Fast Payday Loans

There are many unexpected situations which can put pressure on our finances and not everybody has a savings net to fall back on. If you are faced with a financial emergency, a quick loan could help you out of a difficult situation. To help your cash flow issues there are a variety of responsible lenders which offer fast loans with quick applications.

How can a fast payday loan help?

Fast payday loans are designed to provide the cash you need in emergencies, so you don’t have to wait until your next payday. If payday is still a week or two away, a payday loan may provide the emergency cash you need to cover necessary expenses. These loans are sometimes referred to as cash advances, as they are simply designed to provide a partial advance on your monthly pay.

Whether you have been caught out by unexpected car repair or an expensive bill, a loan could provide the cash you need. Payday loans are designed with speed in mind, with many lenders offering quick online applications and fast processing. If you need the cash quickly, there are lenders which can process your application in a matter of minutes. In comparison, many traditional lenders such as banks and building societies may require you to visit high-street branches. This can take time, especially if you are looking to borrow cash outside of the lenders usual opening hours. In comparison, many payday lendersoffer applications which are completed entirely online, including signing the loan agreement.

Although you may need the cash quickly, it is important to compare your options to ensure you get the best possible deal. Many borrowers turn to payday loans because they are unable to access cash via traditional forms of borrowing. However, this convenience and the lender's willingness to offer credit to those with an imperfect credit history may mean that the interest rates charged are higher. To ensure you do not pay more than necessary for your payday loan, you should take the time to compare the options available.

Is a fast payday loan the right option for me?

The requirement to repay the loan in full on your next payday can cause difficulties, especially if your finances are stretched. For many borrowers, the shortfall in cash after repaying the loan can cause difficulties, especially if another unexpected cash flow issue crops up. This can lead to repeat borrowing and further financial difficulties, with large single repayments difficult to make. You should also consider any fees which payday lenders may charge for missed or delayed payments, as these charges can significantly increase the original cost of borrowing. Despite the speed and accessibility, we always recommend only borrowing the exact amount you need.

As payday loans are designed to be repaid on your next payday, the interest rates can seem much higher than traditional instalment loans. However, the short length of the loan term could mean that less interest is repaid overall when compared to a loan with a long repayment length. There are many factors which you need to consider when comparing your options, as repaying the loan in a single payment may not be the most affordable option. In many situations, an instalment loan with smaller monthly repayments can be more manageable, as the repayments can be spread over a longer period of time. However, increasing the loan term could mean that the total amount of interest paid could increase.

Can I get a quick loan with poor credit?

Many lenders may consider offering fast loans to those with a poor credit history, however, the amount you can borrow may be reduced. The lender may also charge a higher interest rate, to reflect the increased risk of lending to you. Those with the best credit scores may be offered the lowest interest rates, as the lender could decide the loan is at low risk of missed payments.

Although your credit rating is important when applying for a payday loan, there are other factors which the lender will take into account. For example, if you are looking to borrow a relatively small amount and can prove that it will be very affordable to repay, your loan application may be considered. To improve the chances of your loan application being processed quickly, it is recommended to borrow an amount which is affordable and in line with your usual monthly budget.

To be eligible for a quick payday loan you will need to be over 18 years old and a resident of the UK. In addition, it is likely that you will need to be employed and in receipt of a regular income which is paid into a UK bank account. If you are approved for a payday loan, the cash will be deposited into this bank account. When it comes to the loan repayment date, the loan payment, associated fees, and the interest charges will be automatically taken from your account.

Will fast payday lenders complete a credit check?

Despite some lenders advertising fast payday loans without a credit check, this is not possible when borrowing from a reputable lender. All lenders which are authorised and regulated by the Financial Conduct Authority are required to complete a credit check, as part of assessing the affordability of your loan. However, payday lenders understand the urgency of your application, so credit checks are completed quickly to ensure efficient processing of your loan. If you have a poor credit rating and need cash quickly, it can be tempting to make multiple applications to lenders in the hope of being approved.

However, each lender will complete a credit check and if too many are carried out in a short space of time this could have a negative impact on your credit score. To avoid this, you should compare the loans available from a variety of lenders and apply for the loan which is most suitable for your requirements. Many payday lenders will list the terms and likely interest rates on their website, allowing you to quickly compare the available options. Alternatively, a broker can help you apply for the most suitable loan from their panel of lenders, via a single application form. Their panel of lenders will complete a soft search of your credit file, with a hard credit check will only be completed if you are matched with a lender and decide to proceed.

Do CashFlex offer fast loans?

Here at CashFlex, our panel of lenders offer loans for amounts as small as £100 up to a maximum of £5,000. We believe fast loans should be flexible as well as convenient, so our lenders offer flexible repayment lengths and fast loan processing. If you choose to borrow a small amount of less than £100, you can choose from loan terms of 3, 6 and 12 months. Although, for larger amounts loan terms can be extended up to a maximum of 36 months, to ensure payments are affordable for your individual situation. Although it is not possible to apply for payday loans through our website, there are lenders on our panel which offer fast loans.

Our lenders understand that when you need an emergency loan you will need the cash quickly. So, if your application was approved the cash could be sent to your bank account within just minutes*, although the processing speeds will depend on your bank. Our simple application form takes just 2-minutes to complete, with details such as the amount you are looking to borrow, your personal information and income. As a broker, we will then pass your application across to up to 40 lenders, who will quickly carry out a soft search of your credit file. If a lender indicates that you meet their eligibility criteria, you will be redirected to their website to finalise your application.

The lender will need to complete a quick hard search of your credit file, which will leave a footprint. In some cases, you may need to provide additional information or documents to prove your income and outgoings. To speed up the process it can help to have these to hand and if your application is approved, you will be able to sign your loan agreement online. For example, a lender may ask to see bank statements, proof of address or income details. Our lenders make every effort to issue loans quickly, however, as responsible lenders there are times when further information is required to assess the affordability of your loan. Although our fast loans are designed to assist you when you need them most, you should take the time to seriously consider whether it is the right option. If you are facing long-standing financial issues, a further loan could make repayments harder to make.

If you are struggling with debt and need assistance managing your finances, there are several organisations which can offer free and impartial advice, including The Money Helper, Step Change, PayPlan, National Debtline, the Debt Advice Foundation and Citizens Advice.