some lenders are able to release funds within the same day or within 24 hours (for instance, release of funds the day following the approval). Once approved, though, you can expect to get the money in less than 48 hours from the time you submit your application.
The amount of money you can borrow from quick online loans will vary from one lender to another, as well as your personal and financial information. Each lender will also have different sets of eligibility requirements and algorithm for calculating your creditworthiness.
One of the best ways to determine how much you might qualify for is to visit the individual lender’s website. Most of them will provide an online loan calculator. In general, the amount of money you can borrow with this type of loan is anywhere from £100 - £5000.
No. Most quick loans do not require collateral in order to ‘secure’ the loan. Therefore, you do not need to provide collateral or have a co-signer to the loan in order to get approval for your application. The reason for this is that most quick loans are offered at a limited amount so they are not as big of a risk for the lender as other types of loans that deal with larger amounts of money.
However, this will vary on a case to case basis and per the evaluation of the lender according to your credit score and overall creditworthiness. But most loans conducted online are often unsecured.
Yes. The FCA mandates that all loan applications and lenders in the UK must conduct a credit check. Some will conduct a soft check only to gather the necessary information to evaluate your application. This type of credit check won’t affect your credit score negatively, just as a hard credit check would.
But you must expect a credit check when you apply for a loan. Do not fall for lenders who claim to not conduct a credit check because this would be in violation of the FCA guidelines. This also means that your lender is not legitimate, so be extra wary when you are dealing with them.
Yes. It is possible to qualify for a quick online loan even if you have low to bad credit. It varies on the lender as they have varying eligibility requirements that you need to comply with. If you have poor credit or do not meet the minimum credit score requirement set for this type of loan, it is best to choose lenders who specialise on borrowers with bad credit. You will have a better chance of getting approved by the lender because their eligibility requirements are less stringent.
You must obtain a quick online loan only for emergency situations. This type of loan is usually awarded to the borrower in a short amount of time and must be repaid on a short-term basis, too. For this reason, you can expect a high interest rate on quick online loans. You should never opt for this fast credit option to repay other debts, cover for your bills payment, non-essential purchases, or other similar circumstances.
The annual percentage rate or APR on quick online loans varies significantly from one lender to another. But on average, it is estimated at around 600+%. This is why you need to be extra careful when applying for this type of loan and pursue it only if you really need the money because it comes with a steep interest rate. You might be able to find lenders that are willing to provide you with lower interest rates (especially if you have good credit standing) but it will still be significantly higher than other types of loans.
There are several lenders that offer quick online loans in the UK. You can do your research online as most UK lenders operate via the internet. This ensures fast processing and approval of loan applications, as well as timely release of money once you are approved. In fact, this type of loan is fast becoming the most common form of fast and convenient credit available in the UK. You can search for them or use an online loan broker if you need a loan urgently.
A quick online loan is a great financial solution during emergency situations such as when you have emergency home repairs, vehicle breakdown, medical emergencies, and any other unexpected expenses. This type of loan provides quick solutions to your short-term financial problems.
A quick online loan is awarded to the borrower within a few hours or a day after approval. The repayment period for this loan is also relatively short, approximately 30 days. This means that you must repay the loan within a month following the date when you received your money.
It depends on your individual financial situation. If you have good credit score, most UK lenders won’t require a guarantor before they approve your loan application. But if you have a low credit score, or you do not meet the minimum eligibility requirement, then you might be asked for a guarantor. Then again, not all lenders require this, especially since this type of loan involves a small amount only. It is best to talk to your lender beforehand so you will know about their specific requirements for loan application.
Yes. As long as you choose a legitimate lender in the UK, then this type of loan is safe to use. There is emphasis given towards choosing the right lender to ensure that your information is handled safely and legally. Since you are providing your personal and financial information to them upon application, you want to avoid fake lenders.
Another way to ensure that your online loan is safe is to look for the register number from the Financial Conduct Authority (FCA). This organization is the conduct regulator for financial services firms in the UK. Lenders that are authorised by the FCA have agreed to treat customers fairly. If you feel like you have not been treated fairly by the lender, then it gives you the authority to file a complaint to the FCA for your protection.
When you work with us at Money Pig, we can guarantee that you are working with a legitimate lender. Avoid fake lenders who will try to scam you! We only work with lenders that are certified and regulated by the FCA for your own protection and to ensure that they are professionals in dealing with your financial concerns. This is also how you can ensure that your information is in good hands.
Yes. At Money Pig, we can provide assistance for a variety of loan types for consumers in the UK. We are an online loan broker and we have a panel of over 150 lenders. This gives you a wide range of options to choose from when looking for quick online loans.
We will collect your personal and financial information so we can match it with the list of lenders that we have in our network. We will also take into account your unique situation and needs when choosing a lender for you to apply a loan for. By finding the ideal match, you can increase your chances of approval so you can get the money that you need when you need it.