Find the best quick loans

At times when unexpected costs put a strain on your finances, sometimes you need a quick, short term loan to make sure all vital bills are paid. While some people look to banks and high street lenders for long-term personal loans to cover these costs, a quick online loan through a direct lender can sometimes be a more beneficial solution.


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Representative 49.7% APR. Representative Example: Amount of credit: £1,200. Interest rate: 0.34% per day for up to 75 days (25.5% (variable) per annum). Representative 49.7% APR (variable). For example, if you borrow £150 for four days, the interest per day would be £0.51 and the total interest would be £2.04 representing four days at £0.51 per day.
Choose Wisely is a trading style of Choose Wisely Limited and is a free to use price comparison website. Choose Wisely Limited is authorised and regulated by the Financial Conduct Authority as a credit broker not a lender, firm reference number 730574 and is registered with the Information Commissioner’s Office number Z3106681.

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Representative 49.7% APR.

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If approved, the cash can be in your account in as little as 15 minutes.[†]

Table of contents

Written by Inez Miedema
Read time: ~5 mins
Published: 21st March 2016 Updated: 5th August 2021

What are quick loans?

Unforeseen costs can come out of nowhere, and make a real impact on a person’s life. You might need quick cash to cover a medical bill, fix a broken part of your home or to repair a broken down car. These situations can be stressful enough on their own, but if you don’t know how to actually pay for them then the situation becomes even more difficult.

People tend to associate the term ‘quick loans’ with quick payday loans, but there are other types of financing that can provide you the money you need in the same amount of time. Where traditionally a payday loan was to be paid back by the time the next salary was paid into your bank account, these alternative loan types offer you the space to have longer repayment periods, often between three months to a year. This could result in you receiving the emergency money you need quickly, whilst giving you plenty of time to repay.

There are a range of lenders that provide quick money loans. UK citizens have a wide selection to choose from. This form of borrowing is termed a quick loan because applications are often short and you can have a decision fast on whether you’ve been approved.

It’s important to remember that taking out loans on a fast turnaround can be very helpful, but they can also pose a level of risk if not carefully considered. If rushed into without proper thought, you might get into more difficulties financially. Particularly if the interest repayments are too high and you can’t keep up with payments.

If you want a quick loan, you might feel like you don’t have the time to research all lenders and loan offers to find the best deal. However, as you're making a financial commitment when taking out a loan, it is highly advisable to understand and compare your borrowing options. By filling in a ‘Get Accepted’ application form with Choose Wisely, we will do the preliminary research for you and find all the FCA authorised lenders that would accept your loan application.

How fast can you get a quick loan?

The majority of fast finance loans are completed electronically. This means that time is saved because documents don’t have to be printed, signed, and returned in the post.

If your application online is accepted, funds can be transferred to your account on the same day if it’s within business hours. There is a dependency here on your bank’s processes as well, which could slow down the transfer. If you are with a bank that supports Faster Payments, once approved your funds could be in your account within 15 minutes. Another factor is how quickly an applicant can provide the documents a lender needs to approve a loan.

How do quick cash loans work?

Quick loans online often only require a short application process. Once submitted, this is evaluated by the provider before a decision is given. If your request for finance is accepted and you agree to the terms, the money can be in your account within one day.

Choose Wisely helps make this process more straightforward and faster, by providing you with a list of FCA authorised direct lenders that have accepted your application in principle. The process outlined below will guide you from starting your application through to receiving the funds. It will be done partly through Choose Wisely’s website and partly on the lender’s site.

Application Process

process via Choose Wisely includes a soft credit check only, which doesn't leave a mark on your credit report. After choosing the lender that has the best suited deal for you, you can then continue to their website to complete the full loan application with the lender directly. At that point the lender will complete a hard credit check.

Applying for quick loans through direct lenders requires you to submit a short online application. Depending on the lender, you can have a decision within minutes. As part of the loan application, you may be asked for details on:

  • How much you want to borrow
  • Personal information
  • Home address
  • UK residential status
  • Details of employment
  • Monthly income and salary
  • Outgoings and expenses
  • Bank account details

Using this information, a lender will conduct a hard credit check and formally assess your suitability for the loan.

Quick decisions

Once the application has been made, there are three possible decisions a quick cash loans lender will make:

  • Approved - Further details will be provided by the lender on the loan amount, interest rate, total interest payable, number repayments required, and how many month you’ll get to repay the loan
  • Further information required - More information is needed for the lender to make a decision on your application.
  • Declined - You have not been accepted for a loan. Make sure to review your credit file before submitting another loan application. You can check this for free with a credit agency such as Credit Karma and ClearScore.

Loan approval

If you are successful, some further details and documents might be needed. These could include a proof of income and maybe a phone call. Once you are happy and understand all the terms offered, a loan agreement between you and the lender will have to be signed. As part of the contract signing some lenders require an electronic verification that is done through a pin code on your mobile phone.

When the lender has all the information they need, they will transfer the loan directly into your bank account.

How quickly do you have to repay your loan?

Personal loans from an FCA authorised direct lender will clearly detail a payment schedule. This outlines when every repayment will go out and how much it will be.

For example, if your loan has a repayment period of 6 months, you will be asked to submit your final repayment roughly 6 months after the lender approved your loan and the funds were put into your account.

If at any point during the loan period you have some extra cash available, most of the time there is the option of making early or additional repayments. Repaying a loan quicker will mean the amount of interest you have to pay over the lifetime of the loan is reduced. This means you have to pay back less overall. Make sure to check the terms and conditions of your loan before making any early or additional payments to avoid early settlement fees.

Quick loans bad credit

Quick loans for unemployed people and quick loans for bad credit are available, and there are lenders who specialise in this type of loan. However you must still be able to prove you can make repayments to a defined schedule. A guarantor loan might be the right solution for unemployed people as having someone to back you in case you cannot make future repayments, will reduce your risk profile to the lender. Often lenders will provide better rates if you have a guarantor.

Advantages and disadvantages of quick loans

There are various pros and cons when taking out a quick loan. Take these into account before you start the process. That way you’re well informed and will find the right solution quicker.


  • Fast online application
  • Eligibility is checked quickly
  • Depending on lender, funds can be transferred the very same day
  • Electronic process with no paperwork


  • Fast loans are often more expensive because of high APR interest rates
  • Can lead to further financial issues if the repayment schedule cannot be kept
  • Some lenders have hidden fees that can catch you out
  • Shorter repayment periods

How to get quick loans online?

Applying to a quick loan online is straightforward, Choose Wisely’s comparison application form only takes a few minutes to fill out and you will know in an instant how much you can borrow and at what costs. You will even be told if a lender has accepted your application in principle. Which means that you can avoid completing a full application with lenders that won’t accept your customer profile, saving time and money.

Why use Choose Wisely for your loan search?

Quite simply, Choose Wisely can save you money, time, and stress. Below are some of the advantages of using the Loan Search journey on this site when looking for a quick turnaround.

Pay Less Money

Everybody would like to hold onto more of their hard earned money. It’s a very frustrating feeling if you realise that you could have gotten a better deal somewhere else, or spent less money with a bit more research. Borrowers should always compare as much of the market as possible before taking out a loan. This is to establish the best deals at the best prices for their situation. This doesn’t always mean getting the very cheapest product on offer, but can mean getting the best service for a reasonable price as well.

The Choose Wisely process does the hard work for you. The Loan Search software communicates with a pool of lenders and the lenders that are likely to accept your application are clearly ranked in order of price. This makes it straightforward to evaluate the deals on offer and understand which lenders would offer you the best prices.

Get Loans Faster

Because the entire process is online and Choose Wisely communicates with lenders in real time, applications can be very fast. Electronically applying means that you don’t have to print any documents, sign them and send them back in the post.

Streamline the Process

Conducting all this research is hard and takes a lot of effort. Various lending providers need to be found, and information about them, such as charges have to be noted down as well. Charges can be fairly straightforward to find, however sorting through terms, repayment schedules, and overpayment charges, amongst others can be more difficult.

With the Choose Wisely loan search software, you will be given a list of FCA authorised lenders that makes it a lot easier for you to choose the best loan. The process will be streamlined and causes less stress.

What are the best quick payday loans?

There is no such this as the best lender or the best payday loan. It depends on your personal situation and financial circumstances. If you do need money fast because of a cash emergency, you should still carefully consider your options and compare the different loan products and credit lines out there.

Once you are well informed and know the loan product you want, Choose Wisely completes the comparison for you and allows you to find a product that you are accepted for, including a clear overview of the costs involved with each loan offer.

Quick loans give people an option financially at times where it might seem like they don’t have many. If someone doesn’t have enough money in their account to cover an essential bill, it’s an extremely stressful time, and a loan can help alleviate this worry. As with all types of borrowing, there are factors to consider and this form of finance will require a person to repay more money than borrowed because of higher interest rates. However, if used responsibly a fast loan can help fix financial issues before they become worse.

Quick Loans FAQs

Do I need a guarantor for a fast loan?

It’s not impossible to get a loan if you’ve been declared bankrupt but it is much harder. If a lender accepts your application it will likely only be for a relatively small amount. If you’re discharged from bankruptcy there’s no limit on borrowing but it's still difficult to find lenders that will accept your application. Especially in the 6 year period from the date of bankruptcy as it still shows on your report.This depends on your personal circumstances and the lender that you get your loan from; some lenders require a guarantor, some don’t. If you do require a guarantor, try to find somebody who is organised and will be able to provide the required information quickly so as not to slow down your application.

How much can I borrow with a fast loan?

Each lender will have specific criteria and the amount you can borrow will also depend on your personal circumstances but a quick loan will usually be used for an unexpected expense and so shouldn’t be a very high amount and is usually paid back over a shorter period.

Are quick loans legal?

Yes, all legal lenders in the UK are authorised by the FCA. If you’re applying for a quick loan you should be aware that the interest rate is likely to be higher. Also watch out for hidden fees.

Written by
Inez Miedema
CMO & Take Control Author at Choose Wisely

Inez came on board in the Summer of 2019. Her main focus has been helping as many people as possible find our website through online marketing, writing content and partnership deals. She boasts 6 years of FinTech experience with other brands and has an in-depth knowledge of our customers.

The quickest way to find the best quick loan for you.

No obligation. 100% secure.

Important Information.

All of the information in this guide is correct at the time of writing.

Rates shown are quotes based on your personal circumstances, are subject to status and are available to those aged 18 and over. Rates available range from a minimum of 3.9%APR to a maximum of 1575%APR Representative and loan repayment periods range from 3 to 60 months.

[*][†] Once accepted, your loan can be transferred to you in as little as 15 minutes. The time that it takes for the loan to show in your bank account will depend on your lender and your bank.

If you need financial advice you can visit stepchange, speak to citizens advice, call the national debtline or speak to

If you've been declined, please refer to your credit report to gain an understanding of why before making further applications.
Your score can be accessed for free via any of the main credit reference agencies such as Credit Karma, Clearscore or Experian.

Warning: Late repayment can cause you serious money problems. For help, go to