Quick Loans – Get Cash Fast

Many of us have experienced the panic that a sudden, unplanned expense can bring, particularly if we don’t have the savings to cover the cost. Whether it’s a car that’s unexpectedly failed its MOT, or an essential home appliance that’s finally given up the ghost, a quick loan could provide a suitable solution.

With Little Loans, you could search for a quick loan between £100 and £10,000, with a repayment term from 3 to 60 months, depending on the amount of money you apply to borrow.

What is a quick loan?

A quick loan is typically a sum of money borrowed from a lender which is paid out quickly – usually the same day your application is approved.

However, it’s important to note that a quick loan cannot be guaranteed. The time scale of applying for and receiving a loan will vary depending on a variety of factors.

Important

While you might need money now, it’s essential to take your time when researching any options that might be available to you. Applying for a loan requires careful consideration and is not a decision that should be rushed.

A loan will impact your credit score, and you’ll need to be sure that you can afford to make the monthly repayments, which will include interest, before you decide to apply.

How can I borrow money urgently?

Your need for money might be urgent, but you should note that it’s not possible to ‘fast track’ a quick loan application. However, there are things you can do that could help to ensure that the application process is as smooth as possible.

• Make sure that you meet your chosen lender’s eligibility criteria before you apply.


• Know your credit score. Being aware of your credit score could help you choose the right lender for you and prevent you from making multiple applications.


• Fill out the application form carefully. When we’re stressed, we might become flustered and make mistakes. It’s never a good idea to make an application for credit if you’re feeling stressed. Take a time out and assess all your options before making any important financial decisions. We completely understand how worrying a financial emergency can be, but it’s really important to take your time when completing the application form. Any incorrect or mistyped information could lead to processing delays further down the line.


• Have any relevant documentation to hand. Every lender is different, but you could be asked to provide proof of identity, address, and income.

Managing expectations: quick loans

As discussed, it could be possible to get a quick loan, although this will depend on several things.

• The day and time that you apply. While many brokers and lenders allow you to apply 24 hours a day, 7 days a week, your application might not be processed outside of standard business hours. For example, if you were to apply for a loan directly with a lender on a Saturday evening, you might not get an outcome until Monday morning.


• The lender you apply with. Every lender will have their own payout timescale. Some may be able to send your funds soon after your application is approved, while others may have set payout days throughout the week.


• The lender’s individual application process. Some lenders may ask that you attend a local branch or office to complete your application in person.


• Who you bank with. While the lender may be able to send your loan on the same day your application is signed off, the time it takes for the money to become available in your account will depend on your bank’s policies and procedures.

How can I get a quick loan?

Using a credit broker, such as Little Loans, could save you time when searching for a loan. Rather than spending time applying directly with multiple lenders, Little Loans is able to use one single search to scan our panel of over 30 lenders for a suitable loan for you.

Our straightforward online form should take no longer than five minutes to complete, and we’ll be able to let you know if you’ve been matched with one of our lenders in just 60 seconds.

A number of the lenders we work with could send your money on the same day your application is approved.

Who can apply for a quick loan?

You can search for a quick loan with Little Loans if you:

• Are over the age of 18;
• Are a UK resident;
• Have a UK bank account and valid debit card; and
• Have a regular source of income paid into your bank account.

Click here to start your quick loan search with Little Loans »

Can I get a quick loan with bad credit?

There are a number of bad credit lenders in the UK, including several of those on the Little Loans panel, and they may be willing to consider your application.

Please be aware that a bad credit loan could come with a higher rate of interest, and you might not be approved to borrow as much money as you need.

If you’re worried about your credit score, you can check your chances of approval before you search, using our free, 60-second eligibility checker. Using the eligibility checker will not affect your credit score, but if you’re matched with a lender and choose to make a full application, an affordability check will be carried out. This could include a hard search, which may affect your credit score. We’ll talk more about this further down the page.

Will I need a credit check to apply for a quick loan?

Yes. When you apply for a quick loan, the direct lender will complete a creditworthiness assessment in line with FCA requirements. This will include either a hard search or Open Banking.

A hard search will be visible on your credit file for up 12 months, meaning that any other companies who view your file will be able to see it. Multiple hard searches over a short period of time will harm your credit score, and this could present to lenders as a sign of money troubles.

When you search for a loan with Little Loans, we’ll use one soft search to scan our panel of over 30 lenders without harming your credit score. If you’re matched with a loan and choose to make a full application, the lender will complete a creditworthiness assessment.

What’s Open Banking?

Open Banking is a safe and secure procedure used by many authorised lenders in the UK. With your consent, Open Banking allows your chosen lender to access your online bank account, which enables them to view your recent transactions. This offers a more up-to-date insight into your financial situation, rather than them relying on your credit history alone.

Repaying your quick loan

Your quick loan will be repaid in monthly instalments, and these payments will include interest. Repaying a loan shouldn’t impact your ability to cover the cost of essential monthly outgoings.

You should never apply for a loan if you cannot afford the repayments.

What happens if I default on my quick loan repayments?

If you fail to meet one or more of the repayments on your quick loan, your lender may charge you a late or missed repayment fee. Every lender is different, and you should be able to find out more about possible late fees and charges in your loan terms and conditions.

In addition to this, your credit score will also suffer, and this could have serious implications on your future applications for credit, should you need to apply again.

If you’re struggling to make your repayments, you should contact your lender. They will be able to talk you through any options that may be available to you. Every lender is different, but this could include a repayment holiday or temporarily reduced payments.

I need money advice; who can I speak to?

You can access free, confidential money and debt management advice through charities and organisations such as StepChange, MoneyHelper, National Debtline, and Citizens Advice.