WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP, GO TO MONEY ADVICESERVICE.ORG.UK
Apply to Borrow form $100 to $25,000*
  • Apply for $50-$1,000
  • Fast Payout
  • No Fees
  • Secure Application
  • Available 24/7
  • Bad Credit

Why Do We Need Loans?

Even if you are responsible for managing your finances, there will come a time when you will experience a shortage of cash. It can be due to unexpected or emergency expenses, an unplanned cost that came up despite having a well-designed monthly budget. There are many reasons to get a loan, but here are the most common ones why you might need one:

Medical Expenses and Bills

If someone in the family got sick and you don’t have health insurance, the hospital and medical bills can put a big dent on your budget. Although you can pull out some money from your budget, you will have nothing left for your other monthly expenses like payment for utilities, money for groceries and gas, et cetera. The best option, in this case, is to get an unsecured personal loan from an online lender.

Home Repair

Damages to your home due to extreme weather conditions like typhoons can put a hole in your pocket. You will need a bigger amount of money to finance home repairs. A secured loan from an online lender is the most viable option.

Personal Needs

Sometimes you just need a little extra money to get you through until the next payday. It may be less than a hundred dollars or a few hundred. If you only need something to supplement your budget while waiting for your paycheck to be released, a payday loan is your best bet.

For any need or purpose, a reputable online lender has various types of loans are available for you whether you have good or bad credit.

It is quite common for people who are in need of extra cash to look to financing institutions to provide them with the extra funds they need. While every bank has their own process regarding loan applications, there are basic features that these credit forms have in common.

Applying for Instant Loans

Filling out a loan application is the first step that you need to do. In the past, this used to be done in person but these days, it is possible to do it over the phone or online. It is important to check your eligibility first before you decide to apply.

Banks often require a borrower to be at least 18 years old when applying for a loan. Some even set the age requirement at 21. Most lenders will also consider your employment. Most would require you to be regularly employed before you are considered for approval though there are others that might consider unemployed borrowers. How much you are earning is also another factor when deciding your loan legibility. To verify this, banks would usually require you to hand over copies of your bank statements, payslips, and tax return.

Aside from these basic requirements, the bank will also consider your credit history to decide whether it is worth it to lend money to you. Your annual percentage rate may also be affected by your score. Generally, a higher credit score will mean a more affordable interest rate and usually, a higher loanable amount. Just remember that the advertised annual percentage rates for banks may not necessarily be what they'll offer you.

Loan approvals

While there are lenders that will be able to give an answer to your loan application instantly, some may take a few days or longer before getting back to you. You may be given a full approval or a conditional one where full approval is pending until you can supply all the details required of you.

Funding the loan

There are several ways that loans can be funded. However, it is most common to have the loan funds sent directly to a bank account that you have nominated yourself. There are lenders that can get the funds transferred on the same day while some might take a few days after the approval to get the funds to you.  

Loan repayment

Most of the time, you are allowed to choose the specific day when you will make the repayment. Generally, the more often you will get the loan repaid, the more affordable the interests are. Do find out if there are fees that the lenders might charge for additional repayments. Find out if it is possible to pay early too without incurring additional fees as this can help you save more in the long run, especially in terms of interest rates.

It is quite common for people who are in need of extra cash to look to financing institutions to provide them with the extra funds they need. While every bank has their own process regarding loan applications, there are basic features that these credit forms have in common.

Applying for Instant Loans

Filling out a loan application is the first step that you need to do. In the past, this used to be done in person but these days, it is possible to do it over the phone or online. It is important to check your eligibility first before you decide to apply.

Banks often require a borrower to be at least 18 years old when applying for a loan. Some even set the age requirement at 21. Most lenders will also consider your employment. Most would require you to be regularly employed before you are considered for approval though there are others that might consider unemployed borrowers. How much you are earning is also another factor when deciding your loan legibility. To verify this, banks would usually require you to hand over copies of your bank statements, payslips, and tax return.

Aside from these basic requirements, the bank will also consider your credit history to decide whether it is worth it to lend money to you. Your annual percentage rate may also be affected by your score. Generally, a higher credit score will mean a more affordable interest rate and usually, a higher loanable amount. Just remember that the advertised annual percentage rates for banks may not necessarily be what they'll offer you.

Loan approvals

While there are lenders that will be able to give an answer to your loan application instantly, some may take a few days or longer before getting back to you. You may be given a full approval or a conditional one where full approval is pending until you can supply all the details required of you.

Funding the loan

There are several ways that loans can be funded. However, it is most common to have the loan funds sent directly to a bank account that you have nominated yourself. There are lenders that can get the funds transferred on the same day while some might take a few days after the approval to get the funds to you.  

Loan repayment

Most of the time, you are allowed to choose the specific day when you will make the repayment. Generally, the more often you will get the loan repaid, the more affordable the interests are. Do find out if there are fees that the lenders might charge for additional repayments. Find out if it is possible to pay early too without incurring additional fees as this can help you save more in the long run, especially in terms of interest rates.

Get In Touch