Fast Loans

Loans that can be fully processed with the money in your bank within 30 minutes. While "fast" does describe the time from the beginning of the application to when the money is paid out, it also refers to the ease of the process.

Some well-known media personalities might try to convince people that these types of loans are automatically more expensive, but that is not necessarily true. Mainstream loans that meet all of the above conditions can be found on the websites of all the High Street banks, with rates as low as 7% APR.

• Completed fully online

• No paperwork required

• Soft credit checks

• Assuming the borrower’s bank can receive money instantly (which nearly all can), the money is deposited within 30 minutes

• Unsecured

It is true that some people are always going to abuse these types of loans; they always have. After all, in the UK, they are the easiest type of credit to be approved for. It takes a lot of self-discipline to realise these loans may not be the right choice, especially when someone is struggling day-to-day and is being offered money that doesn’t need to be repaid for a month or two.

Fast (Quick Loans) in the UK can be traced back to the mid-1990s when shops like Cash Converters started appearing on our high streets. Shortly after, lenders offering fast cash and quick money began to appear online. Despite the potential for a dedicated brand, there was never a brand called “Fast Loans” in the UK. The CO-OP registered the domain name FastLoans.co.uk in 1999 but never developed it into a real business. There was speculation that the CO-OP never launched the brand because they didn’t want to be linked to the payday lending boom of the mid-2000s. High-interest short-term loans were likely seen as contrary to the parent company’s image, which tries to involve itself in community projects.

Rather than becoming a specific brand, "Fast Loans" became a generic term for all loans completed in less than an hour—now often in less than 30 minutes.

The last 10 years have been challenging for the fast loan industry, with many lenders being targeted and put out of business. In fact, 98% of lenders have shut down in the past decade. However, those that have survived are strong and profitable, poised to continue growing. These resilient lenders have reached a point where they believe further regulatory pressure could risk ending the alternative consumer credit market, leaving consumers with few options other than loan sharks and other unauthorised lenders.

Despite these challenges, we believe the future is bright. We continue to invest in our brand, launching new products every few months to better serve our customers. Our commitment to innovation and customer satisfaction drives us forward, ensuring we remain at the forefront of the industry.

Of course, we believe that Quick Loans is the best place to apply for a loan, but we are a bit biased. Our application page is always open, every day of the year, and we never close. While these types of loans are available from many online loan brands across the UK, we believe that we have built an amazing reputation for getting people across the line with terms closely matching what they request, at the cheapest possible price. We bring flexibility, speed, and honesty that our customers respect.

It goes without saying that it is free of charge to apply for a loan with us. We only make money if we can get you approved for a loan with one of our lenders, so there is no need for us to charge upfront fees.

Immediate Decisions - Applicants don’t have to wait long for a decision. While some may have to wait up to 90 seconds, almost all decisions are presented instantly online. In a recent survey, 45% of applicants identified immediate decision-making as the most important factor when choosing an online lender.

Lightning Payouts – Once approved, you will receive a text message with a security code. Respond with this code, and the money will be in your bank, ready to spend, within a few minutes.

Lower Barrier to Acceptance – Because these loans are typically less than £2000, approval is slightly easier compared to regular loans of £5,000 or more.

Shorter in Duration – These loans have a duration of less than 12 months, meaning they are paid back quicker than standard loans offered by other lenders. Shorter-duration loans statistically have a much-reduced chance of default for borrowers.

Costs – For most applicants, the APR will be higher than standard high street bank loans. These higher costs are linked to the increased risk for lenders. Unfortunately, for lenders to stay in business, individuals who make their repayments on time need to cover the costs of those who don’t or never make any repayments at all.

Negative Signals on Your Credit Record – This is a controversial point. Having one of these loans can affect your chances of obtaining other forms of credit later on. Some mortgage lenders will decline mortgage applications if the borrower has had two or more fast loans in the last year. Even if the potential borrower has never defaulted, it's still seen as a sign that the applicant could be in long-term financial difficulties.

Look After Mobile Number - Over the last 5-6 years, your mobile phone number has become key to being accepted for a loan. Lenders are very wary of lending to people who regularly change their phone number. They will ask themselves why: Who is this applicant trying to avoid? Is it another lender? If the applicant is trying to hide from other lenders, then they might change their number to hide from us also. Changing phone numbers raises the same red flags as constantly changing residential addresses, so try to keep that to a minimum.

Only Borrow What You Need - Don’t apply for more than you actually need. The more money you apply for, the riskier a proposition you appear when lenders review your application. We’re not recommending applying for £500 if you’re going to try and buy a £1000 car, but in a similar fashion, don’t apply for £3000 when you only need £1000. The added benefit to this is that you’ll save money on interest too.