What types of quick loans are there?
There are lots of different quick loans now available to you. This is because modern direct lenders now realise that people want much more freedom of choice when it comes to borrowing money. This means that whatever your requirements, you have a greater opportunity than ever before to get the right loan for you. You can apply for quick payday loans.
One of the first types of short term loans, these quick payday loans are designed to get you the money you need as quickly as possible. Originally created for people in employment who suddenly found themselves needing money until their next payday, these quick cash loans were often required to be repaid very quickly – often as soon as you were next paid. As a result of this, short repayment period, payday loans were unsuitable for most as the amount they wished to borrow was often too big to be repaid back in just one month.
Should I take out a quick loan?
Thankfully, modern payday loans are now available in a variety of formats, including the ability to borrow larger amounts of money and have longer periods in which to repay it back. They are now, therefore, a much better option for many people who need quick cash, as they offer an affordable way to repay a loan.
Such a choice also includes quick loans for bad credit. Catering to people with bad credit histories who would normally struggle to get approved, these quick cash loans enable more people to get access to simple, quick loans, regardless of their credit history.
How quick are quick loans?
When you see advertisements for quick loans, the obvious question is how quick are they really? While we cannot speak for all lenders, we can vouch for the speed of the lenders we feature in our panel. Therefore, if one of our lenders says they can get you the money fast, what they mean is they will strive to get you the money into your bank account the same day, with some claiming to get you the money in an amazing 10 minutes* from the time your application has been approved. We are therefore confident that we can help you get the money you need as quickly if not quicker than anyone else. Such quick cash is also helped by the way we will get an instant decision on your application.
How will Xav Loans help me?
Matching your specific needs with the large variety of short-term loans being offered, we enable you to quickly find the best deals on the market. Furthermore, because everything is online, we can effortlessly put you in contact with the direct lender who is most suited to you. This lender will then guide you through its final process before giving you a final decision and paying out your loan, with many promising these decisions to be almost instant.
All of these features combined now means you can get a loan quicker than possible in the past. In addition, with loans available online, you are no longer restricted to where, when, and how you can apply; helping you in those situations where you unexpectedly find yourself requiring cash quickly.
Are quick loans safe?
An obvious concern for you when taking out a loan is whether the money lender is trustworthy or not. Are they licensed? how long have they been operating? what do their customers say? – these are just some of the questions you should ask when shopping around for a loan. Such issues are further complicated if you have a poor credit rating.
Worried about this score and how it will affect your chances of getting a loan, some people often feel forced to ignore such concerns and simply accept the first loan offered to them. However, to eliminate any concerns you may have, all of the quick cash loans and their lenders in our panel are fully authorised and regulated by The Financial Conduct Authority. As such, you can rest assured knowing that your loan has not only been judged fair and is competitive, but that you are also fully protected by the law should something go wrong.
How I can I be sure I am getting the best loan deal?
All of the lenders we feature are authorised and regulated by the FCA, it means that all of the short-term loans you see being offered to you are competitive regarding their interest rates and repayment terms and are subject to a rate cap of 0.8% interest per day. These regulations cover all loans, including quick cash loans, and therefore ensure you are not being overcharged simply because you need your loan quick.
Having such an extensive lender panel means we are able to quickly compile a list of the best deals being offered from both the biggest high-street direct money lenders and smaller, more specialised lenders. As a reputable credit broker, we will always refer your application to the cheapest lenders first.
Can I get a quick loan with bad credit?
As a credit broker specialising in helping people with poor credit scores get easy access to fair and competitive loans, we do everything possible to get you your loan. We understand the attraction false claims such as payday loans with no credit check and guaranteed loans have for people. We also know this is made worse for people who are worried their credit histories will prevent them from being accepted for quick loans that payout the same day. It is because of this that we only recommend lenders who specialise in providing loans to people suffering from poor credit histories.
What do direct lenders base their decisions on?
All of the direct lenders we feature have been selected because they base their decisions on factors other than just your credit score. This means that they will also take into account whether you are employed or not, whether you own your home, and other factors such as your income and outgoings. By evaluating all of these other options, and not simply a credit score that could be outdated, you stand a much better chance of your application being approved, especially if you are suffering from a bad credit rating.
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Quick loans – Are they more expensive than other loans?
As has been mentioned, loans that promised quick payouts in the past where considered more expensive than other types of short-term loans. This is because many unregulated lenders would take advantage of a person’s urgent need for cash, often forcing them to accept unfavourable repayment terms.
With tighter regulation of the industry, including stricter guidelines by the FCA, a rate cap of 0.8% interest per day was introduced. This means that when you take out a short-term loan that offers a quick payout, you will not be unfairly punished for it. Therefore, when comparing such loans to others, you will see they are now much more competitive.
Quick cash loans – Do they all cost the same?
Of course, some loans are more expensive than others because they offer loans to different types of customers, who have different requirements. In general, the lenders operate on a rate for risk basis. This typically means the worse your credit score, the higher the interest rate will be. This is, of course, to enable the lender to cover their risk for the loan. All short term loans are regulated by the FCA and are subject to an interest rate cap of 0.8% per day
What are the dangers of quick loans?
The biggest concern when taking out a loan is whether or not the lender is trustworthy. Therefore, you are always recommended to do some research before selecting a lender. What loans the lender offers, whether they are licensed, and what their customers say about them are all questions you should be asking. Furthermore, you will need to check that the loans being offered to you are competitive regarding the interest rates they charge.
Other factors, such as the inclusion of hidden fees and other costs must also be considered. All of which can, of course, take a lot of time. To help you overcome this, every one of the lenders we recommend is fully authorised and regulated by the FCA – eliminating any concerns you may have regarding whether they are licensed or not. Furthermore, because they are regulated – you can rest assured that the loans being offered to you are monitored to ensure they remain competitive – helping you get the best deal.