Finding affordable loans online can be time-consuming, but here at Fast Loan UK, we have affordable short term loans that will help you fund your next purchase in an instant. It’s simple to apply for fast affordable loans through us by using our straightforward online application form. Easily choose how much you want to borrow, between £50 and £2,000, how you want to repay and for how long you want the loan term to be. We make affordable lending quick and simple to access so that you can get the funds you need when you want them. Click Apply Now to get an instant decision!
What Are Affordable Loans Online?
Affordable short term loans describe lending that takes into consideration your current finances and ability to pay. We want to ensure all customers can afford the loan they apply for and we can achieve this through our affordable lending processes. When looking through other affordable lending options online, you will find lenders who claim to offer this but may charge high-interest and offer restricted repayment terms, meaning they are not as flexible to your individual circumstances.
We work differently with our approach to affordable lending, as we understand many people have different needs and circumstances that lead them to need small affordable loans. Maybe you have had an emergency expense to pay out for and have been declined by other lenders due to having a poor credit history. We consider all of this, offering fast affordable loans that work how you need them to and do not include any hidden fees or charges. Want to pay back weekly? No problem; have bad credit? We can help you. Our affordable loans online are designed with you and your circumstances in mind.
How to Get Fast Affordable Loans
It couldn’t be simpler to apply for quick affordable loans through us. If you’re a new customer and know how much you want to borrow and for how long, you are already part of the way to getting the money you need. Just click Apply Now and fill in our simple to follow application form with these details and we will give you an agreement in principle. We work very fast so you will see almost instantly if we can help with the terms you have requested.
Once you have this, one of our personal Customer Care Managers will look after your application. We believe it is important to have a human element involved during this period, rather than solely relying on automated responses. This will not slow the process down, with this attention to detail ensuring we can match our fast affordable loans with you correctly. If your Customer Care Manager requires further information to support your loan application, they will call you to confirm, with this process taking no longer than 5 minutes. In many circumstances, they will already have the information they need from the Credit Reference Agencies we work with.
After this, once we have assessed your affordability and conducted a credit check, we can confirm if your loan has been approved. If so, we will send you by text a link to read and sign your digital loan agreement. All you have to do is carefully read the terms of your credit agreement with us and sign. Once completed, we will send your agreed loan amount directly to your bank account within 15 minutes, and that’s it! You will then be able to put your new loan to good use.
Eligibility for Affordable Loans UK
To be able to take advantage of fast affordable loans through us, you will need to meet at least the following requirements:
- You are aged 18 years or over
- Be a Current UK Resident
- Be in Full or Part-Time Employment, including Self-Employed
- Receive a Regular Income
- Be able to Provide Bank Account and Debit Card details.
If you can meet these requirements, click Apply Now and we can start an application for cheap affordable loans. As part of your application, we will conduct a search of your credit file to assess your eligibility further. You will need to be prepared to provide us with information that includes your current income and outgoings as well as address information from the past 3 years at least. Along with a valid email address and phone number, we can then work as quick as we can to provide quick affordable loans for you.
Useful Additional Information on Affordable Loans UK
How Quickly Can I Get Fast Affordable Loans Paid into My Bank Account?
We want all our customers to receive the funds they need quickly, so that is why we aim to credit your account once approved for affordable loans online in just 15 minutes. The length of your application will depend on the outcome of affordability and credit checks, but if we have to contact you, generally a call will take no longer than 5 minutes to complete. We recommend having all the information you’ll need to hand before filling in your application to help minimise the time between clicking Apply Now and receiving the funds into your bank account.
How Do Repayments Work with Affordable Loans UK?
We aim to be as flexible as possible for our customers, so with our affordable loans UK repayments, you can choose the terms best for you. You can decide to repay the loan amount monthly, weekly or in one full payment, working around your current circumstances and salary dates. We use a continuous payment authority (CPA) to automatically take repayments from your bank account, that way all you have to do is ensure the funds are available on the scheduled repayment date. This will be detailed in your credit agreement for our small affordable loans and we will remind you a few days before each repayment is due. Alternatively, you can pay us directly by bank transfer and cancel the CPA payment method if you prefer; just speak to your Customer Care Manager to arrange.
What Will it Cost to Repay Affordable Short Term Loans?
Depending on the amount you decide to borrow, and how long your repayment term is, will determine how much you will pay back in total. We calculate daily interest which drops as more repayments are made and the total value of your loan reduces. What you should consider is the longer you take a loan out for, generally the higher amount of interest you will pay back in total. However, spreading the loan term over a longer period may help you have more affordable repayments each week or month. You will never pay back more than 100% of the amount borrowed. If you have any questions about the interest on your loan, please speak to your Customer Care Manager.
Representative example:
Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.
What Happens If I Get into Financial Difficulty with your Quick Affordable Loans?
If for any reason you do struggle to maintain repayments on your loan, we advise that you contact your Customer Care Manager as soon as possible. We understand the unexpected can arise, so we can work with you to resolve the issue of repayments. As responsible lenders, we want to ensure that before you apply for affordable loans online that is exactly that; affordable for you. You should avoid taking on a loan amount higher than what you actually need, only borrowing what you can afford to pay. If you need any advice on finances, free Debt Management charities are available if you are struggling with your finances:
Citizens Advice
www.adviceguide.org.uk
Consumer Credit Counselling Service
www.cccs.co.uk
Tel: 0800 138 111
National Debtline
www.nationaldebtline.co.uk
Tel: 0808 808 4000
Money Advice Service
www.moneyadviceservice.org.uk
Tel: 0300 500 5000
Stepchange
www.stepchange.org
Tel: 0800 138 1111
What Can I Use Affordable Loans For?
Affordable loans are ideal for many different situations where emergency funds are needed. Designed to cover unexpected bills or expenses, an affordable loan is not for use on non-essential items. Many people use them for repair bills or other financial emergencies that need to be resolved quickly when they don’t have the savings or existing credit to cover the bill. If you have run out of alternative options, an affordable loan can help resolve a short term financial issue before your next salary date, with affordable repayments over a few months.
What’s the Maximum Amount I Can Borrow with Affordable Loans?
We can provide affordable loans up to £800 for new customers. If you have borrowed from us before and successfully repaid your previous loan agreement, you can apply again for a loan up to £2000. This is subject to credit and affordability checks, with no guarantee you will be approved for the loan amount you choose. You should only apply for the loan amount you need to cover your short term expense. If you are a new customer, the maximum amount is capped at £800 so that we can ensure the loan is affordable. Once you have repaid in full and become a trusted customer, you are welcome to apply again in future for a higher amount if you need it.
How Long Can I Choose to Repay Affordable Loans?
We provide loan terms of up to 8 months for new customers borrowing their first loan from us. This is the maximum term, and you can choose to repay in weekly or monthly repayments, whichever is more suitable for your circumstances. Returning customers can choose repayments up to 12 months when borrowing again if the first loan has been settled in full. The term you choose is subject to status, so we cannot guarantee you will be approved for the maximum repayment term. You should always look to repay over the shortest period you can afford.
Are Affordable Loans Suitable for Bad Credit?
At Fast Loan UK, we can welcome applicants with varying credit histories, so our affordable loans may be suitable for those with a bad credit history. We cannot guarantee a loan will be approved before the necessary credit and affordability checks are completed. If you are in long term financial difficulties, our loan options may not be suitable for you. If you are someone with poor credit, you will need to demonstrate you can afford the loan and repayments required. We will have to decline an application if you have no affordability and further borrowing will cause further financial difficulty.
What Happens if I Miss Repayments on Affordable Loans?
Missing repayments on affordable loans, like any type of loan, can leave a negative impact on your credit file. If you feel you may struggle to make your next repayment or your circumstances have changed, please speak to your Customer Care Manager as soon as possible. Whilst there is no late payment charge, we will need to arrange for repayment of any missed amount. We understand situations can change, sometimes at no fault of our own, so please contact us in advance of any expected struggles with your loan.
Do I Need a Credit Check for Affordable Loans?
As responsible lenders, we will need to ensure the loan is affordable for you before agreeing to the terms you need. Part of this process involves a credit check, but we also consider your current finances and what you can afford to pay. This is how we can help applicants with a low credit score. If you are concerned about having a credit check due to being declined recently or having a poor credit history, we may still be able to help you if we can see the loan is affordable for your circumstances.
What is a Soft Search and Hard Search of my Credit File?
A soft search of your credit file is performed when you first apply for an affordable loan. It allows us to see enough information from a Credit Reference Agency (CRA) to determine if we can proceed with the loan amount and terms you choose. This does not show on your credit file so won’t affect your credit rating. If we can continue with your application after an initial soft search pre-approves you, we will perform a hard search which will be logged on your credit file. This will provide us with full information to fully assess your financial history. This along with an affordability assessment helps us quickly approve or decline a loan.
Can I Repay My Affordable Loan Amount Early?
Yes, if you can settle the loan amount quicker than the repayment term, and this is affordable, all you have to do is contact us. Speaking to your Customer Care Manager will provide you with an early settlement figure. You will only be charged interest for the days you borrowed over as well as a £10 early repayment fee, as long as this does not take you over the 0.8% daily interest charge. In many cases, you may find you will save some money overall by repaying the full loan early, so contact us to get an early settlement quote.