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When emergency expenses hit you and you’ve got no savings to fall back, it would urge you to seek for loans that are fast and easy to obtain. If you need cash for unplanned expenses, and you have nowhere else to turn, you can count on quick loans.
What are Quick Loans?
Quick loans are exactly what they are described: money that you can get access to quickly. When you apply for a quick loan and be approved in minutes, and you can get your money in a couple of hours or within the day.
When you take out traditional loans, you are often required to go to the lender’s office or bank and apply for it personally. And, the application process is long, and sometimes intrusive. Quick loans cut out this part and get your application done within minutes.
This means no long queues, no long waits, no emailing, no faxing, no filling out of lengthy forms, and no awkward and uncomfortable interviews. With quick loans, your loan amount stays private and you will never have to explain why you need the money.
The reasons why people apply for quick loans are limitless. However, quick loans are designed specifically for emergency expenses. You can easily apply for quick loans, and money can be transferred into your account the as soon as possible once you are approved. Quick loans are the best solution for expenses that come up unexpectedly and need to be dealt with right away, such as urgent medical bill, urgent repairs whether at home or your car, emergency trips, for food and supplies, and much more.
Taking out Quick Loans
When you apply for quick loans, you will only need to provide proof of identity, evidence of income, and other personal details such as your age, address, and employment history. The eligibility criteria for quick loans may vary among lenders. Some lenders may run a credit check, but generally only searches through recent credit history.
Quick loans are short-term, and in small amount ranging from £200 to £2,000, with loan duration two weeks to two months. Similar to a payday loan, repayments for quick loans align with your payday whether it is weekly or monthly, but this varies among lenders too. The amount you’ll pay includes the principal, the interest incurred, and other fees, if any. Some lenders do not impose early repayment fees. You can take advantage of this and repay your loan as soon as you want to save on the interest.
Quick Loans in the UK
Because of the increasing demand, quick loans are quite popular in the UK, and the number of lenders offering them are constantly growing. Search online and find many quick loan lenders. In the UK, payday loans and cash advances are typically known as quick loans because the application process and approval are so fast.
Most quick loans are accessible from online lenders, so make sure the lender is legitimate, as there are many scammers and loan sharks online too. Check the reputation and background of the lender before applying. You must work only with lenders who are authorised to conduct lending business.
With an authorised lender, you can be assured that you are not paying more than you should. Authorised or licensed lenders are regulated in terms of their interest rates and fees. Moreover, work with a lender who would increase the amount you can borrow if you re-apply for a loan, as they see you are a good payer.
See to it that the lender has clear terms and conditions as well as transparency. Beware of lenders who get you with hidden fees, rollovers, and unclear interest rates. Be clear with them from the start on how much is the total loan costs, so you can make a monthly budget properly.
Quick Loans for Bad Credit
There are many reasons why you can get a poor or bad credit rating. If you consistently miss credit card payments or default on a loan, your credit score will decline. If you’ve recently taken out a car loan or financed a furniture purchase on top of your mortgage and credit cards all together, all that new credit will lower your credit score. If such actions continue, your credit score will continue to drop. You’ll be labeled bad credit if you reach a certain credit score. This will give you a hard time obtaining loans from traditional lenders such as banks.
A low credit score may affect your access to loans, but it doesn’t mean you cannot get one. There are still lenders who are willing to work with those who have bad or poor credit scores. In fact, there are lenders who specifically offer bad credit loans. Bad credit loans are also available as quick loans. However, expect that the interest rates are very high since you are considered a high-risk borrower.
What you need to focus on when taking out quick loans are the terms and conditions of the loan agreement, and certain features that come with the loan. This is where most of the complaints of consumers are coming from, and the aspect you should watch out for, too. Make sure there are no hidden charges and loan features that you might not know or understand completely.
Quick loans are usually up to £2,000 that you can pay back over a short period. Some lenders will ask you to repay the loan in two weeks, while others allow a more flexible loan term like in three months or so. When applying for quick loans, you can choose how much you would like to borrow, starting from £200. But, this could sometimes depends with the lender and also your income level.
Loan applications for quick loans are usually done online. You can use the loan calculator found on lenders’ websites to see in advance how much you will likely be paying each month. It takes only a few minutes to have your loan application filled out and sent off via the internet. If you get an approval, the funds will be transferred in your bank account the soonest, before the day ends.
Anyone who can provide proof of identity, regular employment or a steady source of income, a resident of UK, and of legal age can apply for quick loans. Eligibility criteria for quick loans may vary from one lender to another, so as the interest rate, other fees, and the loan terms.