Instant loans in the UK are a form of short-term borrowing that is available to people who need access to credit instantly. Sometimes, they are referred to as payday loans or short-term loans, with these types of loans provided to customers online in real-time. A customer can expect to have the funds in their bank account within just a few minutes of their instant loan online application.
These types of loans are a relatively new phenomenon within the financial industry compared to payday loans. They have mainly come about as a result of the growth in demand from customers who demand instant payout loans. As the short-term lending market has grown and developed, so has the processes and systems within the industry. This has made taking out a cash loan online a quick and simple process for when you need money in a hurry. Long gone are the days where you would need to go into a physical bank and fill in long arduous paper applications. That process would then have to wait and rely on a team of underwriters within the bank's lending department to make the final decision on your loan application. Advancements in technology have now meant computers and complicated algorithms can do this decision making within minutes, transforming the way short term loan lending is provided to help customers get instant loans.
Instant loans in the UK are designed to offer people short term credit to get them through an emergency or unexpected expense. If you are self-employed, for example, and your car or computer breaks down, you may need to take out a loan to repair or replace it. After all, without those essential tools, you cannot generate any income. An instant loan online offers a valuable service to people who do not have an alternative, such as having savings or availability on a credit card. Similarly, instant loans can be ideal for those people who cannot access more affordable types of credit quickly, helping to provide financial independence to lift themselves out of such situations.
Instant loans in the UK may not be suitable for people who have access to other, more affordable forms of credit. Some people may already have access to low-interest credit cards, for example, or a credit card they can pay off in full each month. In which case we suggest you stick with these cheaper forms of credit. Also, an instant loan is not an ideal option for people with a low-interest overdraft either. Our instant loans are designed for speed and convenience but there are cheaper alternatives on the market.
So, who are ideal applicants for instant loans? Well, for those of you who cannot access more affordable credit, or those who like the speed, convenience, and personalised service we offer. If they are paid off in full and on time, an instant loan can even act as a credit builder. As long as you do not 'rollover' the loan or apply for a new one each month, using them and paying them off can build up your credit rating. This may even help you to access more affordable credit in the future.
Yes, like many other online short-term lenders, we offer instant loans in the UK. If you are a new customer looking to borrow money, we aim to have the loan in your bank account within 25 minutes of the initial loan application. This is, however, subject to you passing all our credit checks and affordability assessments. If we require more information, we will contact you directly, and this may mean it takes a bit longer to provide instant loan approval. At Fast Loan UK, we always aim to have the funds in your account on the same day.
If you are an existing customer, we will aim to have the instant loan in your bank account within just 10 minutes of the new loan application. However, this can take longer, dependent on how long your bank takes to process the payment, and whether or not they accept Faster Payments.
We have designed our instant loan process to be as simple and efficient as possible. We understand that a quick decision process and an instant turnaround of cash into the customer’s account is imperative to our service. Also, we are a responsible lender and therefore encourage potential borrowers to seek independent financial advice from someone impartial who can help.
If you would like any further information on what is meant by any of the terms you see on Fast Loan UK, such as loan term, total repayable, payday lending, instant payday loans, then please don’t hesitate to contact us. For general advice on borrowing, monthly repayments, interest rates or just independent expert advice, please contact the Money Advice Service.
If you need a quick cash injection, whether that be for a last-minute holiday, or to pay for the food shopping when waiting for your next payday, then our instant loans are perfect for you. We understand that everyday lives are unpredictable and may require cash fast to cover you in the short term. If you are a returning customer who has borrowed from us before, we can have the funds in your account within just 10 minutes of requesting to reborrow.
At Fast Loan UK, we offer loans between £50 and £2,000, but we do not recommend that you make a borrowing decision on a whim. You should always understand what the total loan repayable amount is and what the loan term, interest rate and monthly repayments are. We want all customers to use our lending facilitates responsibly. However, it is handy to know that we are just a few clicks away on your mobile, tablet, or computer if we are needed. You should always only look to borrow the amount that you need for your situation rather than the maximum available.
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.
Making repayments is easy with instant loans online, as we arrange this using a Continuous Payment Authority (CPA). The schedule for this will be agreed upon with you during the loan application process and we will always look to remind you at least a few days before we are scheduled to take the payment. All you have to do is ensure enough available credit is in your bank account at least the day before the payment is due. Alternatively, you can arrange to pay via a bank transfer directly to us.
The maximum repayment term for new customers is 8 months, whilst returning customers can apply for instant loans with repayments up to 12 months. You can decide to repay weekly, fortnightly, or monthly, whichever is best for your circumstances. If you are a first-time customer, we need to ensure the loan is affordable and can be repaid in full before you can choose a longer repayment term. If then you apply again in future, we may be able to approve a loan term of up to 12 months.
Yes, all applicants are required to have a credit check as part of the lending approval process. We can only approve an instant loan if we can determine it’s affordable for you, and part of this process involves us checking your financial history. Whilst we do perform a credit check, this isn’t the only factor we consider, with your affordability and current finances also considered. So, if you have a low credit rating, we may still be able to help if your financial issues are firmly in the past.
We always look to process your instant loan as quickly as possible, and most customers will receive their loan amount the same day. We transfer directly into your bank account once your loan is approved and your digital loan agreement is signed. We use the Faster Payments System to transfer the loan funds, so as long as your bank support this there shouldn’t be a delay. Please note, that if your bank doesn’t support Faster Payments, this may take longer. If you apply for an instant loan outside of business hours, on a bank holiday, or at a weekend, your loan may not be processed until the following working day.
We aim to provide an instant decision within just 5 minutes of applying online, so you will not be left waiting to find out if you have been successful. If we need to confirm any details once pre-approved, your Customer Care Manager will contact you, but this should not take longer than 5 minutes to complete. Please note, that any missing information or additional information we require may delay your application.
No, you can only have a single loan agreement with us at any one time. You should carefully consider the amount you require before applying, as you will not be able to take an additional loan or increase the amount afterwards. Once you have successfully settled a loan with us, you can then apply for another in future if you require it.
If you can afford to repay your full loan amount early, we can provide you with an early settlement figure. All you have to do is contact us and we can provide a quote for how much you will need to repay. You should only do this if it is affordable for you, so speak to your Customer Care Manager and they will be able to work out the final figure. You will only pay interest for the days you have borrowed, so you may be able to save money overall by settling early. There will be a £10 early repayment fee, subject to this not taking you over the 0.8% daily interest charge.
We are happy to confirm we do not charge any hidden fees with instant loans, so the amount and terms you see before applying are what your loan will cost. You can use our loan calculator to see how much the loan will cost against the repayment terms you choose, providing transparency before you apply. Interest will only be charged for the days you have borrowed, and we also do not charge any late payment fees. We also do not charge any application or processing fees, so you can apply in confidence nothing is hidden.
Unfortunately, we cannot help you if you are currently out of work as we require applicants to be in full or part-time employment. If you are self-employed, we may be able to help if we can determine your regular income during assessment. Please only apply for instant loans if you can meet our minimum eligibility requirements, including being at least 18 years old, a current UK resident and being able to provide bank account and debit card details.
At Fast Loan UK, we are happy to help customers with varying credit histories. If you are someone with a poor credit history, we won’t decline your application just based on a low credit score. We will perform credit checks, but we work differently from other lenders by focusing on what you can afford to pay. So, if your current credit rating is poor but your financial issues are in the past, we could approve an instant loan if you can afford the repayments. If we cannot determine this, we will have to decline your application.