The process is incredibly simple, a small number of questions about you and your recent background, then you get a real decision.
If approved, you'll be paid within 20 minutes (on average).
Representative Example: Amount of credit: £1500 for 11 months at £169.69 per month. Total repayment of £1866.59. Interest: £366.59 Interest rate: 46% pa (fixed). APR rates range from 22.3% APR to 112.5%. Credit broker not a lender. Warning: Late repayment can cause you serious money problems. For help visit Money Helper
In an ideal world, borrowers would only borrow the necessary amount, but it's easier said than done. Borrowers must balance their desire to secure all they need in one application with the reluctance to borrow too much, as interest is charged on the full balance. Additionally, the more an applicant attempts to borrow, the smaller the pool of willing lenders.
The minimum amount one can apply for is £200, while the maximum loan through Quick Loans is £10,000. However, this may be out of reach for most borrowers. The required credit score to obtain this amount is quite high, and customers with scores towards the high 900s may find it more cost-effective to apply for £10,000 with a mainstream lender. A more realistic loan amount for the average visitor to this site is £5000. The APRs are competitive, and the approval barriers are lower.
This is just a guide; borrowers are free to apply for the amount they feel is best for them. Remember, no hard credit checks are performed on applications; lenders only conduct 'Soft Checks.'
No need to worry about our application form; we've designed it to ask as few questions as possible. Although we'd prefer to ask even fewer questions, the FCA requires all lenders to inquire about affordability. On a positive note, there's no longer a need for lenders to request paperwork for unsecured loans. It's remarkable to think that just 13 years ago, unsecured lenders needed to review bank statements and wage slips, and just 15 years before that, borrowers required an interview with the local Bank Manager before being able to borrow money.
Fortunately, things have progressed, and our application form is as straightforward as it gets. Enter your details online and click submit, simple as that.
With over 15 years of experience in the lending process, we understand what our customers value - clarity. We assure you that within 100 seconds of hitting submit on your application form, you will receive a decisive answer. The decision will be either 'Accepted' or 'Declined,' leaving no room for confusion. There won't be a decision that requires you to wait while further checks are conducted; it will be a straightforward yes or no. Another service that sets us apart from our competitors. Regardless of the outcome, if you'd like more insights into the decision-making process and how lenders reached their conclusion, feel free to visit our contact us page and request additional information.
Loans are typically disbursed within 20 minutes of submitting the application. We kindly request borrowers to allow up to 30 minutes for the entire process to be completed. In cases where delays are reported, the primary cause is often attributed to borrowers not promptly responding with the security code sent to their phones via text message. If borrowers respond promptly, the funds will be deposited into their bank accounts and ready for use within 30 minutes.
When we have described how this site works, we've made some very basic assumptions regarding the applicant.
The applicant is 18 years or older. 18 is the minimum age for individuals to obtain credit in the UK.
The applicant is currently living within the UK. Foreign nationals can apply for loans, but they will need to be listed at a UK address.
Have some form of income that will allow them to make repayments on the loan. In some circumstances this can include benefits. All lenders will perform affordability checks.
Borrowers can request their preferred repayment term. Some may opt for lower monthly payments over an extended period, while others prefer higher payments for a shorter duration. Each borrower is unique, with individual needs and preferences.
However, it's important to note that while individuals are free to request their preferred terms, lenders may not always be able to grant them. For example, if an applicant requests a loan of £500 over 3 years, it may not be in the best interest of the borrower or the lender. In such cases, the lender may offer an alternative proposal, and it would be up to the borrower to assess the alternative and decide whether to accept it or not.
Loans of £500 or less are often best repaid over 3 months. While customers can choose a repayment period of up to 12 months, we recommend aiming to repay the money within 3-6 months. This approach helps keep the interest costs down, and there are significant savings in paying off these low-balance loans more quickly.
It’s important to pace yourself when paying off your loans. For the majority of borrowers on this site, they should aim to repay £100-£150 a month for loans of this amount. While we encourage overpayments, we've seen past customers burn themselves out by trying to do too much, leaving them short and attempting to borrow more money at the end of the following month. Our advice is not to aim too high unless you are sure you can manage.
Recently, we have started working with new lenders who offer loans repayable over 36 months for amounts ranging from £1500 to £5000. This new option provides borrowers with even more flexibility to spread out their repayments.
When completing your loan application, you can request your ideal repayment term. Some people prefer a shorter repayment timeframe, while others prefer more time. Each applicant is different, and lenders try their best to accommodate everyone. In some cases, lenders may approve the loan but disagree with the requested term. In such instances, they may offer a different repayment schedule, leaving it to the borrower to decide whether to proceed. While rare, this scenario does occur ever so often.