What are instant payday loans?
An instant payday loan is a form of financing which provides access to quick amounts of cash that can help to address your short-term spending needs. Pressing cash concerns such as car repairs, boiler breakdowns and even medical emergencies can create financial stress which you may be able to ease with instant decision loans.
Instant loans are one of several different short-term borrowing options that have been designed to give you financial help between paydays. An instant loan, much like the name suggests, get paid into your bank account quickly thanks to the instant decision design. This makes them the perfect choice when you need cash in a hurry.
Unlike mortgage repayments or personal loans through the bank, an instant loan is a type of short term borrowing. This means that they are paid out quickly but also need to be repaid rapidly as well, usually with a few weeks or months of the funding being approved. Instant loan amounts tend to be quite small and normally go up to around £2,500.
I need money now. Will I get an instant decision online?
We know how much stress a financial emergency can put on you. Once you submit our online form you will receive a comparison table of results, highlighting those lenders that have provided a decision in principle based on a soft check of your credit file. You can then compare your options and visit your chosen lender to complete a full application. You will then be subject to a full credit check where the lender will then provide a final decision on your application. The decision is always the lenders to make and they may ask you to provide further information before accepting your application.
Many of the lenders we work with here at Choose Wisely do provide their clients with instant decisions on their loans. We perform an initial soft check on your credit to match you with the lender that matches your needs most. This application will give you an instant decision in as little as two minutes. For full applications you could end up with a decision in 15 minutes or less. It all depends on your situation and the lender’s criteria.
When you submit your first application on Choose Wisely lenders will perform a soft search on your credit file. Soft credit checks do not leave any marks on your overall credit score. Anyone with a low credit score can still apply to receive a loan through Choose Wisely as we work with a number of lenders that specialise in helping those who have been turned down for instant loans in the past.
Something else you should consider before applying for any kind of loan is the reason that you need to borrow money in the first place. This may be a question you will need to answer as part of your application. Credit in the form of instant loans should only be used for emergency and unexpected costs to cover temporary financial shortfalls. You need to be confident that you can repay the debt in time either in instalments or in one lump sum.
Will getting an instant decision from a direct lender impact my credit file?
The initial application for an instant decision loan on Choose Wisely involves lenders completing a soft credit check. This won’t appear on your credit file and won’t impact your credit score. They carry out these checks so they can instantly determine whether or not you are suitable for their loans. If you decide to continue with a particular lender, they will likely carry out a hard credit check on your file, once you submit your full application directly with them.
How can I use an instant loan?
An instant loan gives you access to quick cash which can be used in a number of ways. Usually those who are interested in applying for an instant loan have had some unplanned expenses. The circumstances could include:
- Car repairs for unforeseen breakdowns or MOT repairs
- Emergency medical bills for costs not covered by the NHS
- Home repairs such as plumbing problems and broken rooves
- Expenses for funerals
- Sudden changes in your income such as wage payments being delayed
Lenders will usually ask you why you need the funds, although there are a whole range of reasons that are acceptable. They don’t tend to consider applications for anyone looking to use the funds for business purposes as you would need to contact a specialist lender in this case. Gambling debts is also another reason that you cannot borrow an instant loan for. Lenders will automatically decline any applications they think are being made for the wrong reasons.
An ideal application for an instant loan would be someone who cannot or doesn’t want to access a longer term form of borrowing. If you make the repayments in time or pay off the loan early instant loans can even be used to build up a better credit rating, helping you to access more credit in the future.
Is it easy to get a quick payday loan?
We try to make it as easy as possible for you to find a payday loan. Our initial application only takes a few minutes, after which we compare lenders that have accepted you based on a soft credit check. Once you have been accepted you will then have to complete a full application from your chosen lender. If you are approved the funds could be in your bank account in less than an hour.
There are a few things you can do to make it easier to receive a quick payday loan.
- Ensure you meet the basic loan criteria. This means you will need to live in the UK, have a job and hold a UK bank account.
- Make sure that you can afford the repayments. Take a look at your current finances and see if there is room in your monthly budget to pay back the loan.
- You will need to show that you are responsible with your finances. People who have high levels of debt or are having money issues may find it more difficult to get instant loans.
- Complete the application with all of the correct information. This makes the process a lot faster and means you won’t have to go back and redo any part.
Choose Wisely help you to find the best lender to suit your instant loan needs. With our quick application process you will be matched with the ideal lender that could pay out your loan the same day.
Instant loan FAQs
No. Although there are some lenders that require you to have a guarantor, most short term lenders that offer an instant decision online won’t require you to provide a guarantor.