How does the instant loan process work?


If you ever find yourself needing to consider an instant loan to deal with a financial emergency, it is worth knowing exactly how the process works in order to ensure that you don’t encounter any problems with the process. There are all sorts of scenarios that can lead to you needing to secure short-term finance as quickly as possible – whether a broken boiler during winter or a failing car that you need to commute to work – so it makes sense to be fully informed as you being to search for instant loan UK providers.

Whether you search for your loan option directly through a UK lender, or make use of one of the helpful online personal loan brokers (who will search across a variety of lenders and provided a quote for your best option), the actual process of being approved for a loan will look very similar.

First, comes you selecting your desired lending terms, which include:

– the amount you want to borrow

– the length of time you want to pay back over

– the number of instalments you want to repay via

These details will be factored in by any lender, alongside your credit rating, in order to let you know your exact APR, which will in turn determine your total amount repayable and the monthly amount that breaks down into.

If you’re happy with your offered terms and choose to move ahead with the application, you need to fulfil a few key criteria to ensure a chance of approval

– you need to be at least 18 years of age

– you need to have a valid UK bank account

– that bank account must have regular income

– you must not be subject to any current administration or liquidation proceedings

Meeting all of these requirements means that you have a strong chance of being approved by many instant loans UK providers, as even if you don’t have a great credit rating currently, your lender will be able to factor this in and simply reflect it in your APR.

This means that the interest you pay over the course of your loan may be slightly higher, but you can factor this into your repayment plan as long as you know clearly what you’re expected to pay. Being able to factor all of these terms in and know exactly what you’re going to be repaying is the ideal way to ensure that you both meet the current financial situation and also set yourself up for a better financial situation long term.

For now, your best option is to do a little of your own searching online for possible loan providers, or to make use of one of the leading online loans brokers who will be able to offer you a free loan quote from the range of options they scan across. Either way, selecting your ideally manageable financial terms could be a really positive step moving forward.