What Are Instant Loans?
Traditionally, it takes time for people to receive their cash after applying for a loan. But, such a hassle no longer exists with instant loans online. Also known as short-term loans, instant loans are the form of money that will be ready for you to borrow immediately. Say goodbye to filling out tons of paperwork and waiting in a long line. Not to mention how many days you have to wait between application, approval, and the moment your cash is finally available in your bank account.
Instant loans answer the need for immediate credit that they plan to pay back not too long after. Even the amount of money to borrow is not that big anyway. Hence, the complicated process of conventional loans is not even necessary. This type of lending system used to be impossible. But thanks to the advancement of technology, we are now working with a network of direct lenders in the UK to offer instant loans to fulfill the market demands.
|Why Trust FastPaydayLoans?|
|How much can I take out?||£100-£5000||No obligation quotes|
|Representative APR||49.7%(variable)||Competitive rates|
|Will bad credit be accepted?||Yes||Lenient requirements|
|What are the repayment periods?||1-36 months||Flexible loan term options|
|How can I apply?||Apply online||24/7 available|
When Should Instant Loans Be Used?
People mostly use instant loans for emergency and vital spending that they could not delay yet have sufficient funds at the moment to proceed. One example is when your phone breaks, and your paycheck is still in two weeks. You can get a loan today to afford a new phone sooner and pay back later after the paycheck arrives.
Urgent home repairs and essential bills that are higher than usual can also be solved by getting an instant loan that you can pay back after payday. However, you should use instant loans only when you know you will be able to pay them back on time.
Instant loans are to help people in need who have no access to other means of quick credit, such as a low-interest credit card. The requirements set for instant loans are significantly less strict than conventional loans. Thus, applicants have higher chances to get approved with instant loans compared to conventional ones.
It is also important to notice that fast loans generally have higher interest rates than other credit options. If you are eligible for credit cards or any other types of loans with lower interests, it might be better for you to choose those options rather than taking the instant loans.
How Can an Instant Loan Help Me?
Instant loans provide immediate fresh cash that you need to get out of a bad situation sooner. It can be a broken appliance at home, car part replacement, or any other kind of unexpected spending you can't avoid, instant loans can cover them. You can simply pay those back later when your monthly paychecks come. Because of this, sometimes instant loans can also be referred to as payday loans.
Another advantage of instant loans is the convenience. For people who hate the hassles of the administrative process, instant loans are a feasible solution. It offers a quick and easy way to get your fresh money at hand, so you wouldn't need to stress yourself or waste your time on the application drama.
People with bad credit scores can also benefit from instant loans. Not only can they borrow money when in need, but the loans also offer opportunities to fix your credit score. Paying them back on time will give positive points to your credit scores. Gradually, you can bring it to the normal level of credit score, which means you will be eligible for cheaper options of loans.
Can I Get an Instant Loan if I Have a Low Credit Score?
One of the best advantages of instant loans is that the service is not discriminative towards people with low credit scores. Understandably, some people may fall short on their financial plan and fail their credit payback due to unfortunate circumstances they could not control. We believe that poor credit history shouldn't prohibit people's access to loans.
Our platform connects you with lenders that are willing to consider every loan application regardless of their poor credit histories. Even more, many of our lenders are specializing in poor credit loans.
Lenders will look into your application form and analyze your current financial situation. They will measure your capability to deal with the credit repayments and offer you loans with repayment schemes that suit your situation, to make sure you can afford to repay them on time.
There is no need to give up hope of getting instant loans from our platform, even if your credit score is low. We process around 4,000 applications every day from various credit score levels.
How much would you like?
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).
When Should I Consider Applying for an Instant Loan?
There are several problems that you can solve by applying for instant loans. The most common one is an urgent and unexpected expenditure. Delaying the spending may put you in a more difficult position. But, on the other hand, you don't have sufficient funds just yet. At this point, it is a great idea to consider applying for an instant loan. You get the cash readily available at the moment to settle your problems, but you can repay it with no problem later when your paycheck comes.
Another situation where it is best to consider instant loans is when you need to spend a lot of money that you do own on your savings, but it is pretty much all you have. Spending all of them means you will not have any spare as a backup. It is such a risky decision to make. Instant loans help you to spread the total cost. You can repay little by little while earning and saving more money from your current job. There is no need to empty your savings and put you in a dangerous financial situation.
What Should Instant Loans Not Be Used For?
Instant loans are not eligible for business purposes. If you have an urgent expense to make for your business, you need to look into other means of loans that are intended specifically for business. Another scheme that is not for instant loans to use is gambling. Your loans should be for something useful and real.
It is also impossible to use fast loans to repay your debt on other platforms, especially the long-term ones. Nor will it work to fix your long-term financial difficulties. Instant loans are not a source of extra money to get by. They are just to cover your expenses temporarily while you are waiting for your actual cash to be ready. If you are struggling with debts or financial problems, we recommend you seek help from other organizations with the right competency to do so.
Am I Eligible for Instant Loans if I Have Bad Credit?
Having bad credit doesn't make you ineligible for instant loans. You can still get a loan today even with bad credits. Our lenders will consider your situation and offer you loans with repayment schemes that suit your capability.
Can I Get an Instant Loan if I’m Unemployed?
Our lenders only need to make sure you have a source of income you can use to make your repayments later. You don’t have to be employed. Part-timers, freelancers, and self-employed people can be eligible as well.
Are There Any Hidden Fees with an Instant Loan?
We provide full transparency on our loan offerings. Thus, there is no need to worry about hidden fees. Feel free to use our loan calculator to see how much your loan repayment will cost. We also do not charge you with application fees or late repayment fees.
How Do I Repay My Instant Loan Amount Early?
Lenders will only charge you interest only for the days you borrow. Thus, early repayments can help you save money. If you can afford to do so, kindly contact your lender. Their representative will gladly recalculate your loans and let you know the final figure you need to repay.