Instant Payday Loans

Instant payday loans are designed to offer quick cash to those who need cash urgently, which are then repaid on the borrowers next payday. There are many people searching for instant payday loans, especially when they need money to pay for an emergency or unexpected cost. Many payday loans are borrowed by those with bad credit when they can’t find cash from other sources such as traditional banks and building societies. Although the payday loan market is large here in the UK, here at CashFlex we offer a better alternative. As a credit broker, we have partnered with a range of traditional and alternative lenders to offer small loans with flexible repayment terms. This means you can borrow the money you need quickly, with affordable repayment terms to suit your budget.

How do instant payday loans work?

A payday loan is designed to offer instant access to money, which is one of the reasons why they are so popular. A payday loan usually offers a quick online application process, as lenders understand that borrowers are looking for access to the loan as quickly as possible. Once the application is submitted, the lenders aim to approve or reject pay day loans in just a few minutes. If your application is approved, in most circumstances you can sign the loan agreement online and the lender will then pay loans in a matter of minutes. For those with an unforeseen purchase to make or an emergency bill, these are the factors that make instant payday loans seem like a great option. However, you will be expected to repay the loan on your next payday. The amount to be repaid will be the original amount of money borrowed in addition to the interest charged. Although the Financial Conduct Authority (FCA) has regulated interest rates, this form of credit is likely to be an expensive form of borrowing. The interest rate on a payday loan cannot be more than 80p per day for each £100 borrowed. Administration fees, such as fees for missing a repayment are capped at £15 and lenders cannot charge more in interest and fees than the original amount of credit.

What can I use instant payday loans for?

Payday loans are designed for financial emergencies and are often used to cover shortfalls in cash when paying unexpected bills. Whether you have received an unexpectedly high utility bill, an emergency car repair or your outgoings have simply been higher this month, a loan can be used to fill the gap. If you are searching for a payday loan, the application can usually be completed online, with fast processing speeds providing access to cash in an instant. While a quick access to cash can be useful in an emergency, they should not be used as a long-term way to manage finances. The ease of online instant loan applications and the requirement to repay in full on the borrowers next payday has caused financial issues for many people. Many borrowers who were likely to be turned down by traditional banks and building societies turned to payday loans as a convenient form of borrowing. However, fast access to a loan online with less stringent checks than traditional lenders, caused many people to borrow more than needed. This led to many borrowers struggling to repay their loan on their next payday, forcing them to borrow another payday loan the following month.

is there an alternative to instant payday loans?

There is a demand for instant payday borrowing, however many borrowers are looking for longer more flexible repayment periods. Instead of repaying the money on the next payday, borrowers are looking for lenders which will enable repayments to be split across several months. There are many people who need access to a small loan, however, repaying the money in full is not always an affordable option. Here at CashFlex we act as a credit broker and have partnered with a variety of lenders who can offer very fast loans. In a similar way to lenders, the loan application can be completed online, and the money could be sent to your account in minutes*. However, the loan repayments can be split across several months to ensure it is affordable for your individual circumstances. Unlike traditional lenders requiring in-person visits which can delay access to funds, our application can be completed entirely online in most cases. Our lenders specialise in loans from as little as £100 up to a maximum of £5,000, with various repayment lengths offered depending on the money borrowed. The majority of payday lenders offer loans for small amounts, such as those below £1,000. If you borrow a loan of less than £1,000 from our lenders, you will be able to choose from loan repayment terms of 3, 6 or 12 months. Although, if you need to borrow a larger loan amount, the repayment term available will increase to a maximum of 36 months. However, you should bear in mind that smaller repayments across a longer loan term could mean that a larger amount of interest is paid overall.

Am I eligible for a loan with a bad credit history?

The majority of payday lenders offer payday loans to those with a poor credit history. Here at CashFlex we also work with lenders which specialise in loans for those with a bad credit history. The lenders on our panel are all authorised and regulated by The Financial Conduct Authority (FCA), which means they offer reliable, transparent and fair loans. They are committed to responsible lending, so while your credit history is important, they will also consider your current financial situation and ability to manage your money. All lenders which are regulated by the FCA will conduct a credit check before approving your loan. If you have found a lender offering payday loans advertised with no credit check, it is likely to be illegal. Although you may be concerned about your credit history, we can match you to a lender which is likely to approve your loan application. This means you only need to complete a single application, instead of approaching multiple lenders directly in the hope of being approved. The loan market is crowded, and it can be difficult to find the ideal lender, especially if you are looking for an instant loan. As a broker, we can do that hard work for you, so you benefit from a simple application process and quick access to the cash you need. Our FactCheck tool is designed to gather a few keys details which are then analysed to see whether you meet the eligibility criteria of our lenders. It takes just 60-seconds and you will be provided with a quick eligibility result, without undergoing a credit check.

How do I apply for an instant loan?

If you decide to proceed with your loan application, our 2-minute application form can be completed online. Our simple application form is designed to gather your key personal details, income information and employment details. In general, you are likely to fit our lenders' eligibility requirements if you reside in the UK, have a UK bank account, a regular income and be aged over 18. We will send your information across to up to 40 lenders, who will complete a soft search of your credit file. This search will only be visible to you and will not impact your credit rating, it is simply used by the lenders to gain a quick overview of your record. If a lender decides they are likely to approve your application, you will be directed to their website. The selected lender will require you to complete their quick online application form and a final hard check of your credit file will be completed. At this stage, your application is processed by a lender who has indicated a strong chance of approving your loan. Although you may have a low credit score, the lender may approve your loan application if the repayments are affordable and you can demonstrate a commitment to repaying the loan. If you have a poor credit rating, you may find that the interest rate offered is higher than those with an excellent credit rating, as your application will be considered a higher risk. If your loan is accepted the funds could be sent to your bank account in just * minutes, in a similar way to an instant payday loan. Although, the availability of the loan money will depend on the processing speeds of your bank.

What are the alternatives?

If you are looking for an instant payday loan, our loans could be a flexible more affordable option. When you complete an online application through our website there are no fees to pay and you will be under no obligation to accept the lender's loan offer. If you are struggling to repay a payday loan or have issues with 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.