Are Short Term Loans Easy to Get?

There are many types of loans available and some are easier to get than others. You may worry that you want to make sure that the loan that you apply for will be easy for you. You may worry that you will be turned down for some loans and that they might take too long for you to get the money.

Being Turned Down

All lenders will look at your credit report and use certain factors on it to decide whether to lend to you or not. Most will be interested to see whether they feel that they can trust you to repay the loan. There will therefore want to look for evidence that you will not be a high risk borrower. They will therefore look at things like how you have done with other loans. If you have had loans before and you have repaid them in full then this will go in your favour, but if you have missed repayments, failed to repay entirely or had CCJs against you because of unpaid debts then this could be a big problem. They will also look at evidence that you can make regular payments which could be shown by you repaying a loan but also paying rent, utility bills, council tax or other regular payments. They may also look at your income to make sure that they are confident that you will have enough to make the repayments.

This can mean that there will be quite a few people that get turned down for loans. They are too high risk because they do not meet the lenders criteria. Lenders will differ in their criteria too, so it can be hard to know exactly what they will be judging you on.

Short term loans tend to be quick to arrange, often same day.

Being Quick to Arrange

If we need money quickly, then we will want a loan that is quick to arrange. Loans and lenders will differ in this, so it is a good idea to check. Some may post out a form that you need to complete and post back then take time to process the payment and do the credit check. Then write back to you with their decision then you get back to them to confirm you want the money. This can be extremely tedious and long winded. Therefore, it might mean that the loan will take a long time. Some will be much quicker though and you may be able to go into a branch and apply in person and get the loan organised very quickly.

There will also be some time between when your application is accepted and the money appearing in your account and this can also vary between lenders.

Short Term Loans

Short-term lenders do not assess your credit score. They will just check your identity and they will lend to anyone regardless of their credit rating. This can be very useful as it means that there are some options for borrowing even for those that do not have a good credit history. This means that far less people are turned down for this type of loan. They will still turn down a few people but applicants only have to fulfil a few criteria. They have to be over the age of 18, be a UK resident with a UK bank account and have a regular payment going into the account. There are very few people that will not be able to fulfil this requirement and so you are very likely to be able to get a loan through them.

Short-term loans are also generally really quick to arrange. It can take just a few hours from the time that you apply to getting the money. This can be extremely helpful if you need money in an emergency. Of course, there are differences between lenders and so you will need to check whether they will all be able to provide this service. You may find some such as Omacl.co.uk will be significantly quicker than others. You will also find that some lenders might be available to provide loans outside of working hours and some may not be and this could impact how quickly you can get your money. However, it does mean that potentially you will be able to get your money really quickly and this can be extremely helpful if you need money in an emergency.

So, if you are thinking in terms of how easy it is to be accepted for a loan and how quickly the money arrives, you would be likely to agree that short term loans are easy to get This is if you compare them to more traditional loans that tend to do credit cheques that are very strict and that do not get you the money that quickly. However, this does cause a small problem in that it might make you tempted to get a loan when you do not really need one. So make sure that you think hard about whether a loan is really the right option for you before you agree to taking out a loan like this.

What Are Quick Loans?

You may have heard of quick loans but not know what they are. You may feel that you will not really need to use them and so it does not really matter but it is actually really important to make sure that you do have an understanding of all loan types. This is because you never know when you will need some money and so it is a good idea to find out about all of the options that you have and then if you do need it then you can use it. It can also just be useful to have this knowledge so that you know about these things in case it ever comes up in conversation with anyone else. It can just be good to stay on top of these new developments.

How is it quick?

The name quick seems to come from a selection of different things. This is because the loan is quick to apply for, quick to arrange and quick to repay. So, it could be any one of these! Applying for the loan is quick because it can be done online. You will not have to wait for a paper application form to arrive, you just have to complete the online one. The forms are simple to complete as well and some quick lenders will even let you apply over the telephone. This means that you will not need to do anything apart from speak to someone and tell them the information that they need.

It also takes a short amount of time to get the money that you are borrowing compared to other lenders. This is for several reasons. Firstly, the lenders are set up to be fast to lend and this means that they act on this. They know that borrowers will tend to go to them because they need money quickly and so they are set up to deal with this. They will process the applications quickly. They have plenty of staff so that they can do this. Some of them will also open for longer hours, such as weekends and overnight so that they can process applications more quickly. This means that it can be possible to get the money that you need within a few hours even if you are applying at a weekend. However, you will need to check to make sure that the lender that you are choosing offers this service.

Quick loans can often be received within the hour via certain online lenders.

It is also quick to repay which means that you do not have the loan for long. The idea is that you will repay the loan in full when you get paid. This means that the loan will normally only last for a few weeks or perhaps even less. It can be a good feeling, knowing that you will not have to wait long until the loan is repaid, but you will need to make sure that you have the money available to pay it.

How does it differ from other loans?

There are quite a few differences which have already been mentioned but it is good to know about the others that there are as well. Then you will be able to decide whether this type of loan is the right one for you.

The amount that you can borrow can differ. For a quick loan you can generally borrow between £100 and £1,000. This means that you will be able to use it for smaller items but not for things that cost a lot. You may also find that lenders might want to only lend you smaller amounts of money if you are a first time borrower as they will want to make sure that they can trust you to repay the loan. The reason that they need to build up trust is because they do not normally do a credit check in the same way as other lenders. They will lend to people that have a poor credit record and so they realise that they could be taking on a high risk by lending. So by lending a smaller amount of money they will reduce their risk and if you pay it back then they will be confident that you will be able to repay a higher amount.

The lenders also are not the traditional ones that you might see on your high street. Most of us will be familiar with many high street banks but not so much with the quick lenders. However, they are not necessarily any less trustworthy just because you have not heard of them. You will be able to find out more about them on their websites if you want to. You should also be able to find out about more about them in other places online as well so you can make up your own mind about them.

Will Quick Loans Help Me to Get out of Debt?

If you have a lot of debt, then you may find things a struggle. Trying to come up with repayments each month can be stressful and difficult. You may wonder whether perhaps, if you got a quick loan it will enable you to more easily manage those repayments. It is a possible option but it can be a really good idea to look at more than one option so that you can decide which will be the best one for you. We are all different in what we are able to do and how our finances look and therefore there will not be the same solution for each person. There are advantages and disadvantages of all of them and it will be up to you to decide whether you feel that they will work for you.

Quick Loans

A quick loan will provide you with some money so that you can spend it on anything you like. This can help to resolve any temporary cash flow problems that you may have in your household. It is an unusual loan in that there is no need to have a good credit record, so if this is something you are concerned about, it will not be an issue. You will also find that they can be arranged very quickly, so you can have the money that you need very soon. Of course, you will need to repay it and with a quick loan that will be fast. You will need to repay all that you have borrowed plus the fees and interest in one lump sum on your next pay day. You will have money available to do this hopefully, because you have just been paid but it is really important to make sure that you still have enough money to pay for everything else that you need such as other loan repayments, mortgage or rent, utilities and things like that.

Quick loans are a great way to cover expenses until next month.

Earning More

If you are struggling to repay a loan, then earning more money could help you. This is something which seems very obvious and you might think that you cannot earn more. This could be because you are already working a full time job or perhaps several jobs or that you are tied to home as a carer or parent looking after dependents. However, it is good to be open minded about ways to earning money as there are many ways that it can be done. Firstly, there are now lots of opportunities to earn money form home and this means that you do not necessarily need to be out of the home to earn. You might be able to do freelance work such as programming, writing, admin support, graphic design or things like this. There are also small and easy jobs such as answering surveys and doing small ad hoc tasks which take less time and effort as well. It may only generate a small amount of extra money but it could make a difference to you depending on how much you need to help you out.

It can also be worth seeing whether you can get a pay rise in the job that you are doing. You may be able to take on more hours of work as well. This could all help you to make a bit more which could help towards the repayments. Of course, you may find that extra working is too stressful for you and you need your leisure time to relax and if this is the case you may need to look for an alternative solution.

Spending Less

Spending less money can be very helpful. You may think that you cannot possibly spend less money as you are spending very little anyway. However, it is worth trying a few things just to be sure. Firstly, take a look at a bank statement and note down everything that you buy. Then think about whether you could cut the cost of those things. Compare prices so look at items such as utilities, insurance, food and everything else that you buy and consider whether you can switch providers or retailer or suppliers so that you can pay less. This is a good thing to do because it will mean that you can still have as much but you will not be paying so much for it. You could also buy less as well. Some things we cannot stop buying. Things like insurance, food, rent etc have to be paid but we do not have to buy an updated phone if ours works well, the latest fashions, expensive gifts, big charity donations etc and so we may need to think about where we can cut back. It is hard doing this but it can be worth it and once you have repaid some debts you will be able to manage more easily and start buying more.

Are Instalment Loans a Good Borrowing Option?

There are lots of different ways that you can borrow money and it is a good idea to think about which will be a good option for you. The problem is that we have different borrowing needs at different time. We are likely to only need a mortgage once, for example but we might use a credit card all the way through our life.

Therefore, it can be good to know a bit about the different borrowing options that are available. Then we will be able to think about which might be the best in particular circumstances. So, if you are considering an instalment loan, for example, you will need to know what the main features are and what sets them apart from other loans and then you will be able to decide whether they will suit your needs at that particular time.

Main Features of Instalment Loans

  • Quick to arrange – instalment loans are really quick to arrange compared with many other loans. It can sometimes be possible to get the money into your bank account within a few hours of applying for the loan. This can be a lot quicker than if you use a traditional lender as they could take days, weeks or even months to get you money. Obviously, you would need to check this out for yourself. Some lenders will always be faster than others and you will need to check which will offer this very quick service if you need the money urgently.
  • No credit check – With an instalment loan you will not need a good credit score in order to qualify. Most lenders will look at your credit report and will only lend to you if they feel that they can trust you to repay. They will look and see whether you have had loans in the past and if you have managed to repay those. They will also look at whether you have an income and if you make regular payments, so that they can judge if you can make loan repayments. This will mean that if you have had any problems in the past or in any other way do not fulfil their criteria then you will not be able to borrow from them. With an instalment lender, they will not worry about these things. They will glance at your credit report but they will lend to you even if you have a poor credit history.
  • Borrow small amounts – an instalment loan tends to be for £100-£1,000. This is a relatively small amount of money compared with many other lenders. This means that you will be able to just borrow a small amount. It can often feel a lot easier to just borrow a little amount as you will be confident that you will be able to repay it and you will know that it will not last very long.
  • Repay in instalments – there are similar loans to instalment loans called payday loans. These have all the same features as above, but they need to be repaid in one lump sum. This can have advantages for those that want to pay off the loan really quickly, but repaying a large amount could be difficult. An instalment loan will allow the loan to be repaid over a few months. This means that it is easier to manage the repayments.
Paying back in instalments is great for month to month money management and budgeting.

Whether the loans are a good idea for you will very much depend on what you are looking for in a loan. It is good to know that can be arranged quickly, that they do not require a good credit record, that you can borrow small amounts and that you can repay in instalments. These features can be different to other loans that you might be considering and it is good to know that you have this options which will stand out.

It is therefore really important to make sure that you are choosing the right loan for your specific situation. You need to think about exactly what you need from the loan and then match it to the loan which will be closest to your needs. If you know what loans are available and their main features then you will be able to work out which would most closely match your requirements. It is a good idea to think about this ahead of getting a loan. If you already know what options are available to you, then it will speed up your decision. If you need money quickly, then you may be in a panic and need to make a fast decision and if you have this knowledge then you are less likely to pick an option that is not suitable for you. This will make your borrowing experience much more positive and more likely to be a success.

Where to Find out More about Payday Loans

If you are thinking about taking out any sort of loan, it is a good idea to find out a lot about them. This is because a loan is a big commitment and you want to make sure that you have made the right decision. Even if you are only borrowing a small amount or a small amount of time, it is still a big responsibility. If you are finding out more, then you will need to know where to look. There are lots of options and some will be better than others.

Lenders Website

If you visit the lenders website it will have a lot of information about the loans that they are offering. It is wise to look at this as you will be able to find out about the cost of the loan, how it works and how to apply. It will also give you a feel for what the lender is like from the way that the site is put together and the type of information that it has. However, this is limited because it will be put together to purposely look attractive and try to encourage you to take out a loan. It can therefore be a good idea to think about other places to look as well.

Finance Websites

If you know any general finance websites that you trust then they might information about borrowing and types of loans. This can be useful as it will let you know how different loans work and which might be more suited for different things. They may also useful advice on when you should get a loan and when you should not and how to repay a loan easily. There are websites which are less trustworthy. They might be adverts for certain loans or put together by lenders to encourage you to take out their loans. So, watch out for boas on website and try to go to sites that you trust such as government supported sites.

Review Sites

There are some websites that review different loans and these could potentially look useful. However, it is important to be aware that these are also likely to be biased. It is worth noting that often lenders will pay commission for leads, so if someone recommends them on their website, they will get paid commission if a borrower clicks on that link and gets a loan that way. Although they entitled to link like this, it can mean that they will only promote lenders that pay them high amounts of money. This may not always be the case, but it is wise to be really cautious as you do not want to be influenced in this way, but make the right decision for you.

Friends and Family

It can sometimes useful to talk to friends and family about borrowing and their experiences. There are lots of different types of loans and it is likely t hat you will know people that have tried some. They will be able to tell you about their experiences and whether they would recommend that you take out certain types of loan. They may have found that certain loans were not particularly good and others were. Although this can be really helpful, it is worth remembering that certain loans will be useful in certain situations. This means that if you are in a situation where you nee dto borrow money, then only certain loans will suit your needs. If you pick the wring one, then you will a bad experience with that loan and that is not necessarily the fault of the loan but due to the wring decision being made. So if someone says a loan is not good try to work out why they are saying that and whether it apples to you.

Newspapers

Newspapers often have finance sections but it is wise to be very cautious. Sometimes they are infomercials or advertorials where the information is put together by a lender to encourage you to use their loan and therefore it will be extremely biased. Newspapers are biased anyway and they like to print scandalous stories to try to sell the papers so they might only print stories about people who have trouble with loans rather than any happy stories about people who have found loans very helpful. This means that if you just use a newspaper to decide on whether to take out a certain type of loan, you will end up getting a very biased opinion about it.

Therefore, it can be a good idea to look in a selection of places. Make sure that you are looking at trusted sources that are unbiased if you can. Do look at the lender’s website as well, they will be biased and want you to buy their loan but they will also have information about the loan which could be very useful for you.