How does a Quick Payday Loan Work?
A payday loan is a loan which is typically smaller in amount than regular loans, and usually requires repayment by your next payday, hence their name. This means that you’ll have to repay them the next time you receive your salary, although sometimes the repayment terms may be longer.
There are also quick payday loans which are payday loans that can be approved and given to you very quickly, usually within a matter of days.
Due to their low amounts and relatively short repayment period, instant payday loans are often easier to obtain and processed much faster. However, charge a higher APR compared to other loans.
How Can Quick Payday Loans Help You?
You can enjoy several of the benefits of quick payday loans including:
- Instant application and processing. The turnaround time for instant payday loans is much faster, as compared to regular loans which may take months to approve.
- High approval rates. Lenders have more flexibility than traditional institutions like banks to approve your loan application based on your current income and earnings, rather than your credit history.
- Ability to apply online, which is more convenient and won’t take up much time or resources.
- Repayment flexibility, whereby you can determine the amount you need and don’t have to borrow more than you can pay. There are also customisable repayment terms
|How much can I apply for?||£100 to £5,000||Zero-obligation quote|
|Length of the repayment||1-36 months||Quick payout|
|Interest rates (variable)||49.7%||Zero paperwork|
|Can I apply with poor credit standing?||Yes||Bad/low credit considered|
|Do I have to pay a lump sum?||No||Flexible repayment|
|When am I allowed to apply?||24/7||2-min simple application|
What Can You Use an Instant Payday Loan to Do?
A quick loan is pretty versatile and you’re free to use the money to benefit yourself in various situations. These include
- Paying for medical emergencies. It can help fund hospital bills when you don’t have the cash in hand.
- Bills. When you just don’t have those extra pounds to pay for energy or your rent, and don’t want to be left out in the cold.
- Vehicle repairs and maintenance. You want to keep your mobility and just can’t afford to lose your access to a vehicle, which may be important for work and your income.
- Educational expenses. Sometimes, education fees may outpace your income for the month and you don’t want to drop out of crucial school or university terms.
- Household expenditures. If you’re struggling to fix a leaky roof or need to give the heaters and overhaul, quick loans will give you the leeway to ensure that your home stays comfortable and cosy.
- Groceries and daily expenses. Perhaps you’re struggling and stretching the pounds this month, until your next pay comes in. A fast payday loan can help put food on the table in the meantime.
How to be Eligible for a Quick Payday Loan?
There are not many strict terms and conditions for being eligible to apply for a quick loan. As long as you fulfil these basic criteria, you’ll be allowed to apply for a quick pay loan.
Some of these conditions include:
- Be at least 18 years old when you apply
- Be a resident in the UK
- Have a valid current account to make deposits and payments
- Demonstrate a verified source of income to repay your quick loan in the stipulated time period.
The final condition will be determined by your income statement and other supporting documents which you will have to provide upon application.
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Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Are Quick Payday Loans Right for You?
One of the first things you should do is ask yourself if you have the resources to repay a quick loan of this nature. These loans are not solutions to long term financial needs. Instear, they should only be used for unplanned expenses or emergencies.
Additionally, a payday loan is only suitable if you’re looking to obtain a small amount of cash to tide you over for a short period of time. It isn’t suitable for larger, more extensive financing, such as if you need to start a business or buy assets. On average, payday loans only provide between £100 - £2500 on average to borrowers.
Can I Get an Instant Loan with Bad Credit?
While banks and larger financial institutions will be unlikely to approve your loan application if you have a bad credit score, lenders have greater flexibility.
Even if your credit scores are less than ideal, your payday loan application can still be approved. This is because lenders tend to base their decisions on your current income and employment status, rather than credit histories.
Therefore the answer is yes, you can get a payday loan with bad credit. This is because the sum being borrowed isn’t high, and is expected to be repaid during your next payday.
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Do I need a guarantor to get a payday loan quickly?
It is not a must to have a guarantor for payday loans, as we can link you to lenders which provide both guarantor loans and guarantor-free loans.
Can I get a payday loan instantly without a credit check?
Unfortunately no, as the Financial Conduct Authority requires all lenders to perform credit checks in the UK for all applicants.
Can I be approved for a quick payday loan before I apply for it?
You will have to be screened before approval, but the good news is that we will match you with the lenders that have a higher chance of approving your application.
How can UKBadCreditLoans help me get a fast payday loan?
We recommend only the safest lenders that are regulated and authorised by the UK’s Financial Conduct Authority. Additionally, we will also ensure that we introduce lenders who suit your needs and current status.