Instant loans UK

£50 £2,000
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due Tuesday 25th Jan
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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.

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Instant Loans in the UK - What Are They?

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.

When Should Instant Payout Loans Be Used?

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.

Can Fast Loan UK Help with Instant Loan Approval?

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.

Instant Loans FAQs

What are the Benefits of Applying for an Instant Loan through Fast Loan UK?

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.

With Instant Loans in the UK, what is the Maximum Amount I Can Borrow?

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.

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.

How Do Repayments Work for Instant Loans?

No matter the amount of money that you want to borrow with an instant loan online, we arrange repayment using a continuous payment authority (CPA). The schedule for this will be agreed 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. 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.

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