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How to Get a Quick Loan in the U.K

When you Might Need a Fast Short-Term Loan

From time-to-time unexpected costs may arise. These costs can come without warning but demand urgent action. The typical example would be a domestic boiler on the blink during the Great British winter.

Things like this can’t be planned for and may need an urgent fix.

What Steps are Involved in Securing a Loan?

If you’re unsure of how to secure a quick loan in the UK, here’s some steps that a person looking for a quick short-term loan would generally take:

Review your personal financial situation and consider whether a short-term loan is the right option for your situation.

Look online for short-term loan lenders remembering to always check the APR % (find what APR is here: https://www.experian.co.uk/consumer/guides/apr.html).

Enquire with the lender that is best suited to your needs, you will then be subject to a full credit check and check for eligibility. If they do not check this, we would recommend not using that lender.

Find out about the repayment plans, total cost over the period agreed and then enquire about early repayment options, as this may be applicable to you.

If you’re happy, fill out an application form either online or over the phone with your lender. You will need ID, an active UK debit card and an employer.

Wait for the agreed loan amount to be deposited directly into your bank account.

Comparison or Direct?

If you’re looking around for the best short-term financial options for your particular circumstance then we would recommend thoroughly checking the loan offers that are available. This should be a decision taken with great care and not to be rushed.

You can get great finance deals by going directly to lenders. It may also be worth your time to go to big credit brokers and using their comparison service and carefully reviewing the results they display to see if there is a lender that is suitable to your circumstance.

Caution Required

We recommend that short-term loans are only taken in extreme circumstances and each individual will need to consider their own personal financial position before turning to a short-term personal loan.

This blog was to merely shed some light on the steps involved for any individual looking into short-term financial options.

There are also numerous organisations set up to help inform individuals around the risks of taking short-term high interest loans and these will be listed at the bottom of this blog article.

Caution: Please note that any Late repayment on loans can cause serious financial implications. For help, go to the Money Advice Service or step change . *Please be aware – SLA Cloud Group are not a financial lender.

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