Due to COVID-19 many of our lenders have reduced or stopped accepting new customers, which may result in less options in your comparison results. If you're worried about the impact of COVID-19 on your finances, have a look at our Financial Health and Money Tips.

X

A wise guide to…

Fast Loans

Unexpected financial emergencies happen to us all and in these circumstances, you may need a fast loan to cover urgent costs. A short-term loan that gives you cash fast could be a solution to cover any urgent bills you have. Before applying check if you’re eligible for a fast loan using Choose Wisely today.

[*].

No obligation. 100% secure.
Share this page
Representative 49.9% APR (variable). Representative Example: If you borrow £3,250 for 36 months at a Representative rate of 49.9% APR and an annual Interest rate of 41.16% (fixed), you would pay 36 monthly instalments of £158.57. The total charge for credit will be £2,461.00 and the total amount payable will be £5,711.00.
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.

A quick, easy way to get a fast loan today.

  • Borrow from £300 to £10000.

  • Choose between lenders who have accepted your application.

  • Absolutely no fees, ever.

Representative 49.9% APR (variable).

How to get a fast loan in 3 simple steps.

Affordability assessment.

1 form - takes 2 minutes to complete and your data is 100% secure.

Compare products.

Choose from lenders that have accepted your application.

Speedy finance.

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: 8th April 2020 Updated: 9th September 2020

What are fast loans?

A fast loan is a type of short-term borrowing that is designed for convenience and speed. It’s a product that has been designed to give you a financial solution in a cash emergency. Usually this type of financing is suitable for those who have bad credit because the loan amounts tend to be quite small over a short period of time.

How do fast loans work?

You can apply for a fast loan by completing an application form online here at Choose Wisely. We will match you with lenders that are most likely to accept your application so you can compare your options 24/7 with speed and convenience. The Choose Wisely software runs 365 days a year.

How do fast payday loans work?

A fast payday loan works much the same way as a normal fast loan. However, you will be expected to pay the loan back on your next payday or as set out in your loan agreement.

Where to get fast cash loans?

There are a number of fast cash loan providers in the UK that we work with here at Choose Wisely. We are here to give you a number of options to suit your needs so you can get cash fast.

Finding a direct lender

When you fill in our online application form we automatically match you with lenders who will be most likely to accept your request. You can then compare your options. Once you have chosen your chosen lender you can then visit their website and complete a full application. They will then complete their final checks and make a decision.

Comparing lenders online

Comparing lenders is always a good idea when looking for fast loans. Using the Choose Wisely loan search you can compare a number of lenders so that you don’t have to make multiple applications and risk damaging your credit file.

Choosing your simple fast loan

Once you have compared your options for a fast loan you can choose one that suits your budget, repayment terms and amount you need. You will then need to complete a full application with a direct lender. They will then complete their final checks, which includes a credit check and make a decision on whether or not to lend to you.

How to get a fast loan online?

You can complete a loan search online here at Choose Wisely. The process is straightforward and fast as we match you with lenders who are more likely to accept your loan application. Once you’ve compared your options, chosen your lender, visited their website and made a full application, if approved you could have money in your account in less than an hour.

Applying for online loans

When you want to find a fast online loan through Choose Wisely you will need the following information:

  • The loan amount
  • Your personal details
  • Your address
  • Your current housing status
  • Your employment status
  • Your monthly income
  • Your monthly expenses
  • Details of your bank account

Direct lenders

If you choose to apply for a fast loan with a direct lender you will need to fill in an application form. This will then be submitted and a hard credit check will be done on your file. This search will show on your credit file for others to see regardless of whether your application is approved or declined.

Credit brokers

Using the services of a credit broker or comparison site could make finding a fast loan much simpler. It will save you lots of time and could improve your chances of being accepted. Instead of having to apply to each lender, by using Choose WIsely you will only need to submit one application and you will be presented with a comparison table of personalised options for you to compare.

Applying for quick loans on the high street

Not many high street lenders will provide you with a loan if your credit history isn’t squeaky clean. Your best option is to use the Choose Wisely loan search to match you with suitable lenders to compare.

How fast will I receive my money?

Once you’ve been approved for a fast loan the funds could be transferred to you on the same day. This is more likely if you apply during business hours. It will also depend on who you bank with.

Can you get swift loans with no guarantor?

Yes, there are a number of fast loan providers that Choose Wisely work with that don't require you to have a guarantor. Many of the lenders we work with specialise in lending money to people with bad credit; some will require you to have a guarantor, others won’t.

How to pay off loans fast?

You can speed up your loan repayments by making additional payments each month if you have more funds available than you expected. Paying the loan back earlier will clear the balance a lot faster and also may reduce the amount of interest you need to pay - just beware of any early repayment fees.

Repayment schedule and loan term

It all depends on what agreement you come to with your lender in regards to your loan term and repayment schedule. Fast loans tend to be for shorter amounts of time, no longer than six months, and for smaller amounts of money between £100 to £2,000.

Beware of early repayment fees

Always read the small print on your loan agreement as paying your loan back early may incur early repayment fees. Your lender should make you aware of this when you apply for your loan.

Fast loans are there to help those who have an urgent financial problem. This type of borrowing, if used sensibly, can resolve tricky financial situations before they become stressful.

FAQs

What is the fastest way to get a loan?

Know where you stand before you apply by completing a loan search on Choose Wisely. This way you can compare your options and not waste time (or risk your credit score) by making multiple applications to multiple lenders.

When should I not take out a fast loan?

Quick loan products can be suitable for emergency situations. However, there are some instances when a fast credit option isn’t advised, including:

Repaying other forms of credit, to pay a bailiff/company demanding payments, entertainment, luxury (non-essential) purchases

Contact the Money Advice Service or Stepchange if you feel you need help with your financial situation.

How quickly do I have to repay a fast loan?

This will vary on the loan and depends on the agreement you have with the lender.

How quickly do I have to repay a fast loan?

Yes, on submitting an application with a direct lender you will be credit checked. This is to ensure you can repay what you are looking to borrow.

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 fast 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 moneyadviceservice.org.uk.

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 moneyadviceservice.org.uk