You might need to get hold of money fast if money is tight and something unexpected has come up. In this case, you would benefit from being able to apply for a loan and have funds from that loan deposited in your bank account on the same day. Thankfully, there are such loans out there called instant decision loans.
Instant loans are loans that can be applied for online within minutes and you know straight away whether you have been approved or not with an instant decision. If you are approved the money from the loan could be paid into your bank account within hours. So let us look at what they are and how you can apply for them.
The Different Types of Instant Decision Loans Available
Three popular types of instant loans that may be applied for online, all of which allow you to complete the loan application in full online and which come with an instant decision. They are a short-term loan, a payday loan and a personal loan. When considering any type of loan always work out the true cost of borrowing. This includes any fees, interest and the loan.
The Short-term Loan
The short-term loan is a very popular loan if you only need to borrow between £500 and £1,000 and you can repay the loan within one year.
A short-term loan can be taken out for just about reason, as the lender will not want to know the reason. While different lenders will make different determinations about the term of a short-term loan it is usually when borrowing for up to one year.
This allows you to spread out the cost of borrowing so that the monthly repayment is affordable. Generally, the longer you spread the loan over, the less you will pay monthly. On saying this, the longer the term of the loan the more interest you are going to pay.
The Payday Loan
A payday loan is very popular with people who have a less than perfect credit rating and who want to borrow a small amount of money and who can pay back the loan within a period of three months.
One of the biggest benefits to taking out a payday loan is that as the sum of money you are asking to borrow is small, lenders are more willing to offer loans to people with a poor credit history.
Another benefit is that the money is often paid into the bank account within a few hours, which is essential if you need to get hold of money quickly.
Payday loans are generally taken out to cover financial emergencies that have cropped up.
The Personal Loan
A personal loan may be taken out for up to £5,000 and the costs of the loan can be spread out for up to 36 months.
To be approved for this type of loan you generally have to have a good credit rating, but it is not impossible to be approved even with a poor credit rating.
To be eligible for a loan you do have to:
- Be 18 years old;
- Have a regular income;
- Have a bank account in the UK;
- Have a debit card;
- A direct debit can be set up on the bank account.
While you do have to have a regular monthly income coming into the home, this can mean income from a job or benefits. Lenders do take your credit rating into consideration but also your ability to be able to repay the loan.
You can apply for instant decision loans with our help and you will know within minutes if the loan is approved. The lenders we work with offer competitive rates on all loans, along with numerous loan options and they consider your current circumstances. This means it may be possible to obtain approval for a loan even if you have a poor credit rating.