Quick loans in the UK are the type of financial services that offer instant money transfer to the account within hours of the application. It is for the borrowers stuck in a sudden emergency that require monetary help. Lenders accept and process the application as soon as it is submitted.
It is a modern form of lending where the focus is on providing a practical solution to the borrowers. The loan duration can last from a few weeks to years, based on the amount and borrower’s repaying ability. Fast processing and flexible terms are the main reasons people opt for quick loans instead of traditional loans.
The process is made online to eliminate the hassles of long queues and endless documentation. There are no physical documentations required for the loan application. You can fill the application form from your smartphone and get the amount credited once it gets approval.
The banks and other financial institutions have strict policies and terms for their loan offerings. Therefore, they rarely offer flexible terms to reduce the financial stress on the borrower. You will find private lenders more understanding of the financial situation of their customers.
You may find the overall cost of the quick cash loans higher than the other loan options. But the fact there is no collateral or guarantor involved makes it a reasonable trade. These loans might be the only option for you, considering the urgency of the situation.
|Quick Loans||Personal Loans|
|Instant approval||Approval can take weeks or months|
|No credit check||A hard enquiry on credit history|
|£1,000 to £50,000 loan amount||Any amount based on eligibility|
|Loan duration from weeks to Years||Repayment time from months to years|
|Flexible terms||Stringent Policies for approval|
|No collateral and Guarantor||May include collateral or guarantor|
|Higher interest rates||Lower interest rates|
Every loan type that offers instant money transfer is a type of quick loan by the literal meaning of the term. All these options help the customers differently with their varying terms and repayment process. Also, the loan cost will differ for the same loan amount because of different interest rates and charges involved.
Quick personal loans provide amount more than £1,000 up to £50,000 to the eligible borrowers. The loan tenure can last from months to years based on the preference of the borrower. You can rely on them for major expenses such as weddings, hospital bills, and car repairs.
Generally, the eligibility terms are not as lenient as the other options in this list. The lender may require a healthy credit rating, collateral, or a guarantor to approve the quick loans with bad credit. The borrower with already a list of liabilities, can find it extremely hard to manage another instalment.
Only a few loan types offer cash instead of account transfer to the borrower. A quick cash loan is one such service where the cash is delivered on the doorstep. The loan tenure lasts only a few weeks as the amount offered is small.
It is the perfect financial help when the borrowers need the amount in cash, instead of bank transfer. It is recommended when the bank or ATMs are nowhere near your neighbourhood. An instant cash loan also benefits the elderly and physically disabled people.
Similar to the instant cash loan, a doorstep loan deliver credit to the doorstep to the borrower. The representative of the lender takes care of everything, from application to repayment. Customers can avail weekly or monthly payments based on their repayment ability.
It is one of the most convenient loans offered to borrowers. The eligibility is based on the financial assessment of the borrower by the representative. Therefore, bad credit history and lack of collateral don’t affect the chances of approval.
Quick payday loans are the high-interest rate loans that come with a short repayment time. As the name suggests, the lender has to make the repayment by the next payday. The terms and interest rates differ based on the portfolio of the customer.
The loan amount is deducted automatically on the date of repayment along with interest. You should only take the amount required for the purpose with a quick payday loan for bad credit since the cost is high. Also, the short repayment periods increase the chances of default if the money is not deposited in the account.
An emergency where the money is required in no time is when you should take a quick loan online. Here are some real-life situations that make the best use of a quick loan –
People with a few debts piled on may find them short of cash to pay the instalments. If the financial instability is temporary, you can take quick loans in the UK with no credit check. It will avoid any needless defaults or negative markers on credit history.
Every default on the credit history lowers the chances of future loan approvals. This could be a major setback for your long-term goals, such as a car or house. Also, there are late fee charges and other documentation that might follow after a missed payment.
A medical emergency can leave your emergency fund and income insufficient to cover the cost. The NHS doesn’t cover the personal medical services you avail from the medical personal of your choice. Also, a personalised treatment might not be in the scheme for you.
If you want to have the best treatment possible, insurance or heavy money in the accounts are required. You may have to hire a personal attendant at home for yourself or a family member. All these costs can be covered with the instant money transfer from quick money loans.
When you need a vehicle the most, your bad credit history can result only in rejection from the financers. A quick loan today can help you get the vehicle; though, the overall cost will be high. There is always the option to refinance the vehicle once you have enough equity over the loan.
You can also increase the down payment to strong-arm the financers for favourable terms. The financial stress will be temporary but the result could be saving in the long run. Also, you can pay for the expensive repairs for your current car with quick easy loans.
Bad credit is a major reason for the loan rejections applied to the banks and similar financial institutions. We offer quick loans for poor credit to customers with every type of credit scores based on our assessment. Moreover, there are no hard enquiries on the credit ratings to avoid further damage to it.
The interest rates offered are higher if the credit rating is too low. The reason is a higher risk associated with the customer profile. However, the loan is offered in almost every case if the borrower is financially capable of repaying.
There is no knowing when the wedding preparations can go off the plan. You must stay on toes for such a situation with an alternative to everything. This includes a source of instant money when there is some serious setback.
You can prevent a disastrous show at your or family’s wedding with quick loans from a direct lender. The possible departments of troubles include bands, flowers, wardrobe, and decorations at the wedding venue. There will be no need to panic if any of this thing is cancelled and the deposit is not available for the time being.
In the digital age, we rely heavily on each of the equipment around us. Your personal or professional life can hit a roadblock in the absence of the equipment. Therefore, suddenly broken stuff needs immediate repair, which you may not be able to afford.
Quick loan online for bad credit could be your best bet to pay the mechanics in such situations. You can replace it with a new item if the older one is beyond repair. It becomes the only option when the credit is fully utilised, and there is not enough money in the emergency fund.
You can pay for the university expenses and tuition fees with a quick easy loan in times of financial distress. Parents can help their kids go through the financially tough phase while keeping the focus on studies. After graduation, the kid can take care of the loan comfortably with a new job in hand.
Mismanagement of the education loan can cause serious trouble to the students in the universities. To avoid some serious aftermath, you can start working part-time and take a loan for the fees. The side gig will take care of the repayment while the loan will keep you in the university.
Quick loans from direct lenders are preferred over the traditional loans when the borrowers’ requirements are not the same. Its terms, interest rates, APR, and the approval process are quite different from their counterparts. Here we have mentioned a few of these benefits for the borrowers who take a quick loan instead of a personal loan –
This is the ultimate selling point of quick loans. The fast approval process only takes a few minutes to complete and transfer the fund. You don’t have to waste time visiting the bank and wait for the signatures of higher authorities.
Once you apply, our representative starts working on it. On the other hand, a personal loan can take weeks to say the least for processing the application. The assessment itself a tedious task when the mode is offline.
People with a flawed credit history need not worry about their chances of approval. Our representatives assess their ability to repay the loan based on their current income. Therefore, approval of quick loans for bad credit in the UK is not based on past financial mistakes or any credit check.
In the case of personal loans, you can expect a strict credit check policy of the banks and other lenders. People with bad credit score need to find a guarantor or collateral to get approval. This might create unnecessary stress of the repayment as personal relationships or assets are at risk.
Private lenders have less stringent quick easy loans policies for their customers. Flexible terms include longer durations, relaxation on the eligibility, lower interest rates, and repayment holidays. All these are provided more commonly by direct lenders when compared to the banks.
These terms help you from the loan application to the last instalments. You can call them additional benefits that come handy when another financial difficulty strikes, which makes them extremely important before deciding the lender to take the loan.
It is not the debt trap we offer to our valued customers. The loan amount is offered to keep in mind the financial situation and the need for the loan. This ensures the borrower makes the repayment without creating crushing stress on the finances.
Borrowers with a bad credit history are required to find a guarantor or collateral to avail the loan. This is not the case with a quick loan for bad credit as a comprehensive financial assessment is conducted. We try to provide financial help to borrowers with every type of profile.
There are man drawbacks to a loan where guarantor or collateral is involved. There is a risk that the relationships may suffer if you don’t make the payments on time. Also, there is this risk of them refusing and an awkward situation afterwards.
For the assets, the risk of losing them is quite apparent. You cannot put something close to your heart for a small amount of money. This makes the process psychologically stressful for the borrowers.
Our representative will check the repayment plan based on your current income. The approval rates stand above 95% to show the trust we bestow on the borrowers.
A regular income can increase your chances of approval exponentially for a quick loan. The loan terms are more favourable, and a lower interest rate is offered. This doesn’t mean the people with a part-time job or own business are not eligible for the loan.
Businesses are also prone to a sudden cash crunch for numerous reasons. You can avail quick business loans with no credit checks in the UK to ensure smooth operations.
The income from the alternate source should be enough to cover the loan instalment. Freelancers and part-timers are benefitted the most from the flexible terms. You can use the amount to support the endeavour with initial setup costs.
We offer quick loans for unemployed borrowers as well. However, they must convince the representative of their repayment ability for approval.
As mentioned above, it is unnecessary to have a perfect credit history of making a quick loan. You are eligible for it as long as there is a repayment plan in place. We follow a no credit check policy for the quick loans to serve a wider audience.
Also, there is no hard enquiry on the credit report to ensure it remains unaffected with the application’s outcome. We conduct a soft enquiry to verify the details and check the current liabilities. This makes the process simple and transparent for the borrowers.
You can select the repayment schedule and time based on your convenience. This prevents the chances of missed payment if the salary is credited a little late. Following are the options for you to decide the repayment schedule for the quick loans for bad credit –
You can select the day salary is credited to your account. The amount will be automatically deducted from the account.
Again, if the salary is not regular in terms of date, you can choose a different date for the repayment.
You can ask for a payment holiday for a month if you somehow missed the payment on the designated date. The current monthly payment will be paid along with the next monthly payment.
At EasyCheapLoans, we provide practical solutions to the customers facing a financial crisis. Following are the reasons for the borrowers to apply for quick loans with low APR from us –
Our experts provide instant response to your loan applications and queries. We try to take the minimum amount of time possible to provide financial help to you. It takes hardly a few hours for the loan amount to get credited in your bank account.
The customer experience is at the core of our business model, where we put our best effort. Our representative guides you throughout the process from application to repayment.
We know the financial condition of our customers. Therefore, it is our responsibility to provide the solutions without creating overwhelming stress on their budget. The quick easy loans’ terms are made flexible to cater to a solution based on the borrower’s requirements.
Apply online now to get the fund in your account quickly!