What are the Benefits of Quick Loans?
To reiterate, quick loans are designed to help you in emergency situations when you need to borrow certain amounts of cash and don’t have the time for lengthy procedures.
Instant loans have many benefits over the traditional lending process, making them a more and more popular option these days for quick cash infusion. Active demand and an increasing number of lenders lead to the minimal limitation and requirements that borrowers should meet.
The application process is usually conducted via online forms, designed to be filled in quickly, with minimal amount of details required. To compare, when undergoing a conventional loan or a credit card, you will have to wait several weeks for the feedback and payment.
On the other hand, with instant loans, that is not the case. You get the feedback on your application usually within the next hour or so. If the answer is positive, you will gain access to cash by the end of the day. In cases when the answer is negative, the short response time allows you to seek help elsewhere without losing precious time.
The paperwork involved is minimal and you often have to submit the proof of your income, which can be easily done within minutes using email or fax.
You Get the Cash
As opposed to traditional loans where you have to spend money on defined terms for purposes specified by an agreement, with instant loans you get the cash on your free disposal. Because of that, you are able to spend that cash on anything that needs to be solved, usually on various bills and repairs.
To get a quick loan approved, you need to meet only a few requirements, the most important one being a stable income. This income is the guarantee you will be able to repay your loan in the following months. As long as you are able to prove that you have a consistent income, you will surely find a willing lender to help you with your cash emergency.
Other requirements include an active debit account, mobile phone and email address, as well as registration as a permanent UK resident. You have to be above 18 years old to get a quick loan, but if you have a permanent job and required stable income, you are likely to have already met this condition, as well.
Your Past Financial Mistakes Don’t Matter
Accessing a conventional loan or credit card requires for you to have a good credit rating. When it comes to instant loans, your poor credit rating doesn’t matter. As long as you are able to provide the proof of stable income, your past financial mistakes are not taken into account.
In the beginning, you are only able to access a loan within your salary range. However, as you repay your loans on time, you will qualify for higher amounts - depending on the lending policy and amounts limited by the law. If you establish a good relationship with your lender, you will always have a quick solution to all your cash emergencies.
The short payment period may seem as the main shortcoming of an instant loan, as opposed to traditional loans, where you repay the money borrowed for years to come. As the future may be unpredictable, you could potentially have problems with your payment.
Missing a payment leads to fines and penalties, dragging you into deeper financial problems. We think that the short repayment period is actually an advantage, protecting your future credit rating and keeping you from serious financial troubles.
How It Works
When you apply for a quick loan, a series of checks are conducted to make sure you match the lending criteria and can afford to repay the loan as agreed. Although this is a quick process, after your loan application has been approved, you are required to sign a loan agreement. This agreement defines the terms and conditions of the transaction.
This is usually done by sending a PIN code to your mobile phone, which you then enter online to verify electronic loan agreement. This saves time and bypasses the extensive paperwork, which is a characteristic for conventional loans.
The amount of money approved goes through faster payment services and reaches your account within hours from the beginning of the process. Sometimes, you are able to choose how you wish the funds to be transferred. However, in most cases, the full value of the loan is transferred to you the very same day. Through faster payments, you receive money quickly without additional cost for service.
When to Apply for a Quick Loan?
Quick loans are usually referred to as “high cost short term loans,” as they can be a more expensive option than other loan products from today’s point of view. That is why you need to have this in mind when applying, as you need to be able to comfortably pay back the borrowed amount of money, including any interest.
These loans are ideal for financial emergencies, such as bills that are due before you receive your salary, repairs that have to be urgently made to your home or car, unexpected loss of income or your salary is late.
On the other hand, a quick loan should not be used for holidays, gifts or purchase of the material goods. And certainly not for paying off another type of debt, as it could lead into a debt spiral.
Ideally, quick loans should last a few weeks or months, after which you have to be able to repay them with ease. As you repay them on time, you build your reputation and qualify for higher amounts in the future.
Why Choose Us?
There are many reasons why you might be looking for a loan, but you’ll soon find out that there are tons of possibilities when it comes to places to help you find a good lender. We’re unique at Lucky Loans, though, with many reasons why you should choose us to connect you with a verified lender.
Safe and Secure
When you submit your information with us, we make sure to keep everything secure and safe. Rest assured that your information will not be sold or shared with anyone else. There are so many websites out there that aren’t trustworthy, or that try to steal your information or infect your computer. Steer clear of those places and trust in our security instead.
There are quite a few lenders out there, but we connect you to the best possible option available for you. This will ensure that you are paid quickly and, of course, we have the entire process online. Your details will be processed by a variety of well-known and trustworthy cash lenders. This entire process means that you are able to apply to many providers with just one form, increasing your chances of getting a loan quickly.
Quick loan value is transferred to your account using a faster payment service, ensuring the requested amounts of money are transferred in the shortest amount of time possible. Before this option became available, most transactions would take up to 2-3 days, making loans not as quickly as they should be.
Faster payments offer speed, convenience and security to the customers. They are available 24/7, processed almost at the touch of a button and money is made available to the recipients within minutes. They are available via telephone as well as online banking and payments may be sent even to a mobile number, without needing to provide additional account details.