What Is an Instant Cash Loan?
As the name implies, an instant cash loan is a type of quick loan that is designed with the purpose of providing money for the borrowers as soon as possible. This loan is generally processed digitally and the money would be accessible in your bank account within hours after your approval.
As one of the quickest ways to get funds, an instant cash loan is especially famous among people with unexpected and urgent financial matters. This loan is even more popular due to its online process which means that you can apply for it from wherever your location is in the UK.
Most Popular Instant Cash Loan Types
There are various types of instant cash loans and lenders may refer to them with different names. Among these various types, payday loans are considered the most popular. Payday loans are short-term loans that are designed to provide instant money for the borrowers who are, then, required to repay the money as soon as their next paycheque.
Although most people complete the repayment in a one-time payment, some lenders also offer payday loans in quite big amounts with repayment terms spread up to 12 months. This means that the payment is scheduled on the day you receive your salary every month.
|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|
Where Can I Get Instant Cash Loans?
It is important to keep an open mind in searching for the right place to get instant cash loans. Before making any rushed decisions you may want to consider the following options:
Friends or family members: There are always people around that can become your source of instant funds. However, borrowing from them may require you to uncomfortably reveal your situation and you may risk damaging your relationship.
Instant cash loan direct lenders: You can visit lenders around your area and take loans from them. But, these lenders may not always be close to your location and the application process could take more than a day.
Online instant cash loans: This is probably the most convenient option to get instant money. You can even further speed up the searching by using the service of UKBadCreditLoans! As a UK-based loan broker, our service matches you to potential lenders that most likely have the right offers for your situation.
Looking to Borrow Money Easily?
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).
Can I Really Get Approved Instantly on UKBadCreditLoans?
As an established loan broker, we aim to provide quick processes so that you don’t need to wait too long. The approval is determined by whether or not lenders believe you can afford the loan. So, as long as you prepare the necessary documents that can prove your affordability, lenders have no reason to delay your approval.
However, to even smooth the process, UKBadCreditLoans always matches your loan request to lenders that won’t have any objection to your situation. For example, if you have bad credit, our service will only connect you to bad credit lenders so you won’t be rejected because of your poor credit rating.
What Can an Instant Cash Loan Be Used For?
Lenders generally don’t limit the usage of an instant cash loan, so you can use it for various purposes as you want. However, due to the quick process, many people take this loan as a way out of urgent situations such as car repairs, or medical expenses.
An instant cash loan is also a valid option for those who have no other alternative source of funds. For this reason, people take this loan to support their business or even as a way to improve their credit ratings as they believe they can consistently complete the repayment on time, so they will have more loan options in the future.
What are the benefits of online instant cash loans?
Online instant cash loans have the following benefits:
- The lenders provide quick decisions.
- The money is provided immediately after approval
- You can conveniently apply from your home
- You would have various offers, especially if you use the service of a loan broker.
What are the disadvantages of online instant cash loans?
Despite the fast process, online instant cash loans have the following disadvantages:
- Each lender has their own criteria and your chance of being rejected is never zero.
- You must have a computer or smartphone that can connect to the internet.
- The funds are transferred to your bank account, so no physical cash.
Is it easy to get instant cash loans on UKBadCreditLoans?
It is relatively easier, especially compared to searching for lenders manually. You can simply do the following steps:
- Submit your information on our web page.
- Receive offers from reliable lenders and select the right one for your situation.
- Sign the agreement, and immediately receive the money.
Do I need to go through a credit check?
Yes. Every lender is legally required to run a credit check on whoever applies for loans.
How to increase my chance of approval for instant cash loans?
You would most likely be approved if you do the followings:
- Make sure you meet the eligibility requirements: a UK resident aged 18 or more with regular income.
- Fill in your information accurately. Don’t let lenders doubt your credibility!
- Pay off your previous debts as much as you can.
- Only choose loans with amounts and repayment terms that you can afford.