Warning: Late repayment can cause you serious money problems. For help visit moneyhelper.org.uk/en. We are a broker and not a lender. We don’t make lending decisions.

Fast Loans

Fast loans are short-term borrowing options designed to provide quick access to funds, often within the same day of application. They are ideal for individuals needing immediate financial assistance for emergencies or urgent expenses.

How much would you like to borrow?
Representative 79.9% APR Rates from 12.9% APR to 1721% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97%.

With online applications and streamlined approval processes, fast loans offer convenience and speed, though they typically involve smaller loan amounts and shorter repayment terms.

What Are Fast Loans?

Fast loans provide borrowers with rapid funding, typically ranging from £100 to £5,000. These loans are processed quickly, with many lenders offering same-day approval and disbursement. Borrowers repay the loan in instalments or a single lump sum, depending on the agreement.

How Do Fast Loans Work?

  1. Application: Borrowers submit a simple online application detailing their financial circumstances.
  2. Approval: Lenders perform affordability checks, and some may conduct a soft credit search.
  3. Disbursement: Upon approval, funds are transferred directly to the borrower’s bank account, often within hours.
  4. Repayment: The loan is repaid according to the agreed schedule, either in instalments or as a one-time payment.

Benefits of Fast Loans

Quick Access to Funds

Fast loans are designed for emergencies, with many lenders providing funds on the same day or within 24 hours.

Easy Application Process

Most lenders offer entirely online applications, making the process convenient and hassle-free.

Flexible Loan Amounts

Loan amounts are typically small, allowing borrowers to address immediate needs without taking on excessive debt.

Transparent Terms

Reputable lenders provide clear information about repayment schedules, interest rates, and total costs upfront.

Things to Consider

Higher Interest Rates

Fast loans often come with higher interest rates due to the speed and convenience they offer.

Short Repayment Periods

Repayment terms are typically short, requiring careful planning to ensure timely payments.

Credit Impact

Late or missed payments can negatively affect your credit score, so only borrow if you are confident in your ability to repay.

Alternatives to Fast Loans

If fast loans do not meet your needs, consider:

  • Overdrafts: Authorised overdrafts may offer a quicker and more cost-effective solution.
  • Credit Union Loans: Community-based loans with fair interest rates and rapid processing.
  • Budgeting Loans: Government-provided loans for individuals on certain benefits.

Frequently Asked Questions

How quickly can I get a fast loan?

Funds are often available within hours of approval if the application is completed during working hours.

What loan amounts are available?

Loan amounts typically range from £100 to £5,000, depending on the lender and your financial circumstances.

Can I get a fast loan with bad credit?

Yes, many lenders specialise in fast loans for individuals with poor credit, focusing on affordability.

Are fast loans regulated in the UK?

Yes, all fast loan providers must be authorised by the Financial Conduct Authority (FCA), ensuring fair and transparent practices.