You might have heard the term quick loans. They are loans that millions of people rely on if they find themselves short of money until next payday and something unexpected crops up. But, how quick are quick loans online? Let us take a look.
What Are Quick Loans?
Quick loans are a term used for two specific types of loans. These are the payday loan and the short-term loan.
Loans of this nature only offer relatively small sums of money and the entire loan application can be made online. This means the days are gone when you had to make an appointment to see a bank manger then perhaps wait for days while they considered your loan application.
Today you can apply for a payday or short-term loan online and the entire application is undertaken online.
The Benefits of Quick Loans Online
There are many benefits, including:
- It takes just minutes to apply online;
- Only a few details are needed;
- If you allow us to match you with a lender you get access to a panel of lenders which saves time having to make multiple applications;
- You get an instant decision;
- If approved you can check the details of the loan online before signing;
- If the loan is suitable you can sign for it there and then online;
- The money is paid directly into your bank account so you can withdraw it. This is usually on the same day and often within hours.
Let’s look at an example of how quick loans can make a huge difference.
Your Cooker Breaks Down
Imagine you have prepared the family meal for the day and gone to put it into the oven to slow cook during the day. However, you try to turn the oven on and it’s not working. It’s not a gas or electric issue, it is the simple fact that your old cooker had decided enough is enough and has broken down.
What do you do now? You could get someone in to look at the cooker and repair it but then it is not going to be cheap.
Unfortunately, you had not budgeted for such an outlay and payday is some time off.
Luckily, there may be a solution, apply for a payday loan online. You can apply for a loan online and know within minutes if you can borrow. In just hours, you could have the money needed to have the cooker repaired or buy a new one.
At the worse, it means you will have to dine on take away for that day, perhaps two. However, you will not be left having to rely on take away until your next payday, not that you could afford to anyway.
When payday comes around you can simply pay back the full amount of the loan, including interest. Crisis solved and family meal disaster avoided.
This of course is just one scenario where applying for quick loans online might help you to get out of an otherwise stressful situation.
Payday and Short-term Loans for Averting Crisis
With a payday loan, you could borrow between £100 and £500 and choose to either repay the loan on your next payday or spread the cost for up to three paydays.
To keep the cost of the loan down you should pay it off in full the next time you are paid. This is because interest is added onto the loan day by day. The longer you spread the loan over, the more interest is added on.
With a quick loan, you can avert a financial crisis but you do have to ensure that the loan is affordable. You also have to be sure you will not be left without money when the lender takes the repayment back.
With a short-term loan, you could borrow up to £1,000 and spread out the cost of the repayments for up to 12 months.
Of course, you should never take a loan out for more than you need to or can afford to borrow.
The lenders we work with will undertake an affordability check to make sure you can afford the repayments. They also offer affordable loans and some of the most competitive rates. Apply today for quick loans online and get an instant decision.
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