If a financial emergency has occurred and you are short of cash, a small loan might come in very handy. You can apply for quick loans online and know within minutes if you are approved. You could even get money paid into the bank on the same or next day.
Paperless Loans Are Fast
So what types of loans are quick to apply for? Any type of loan that you can apply for online is quick as there is no paperwork involved in the process. With people having access to home computers, there is not necessary for lenders to send out paperwork, which you then have to complete, return and wait for a decision.
Generally, most loans can be applied for and completed online, with a direct debit agreement set up for the loan repayments. Loans can be signed for online simply by typing in your name using your computer. This saves a huge amount of time waiting for the post.
Loans that are the quickest to apply online for and be approved include:
- A payday loan;
- Short-term loan.
Other loans that you might want to consider are:
- Personal loan;
- Guaranteed loan.
Small Quick Loans Online
The small quick loans are the quickest and easiest to apply for online. In just a few minutes, you can make an application and know there and then whether you are approved. If you get approved money may be transferred to your bank account on the same or next day.
The payday loan is a loan that offers sums of money between £100 and £500. The money borrowed is charged interest daily and the total amount is repaid between one and two months on your paydays. This type of loan can be used to cover the cost of financial emergencies when money is short but you need cash suddenly. This could be for a bill you had forgotten to pay and the final demand arrives well before payday.
A short-term loan is similar to a payday loan but lenders usually offer higher cash sums. You might be in a position to apply for a short-term loan between £500 and up to £1,000 and spread the repayments back for up to one year.
If you want to borrow larger sums of money than the payday or short-term loans offer and spread the repayments over longer, you might want to consider the personal or guarantor loans.
Both loans can be spread out over longer terms. Lenders may allow you to borrow sums of money up to £5,000 and spread out the loan repayments over as long as 36 months. This would depend on the lender and your credit score.
The personal loan is an unsecured loan. However, if your credit rating is particularly bad you might be offered a secured loan or you might want to consider a guarantor loan.
The rate of the personal loan will vary from lender to lender and your credit rating. Along with taking the APR into account, you also have to factor in any fees when applying for a personal loan.
If your credit rating is very bad, you might want to consider a guarantor loan. This type of loan requires that you ask someone to stand as guarantor. This means you have to know someone well enough to tell them you are having trouble getting a loan and need a guarantor. As the guarantor, it would be down to them to take over the payments if you were to find you could not manage them. A guarantor loan would affect the credit rating of both you and the person who stands as your guarantor.
Applying for Loans Online
Applying for loans online is easy and fast. Some criteria need to be met before being eligible to apply for a loan and this includes:
- You must be at least 18 years old;
- You have to have a bank account in the UK;
- You need a debit card attached to your bank account;
- The bank account needs to be able to have direct debits taken from it;
- You have to be living in the UK.
Quick loans online are simple to apply for with our help. You can apply within minutes and know straight away if you are approved. We can match you with our panel of lenders to find the right loan for your circumstances, so find out how much you might be in a position to borrow today.