Instant Payday Loans

Your Choice of Fast Loans

Keeping these issues in mind it becomes apparent that some loan are faster than others. It depends on how enquiries are received, how they are assessed and how the loan is paid out.

No loan is truly instant, but it is possible to get a lender decision and get your loan relatively quickly if you are a low risk applicant. Be prepared to provide a growing amount of information to a lender so that they can do the necessary checks.

So what are your options?

Lender Responsibilities

Lenders are duty bound to ensure that applicants are who they say they are and that they truly can afford to repay the loan. It is highly likely that the lender will need to credit check you, and they will also need you to provide information about your income and expenditure. These extra checks tend to slow down the process.

Cleared Funds to your Bank

Once the lender has approved your loan you'll be wanting the cash quickly. But the actual speed will depend on the banking system. If your bank operates the Faster Payments system then you can receive cleared funds within 2 hours. However, if this is not available then it may take a couple of days for you to get your hands on the money.

If you don't have a bank account then your borrowing options will be fewer and the time to access funds longer.

What are the Quickest Loans?

We thought we'd summarise which loans tend to be the quickest, and explain the elements that can slow down each type of loan. So, in order of speed starting with the fastest:

• Payday Loans - payouts within 2 hours are possible
• Instalment Loans - money paid to account within 2 hours is achievable
• Small Guarantor Loans - you need to provide an acceptable guarantor and this adds a bit of complexity but same day payouts are still feasible.
• Doorstep Loans - because an agent comes to your home to complete the application it will take a few days, but they do bring the cash with them.