What Are Instant Payday Loans?
Traditional borrowing methods like banks prolong the process of loan approvals, taking days or even weeks to review applications and respond. When you need a loan quick, weeks worth of a waiting period can become frustrating.
Now, you can go to any lender directly or, preferably, come to us and apply for an instant payday loan to get numerous offers within minutes.
For better understanding, an instant payday loan is a short-term loan you borrow to solve an emergency financial crisis and return on the next payday. As compared to the loans provided by traditional lenders, payday lenders online have a higher acceptance rate.
To make things even better, you can even postpone the deadline. For instance, if you can't manage to repay on your payday, you may ask for an extension of up to 3 months. The only complication with doing so is that you will have to pay extra interest charges for that.
What Are Instant Payday Loans Used For?
Urgent financial relief needed, and you don’t know where to go? That’s where instant loans come in; to offer a short-term solution to your financial troubles until your next payday.
You could be the most responsible person with your finances with a great credit history or someone plunging to the bad side of credit ratings, no matter the case, you can apply for a quick loan to tackle sudden expenses.
Here are the cases where you can use an instant payday loan to get the financial burden off your shoulders:
- Emergency expenses
- Medical bills
- Post-accident car repairs
- Mortgage payments
- Home repair
- Credit card bills
- Monthly utility bills
Things To Consider Before Getting an Instant Payday Loan
Applying for a loan has become more convenient day by day. With online lenders only requiring basic criteria for eligibility, every other person can apply for a fast payday loan in the UK. But that’s not to say that you should go right away and start applying for loans, even if they’re the answer to all your current financial problems.
Consider the following factors before incurring more debt, especially if you’re already struggling under it:
Amount of Money You Need
The ease of applying for a loan anytime, anywhere, with the entire process having gone online, makes people borrow more than they need and can repay. Not only does this add to a destructive borrowing habit, but it also puts you in more debt.
With an instant payday loan, only borrow as much as you need for immediate financial funding. Also, consider that quick payday loans only let you borrow up to £2500. If you need more cash, you’ll have to apply for another loan type.
While online lenders are flexible compared to traditional lenders in terms of eligibility, specifically credit ratings, they still have criteria that you have to meet in order to apply for a loan.
The eligibility requirements to apply for a fast payday loan in the UK are legal age, citizenship of the UK, verified bank details, and sustainable income. Double-checking that you meet the basic criteria lets you apply for a loan in the first place and increases your chances of acceptance.
Terms & Fees
Each lender has set terms and conditions and applicable fees for the loans they offer. You need to closely read the terms and conditions before making the deal official so that you don’t get caught off guard later on with any policies.
Knowing the applicable fees, interest charges, and the additional charges that add up if you delay the repayments will prepare you for what’s to come, which is the total cost you repay along with the original amount borrowed.
How Repayments Work
Instant payday loans are temporary fast cash, and as quickly as you get the deposit, you need to make the repayments timely too. Lenders usually set a fixed date for short-term loan repayment according to your next payday or within a few weeks.
You need to check how much of your monthly income is spent and how much you can keep aside to repay the loan before borrowing a loan to ensure that you make the repayments on time.
How Do I Apply for an Instant Payday Loan?
We offer a variety of financial services to UK residents. So, even if you have a bad credit history, you can visit our website and request an instant payday loan. Here are a few steps explaining how to apply for one:
1. Fill Out the Online Application
The first step is quite simple. Visit our homepage, enter the application page, and submit your application info.
2. Make the Decision
Once you apply for a loan, we’ll forward your application to our lenders, who will send offers within minutes. Once you’ve agreed upon a lender’s offer, you’ll have to read the terms and conditions and sign the deal.
3. Get Your Cash
After the approval and documentation process, the lender will send the agreed amount to the bank account you linked in the application in next to no time.
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).
How Fast Can I Get the Money Once Approved?
As the name suggests, quick payday loans might allow you to get the money within as fast as 1 day once your application is approved.
The first step is to fill out the application form, which takes 2-5 minutes. If a lender has reviewed your application and you’re eligible for a loan, they’ll send you an offer within minutes.
A lender will perform a hard credit check to evaluate your past financials and decide the charges and interest rate accordingly.
The next steps go over fairly quickly, including signing the agreement with a lender and receiving the money in your bank account, all of which happen within a day.
In summary, you can get the money within 60 minutes of your loan request’s approval, or it may take an hour or so. It depends on how fast your lender deposits the money. But, what you can expect for sure with an instant payday loan is to receive the deposit within a day at most.
You won’t need to remember the repayment date either if you let your lender automatically deduct the money from your bank account on the decided date after your payday.
Features of Our Instant Payday Loans
There are several payday lenders out there, but not everyone will suit your personal needs and requirements. Here are some of our features that will help you not only choose us but make the right decision:
Convenient Application Process
To get an instant payday loan, you don't have to go through any hectic procedures or complicated forms. All you have to do is head up to our website, fill out the form, and submit it online.
Get the Response Within Minutes
Previously, people would have to wait for days, and sometimes even weeks, before they would get approval. With us, you don't have to worry about time delays. Once we forward your application to lenders, we make sure you get their offers within minutes to make a wise, timely decision.
Better Acceptance Rates
Banks and brick-and-mortar lenders have a notorious history of rejecting applicants based on their credit scores. Unlike them, we have significantly higher approval rates, even for applicants who have a poor credit history.
Accommodating Repayment Plans
Our instant payday loans are exceptional in terms of repayment plans. If, for some reason, you are not able to come up with enough money to repay the loan on your payday, some lenders can accommodate you accordingly and can increase the deadline, but with an increased interest rate as well.
Frequently Asked Questions
1. Are instant payday loans safe?
Instant payday loans are safe for you to get money from as a borrower. All you need to take care of to ensure that there’s no risk involved is to borrow from a reputable lender. Or, you can apply through a broker such as Fast Payday Loans, which has multiple trusted lenders across the US.
2. Can I apply with a less than perfect credit score?
Absolutely! Contradictory to traditional lenders, our online bad credit loan lenders are more flexible in terms of bad credit ratings. While they don’t disregard credit ratings completely either, they consider other factors for eligibility. What you do need is a sustainable income source to prove your repayment capability.
3. Do I need to pay back a lump sum?
Whether the repayment is as a lump sum or regular instalments over a specific period depends on the mutual decision between you and your lender. However, since payday loans are temporary relief funds of usually smaller amounts, it’s a common practice to pay the full amount with fees and charges altogether.
4. Do I qualify for an instant payday loan?
To apply for an online loan, you need to check whether you’re eligible for it first. Eligibility criteria differ from lenders in some cases, but most ask for the fulfilment of basic requirements, including age above 18 years old, UK residency, valid contact and bank details, and sustainable regular income.
5. Should I choose a lender or a credit broker?
The decision depends entirely on you; either option works. If you have a lender in mind after comparisons and you’re aware of their charges, terms and conditions, etc., you can apply directly. But if you want multiple options in one place and the advantage of being able to compare offers, applying through a credit broker is better.