If you ever find yourself in need of some extra funds and your savings have already been depleted, it is reassuring to know that there are lenders out there who may be willing to assist you. Depending on how much you need, how long you intend to pay it back, and what you are going to use it for, there are a number of places that can offer you guaranteed loans.
Meeting the Requirements
Basic requirements for qualifying for an online loan include being a UK resident, having an active bank account, and being at least 18. Since lenders want to make sure that you can pay them back if they will lend you money, you’ll need to be employed or be receiving some form of stable income as well.
In addition, lenders will also want to look at your credit score. This contains a history of your borrowing, which the lenders would be interested in reviewing first to determine how you’re likely to behave if they decide to grant your home loan request.
Where to Get a Cash Loan
You can start by applying at your bank. It is always easier to get approved for a cash loan when you have been with your bank for a long time, has established a good history with them, and you’ve borrowed money from them in the past as well. Approval and borrowing rates would be heavily hinged on your credit score though.
Credit unions can be a good place to look into if you wish to take out a cash loan at a good interest rate. These institutions generally offer instant approval loans at a more affordable rate compared to other direct lenders. However, you often need to be a part of the organisation first before you can access their lending facilities.
If you need the cash fast, going online would be best for you. Online direct lenders can get motorcycle loan processed and approved in a matter of minutes. This makes them ideal for borrowers that need fast access to cash as well as those with financial emergencies. They have less stringent requirements too and are likely to cater to borrowers with less appealing credit.
How Long for a Loan to Come Through
Preparing for and getting your loan approved can and will be a challenge. You need to have all the requirements ready before even applying so that things can go smoothly. Once you’ve sent your application, the waiting game begins. A loan approval can take from a day to a few weeks. It can differ from lender to lender. Knowing this can let you plans thing ahead.
For a cash loan, depending on the lender, it can take as early as the moment you submitted your application to a few weeks.
Online Direct Lenders
Online Lenders tend to typically approve your applications immediately. They are the best option if you need a quick injection of cash.
When having all your documents ready, and you’ve met the requirement. Approval can only take a few minutes. But sometimes peer-to-peer lenders would take a few business days in reviewing your applications.
Banks and Credit Unions
A few drawbacks of borrowing from a bank or credit unions are that it takes them a couple of days to a couple of weeks to review your application. Banks generally have a high credit standard compared to online or peer-to-peer lenders which will take more time in making sure that you’ve met their criteria.
How long does it take to get your funds once approved?
Online Direct Lenders – Once approved, the funds are deposited immediately to your bank account. Although the fund transfer is immediate, it’ll take a day or two for your balance to reflect it.
Peer-to-peer lenders – Since peer-to-peer lenders use the money of investors for your loans, it can take a little more time, even for a week.
Banks and Credit Unions – If you have a bank already open under them, it can take as fast as one business day for you to receive the funds. But if not, it can take a few weeks.