Modern life is fast paced. Even during the Coronavirus pandemic, online banking and same-day payments have made it easy for people to handle their finances in just seconds. Yet although the finance industry has taken great strides towards a future that fits with the lifestyles of consumers, the lending market has been rightly viewed by many people as an archaic and slow-moving beast. That was, of course, until quick loans entered the scene.
With all the rhetoric from comparison sites and loan companies, however, it can be hard to know just how quickly a supposedly ‘quick loan’ could be – or even where to apply for one. Fortunately, these questions are easily answered, and borrowers who are armed with the facts could get the money that they need on the day that they apply. Here’s how.
What is a quick loan?
Quick loans are, for the most part, exactly as their name suggests. They provide borrowers with quick access to cash that can be used to pay for unexpected bills and other costs that might arise in an emergency situation.
Whilst loans from high street banks and building societies are notorious for their painstaking application process and potentially long clearing times, quick loans are provided by a variety of online lenders and applications can be made in minutes.
In terms of the formalities, quick loans are usually a form of short-term lending that allows borrowers to pay back what they owe over a timescale that suits them and their budget. This of course varies between providers, but the upshot is that these loans are a fast and flexible form of borrowing.
Quick deposits for fast-moving situations
Among the key benefits of quick loans is the fact that you can get money into your account when you need it the most. Nobody wants to be waiting for a lender to approve their overdraft or loan request when times are tough, yet high street borrowers are often forced to wait for their money as the bank or building society goes through a laborious process to decide whether they’re willing to extend a line of credit.
Quite conversely, borrowers can apply for a quick loan online. They’ll often get a decision within minutes of making their application, and the money they need could be with them during the course of the same day – depending on their individual circumstances.
Where to apply for a quick loan
If you need money fast, there are lots of options available to you. You could choose to apply directly to one or several of the many lenders on the UK market – but an online credit broker could help you to find the lender that’s most likely to approve your application, further cutting down the time it takes for money to land in your account.
Little Loans is one of the better-known online brokers, providing borrowers with a way to apply for loans of between £100 and £10,000 with repayment terms ranging between 3 and 36 months. With an extensive panel of short-term lenders, they could help you to get your hands on the money you want, exactly when you need it the most.
What can a quick loan be used for?
It’s almost impossible to provide an exhaustive list for the uses of fast, short-term loans. This is because they are used by thousands of people each day to plug a hole when they need it the most.
It could be that your car has broken down and you need it running again pronto to get you to work, or perhaps your home needs some emergency repairs which simply can’t wait until payday. Whatever it is you need the money for, a quick loan could provide you with the funds you need whilst you’re trying your best to keep it all together.
In all, quick loans are a modern solution for a variety of problems. So next time you can’t afford to wait around, you’ll know where to go to get the cash you need.