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