Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

Which payday loan is best for people with bad credit?

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The Important Parts

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Note: Loanago is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Loans subject to status. Over 18s only. Minimum loan amount may apply.

Rates from 4.5% APRC to 500% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable

Lenders Facts

Loan amount
£50 - £2,000
Loan term
3 Months Only
CUSTOMERSCORES
Good
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Loan amount
£200 - £1,000
Loan term
3 - 6 Months
CUSTOMERSCORES
Excellent
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Fast Loans

When you find yourself in desperate need of money, you can count on fast loans. Check out the article below and learn more about fast loans.

Fast Loans Explained

Fast loans are usually small, short-term loans that are unsecured. Such loans could help people cover for unforeseen circumstances such as a financial emergency, or perhaps a rush of payables shortly before payday.

Fast loans are expected to be settled within a specific period, but usually a minimum of sixty days. By the time the agreed term is over, you are expected to pay back the loan amount, including the interest that was accrued in that period.

However, fast loans are not suitable for everyone and they are not ideal for people in serious debt due to the high interest rates. With some lenders, the money can reach a person’s bank account instantly once the loan is approved.

Since fast loans are unsecured, the loan is only supported by the creditworthiness of the borrower. It is based on the borrower’s credit score. In contrast, a secured loan uses the borrower’s asset such as home or vehicle as the loan’s collateral. Borrowers are usually required to have good credit ratings to be eligible for unsecured loans.

It is quite easy to get a fast loan if you could meet the basic requirements. The most important thing is to have a stable income. You have high chances of finding a willing lender as long as you present proof of a stable income.

Other requirements include holding an active bank account as a permanent resident, and you must be above 18 years old to get a quick loan. Collateral or loan guarantee is not mandatory to obtain quick cash loans.

Many lenders have designed easy, flexible, fast loans that enable you to have funds in your hands instantly. In many cases, same-day loans are the fastest and most accessible way to get cash.

why choose fast loans

How do fast loans work?

Once you provide all the needed information, most applications for fast loans get an almost instant response. Getting a fast loan is an easy procedure. You would know instantly if the lender approves or rejects your loan application.

It takes only a few hours, if not the next day, for a lender to transfer the funds once a loan is approved. If the lender declines the request, you can start searching for some other lenders or other cash alternatives.

In getting a fast loan, all the interaction involved takes place online. You don’t have to get in line at the lender’s office or call the lender for a loan application. You can submit an application online directly from your home or office at any time of day or night. These lenders operate even outside business hours.

While most bank loans are provided for a certain purpose, you won’t be asked about the purpose of taking out a fast loan. This makes fast loans more helpful, but riskier at the same time. It is important to use fast loans only to cover urgent expenses and not for a long-term financial problem.

Fast Loans in the UK

Sometimes you need cash fast, whether it’s for an urgent car repair, take care of an overdue utility bill, an urgent trip or pay for a medical emergency. If you have to borrow a small amount of money, one option is an online personal loan.

Online personal loans are fast loans that can provide you cash within a day or two. Unlike loans from banks or other mainstream lenders, which could take a few days to a week or more, fast loans are really fast indeed.

Many lenders in the United Kingdom offer these types of loans. Before you take out a loan from any lender, take time to shop around especially if you have bad credit or thin credit. What you get in exchange for borrowing fast cash could be a sky-high annual percentage rate and interest rate that could trap you in its cycle.

A fast loan is one of the best solutions for any financial emergency to get immediate cash. This type of loan helps you pay for sudden expenses before your payday comes. It helps you avoid penalties imposed on late payments.

A payday loan is also a type of fast loan, which is payable with your next paycheck. This means that you’re in debt only for a couple of weeks. However, there are lenders who offer longer repayment period for up to three months.

Other terms used in the UK to refer to fast loans are instant loans and quick loans. Anything that is small, short-term, quick and easy to process loans are fast loans. Most of these loans are also tagged as “no credit check” loans. However, this advertisement implies a illegal lender.

Authorised lenders are required to run credit checks. Others only use a soft check and look at other personal information provided by the applicant as basis for the loan approval, there are lenders who approve loans without asking anything from the borrower. In this case, be extra cautious in working with these types of lenders because they might be fraud.

Key Points

A fast loan is a short-term solution. This kind of loan is perfect for unexpected expenses and emergencies. Many lenders understand that when you need money to help you in your time of urgency, and you need a fast loan without much fuss. Application usually takes just as little as five minutes, and you’ll get a decision instantly. Once approved, you’ll only have to wait for a few hours to receive the funds.

Fast loans can be a great solution if you’re in need of money especially if you are in a tough, unexpected situation. It is very important that you apply for the loan that you are capable of paying. If you diligently follow the repayment plan, then you will easily be able to improve and maintain not only your score but also your general life standard.

The amount you can apply for can greatly vary from lender to lender, so make sure that the loan you apply for is affordable. Stick to the repayment plan and it will have a positive effect, improving your reputation and credit score among lenders. This way, you make future financing easier and reduce stress through your accounts.

why choose fast loans

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Return Customers

5 most recent personal loan reviews

Review of Funding Circle

Very quick response and good safety features. Speak to real people once the application has been logged. Very simple to fill out. Would definitely recommend Funding Circle to anyone.

Review posted by Gary Craigs, Dumfries

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Savvy

Really Great Service! Thoroughly recommend! Have dealt with several loan companies & Savvy is definitely the best, easiest, professional & they do exactly what they say unlike many other financial companies that lead you up the garden path!

Review posted by Helen Stern, Sheffield

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Capital One

I have poor credit and really needed the money to pay a court fine or be up against the magistrate again. Really helped me out and I found the charges for the credit very reasonable. Would highly recommend if your in a pinch. Great customer service and went out of their way to help get the loan out the same night I applied. Started 6pm and had money in the bank before 10pm. Great service.

Review posted by Blake Harrington, Margate

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot to ensure the authenticity of accounts.