You may need more cash to make your engagement extra special. Or you require additional money to pay the bills at the last minute. Whatever the requirement instant decision loans may help. You may tap it to get cash anytime and anywhere. A “good” credit rating for approval is not compulsory.
Instead, you may even get it with pending payments, CCJ, or bankruptcy. We at Bargainloans understand the urgency and the feeling of disappointment that comes with loan rejection. Therefore, we provide quick loans for people with poor credit scores.
You may qualify with improved finances and no recent history of costly debts. We analyse, improvise, and provide affordable loans. Individuals with a consistent employment history and balanced payments may fetch better interest rates. Here is the basic breakout to expect:
| Loan amount | £1000-£5000 | Who may qualify? |
|---|---|---|
Loan repayment term |
6-36 months | Should have a credit score and an active bank account as 18+ |
Collateral requirements |
No | Should have a part-time/ full-time/ freelancing gig as employment proof |
Hidden fees |
No | Have a consistent income for at least 3 months |
Early repayment charges |
No | Should have permanent residential address( for 3 years) (minimum) |
Is Additional proof required to get one with bad credit? |
You may be required to provide additional affordability proof as a guarantor or asset only if you lack any income source or rely on government benefits. | Active email and phone number |
An instant decision loan is an unsecured financial facility that helps you know whether you will be approved for a loan immediately. You get an "instant decision" after submitting the basic online form. It does not affect your credit at the time of application. It is ideal for individuals who need cash urgently to meet emergencies.
The loan does not involve any detailed form-filling or credit assessments. Once approved, the money will be disbursed to your bank account on the same day.
The loan approval process is mainly automated. It reduces turnaround times to meet critical needs. This ease of availability makes the interest rates competitive. This means you will eventually pay high interest on the loan. However, you can ease the pressure by taking a small amount and repaying on time.
You can pay monthly/weekly instalments without trouble as the amount remains fixed. It grants you the flexibility to budget or set direct debits. The latter deducts the monthly payment automatically from your bank account.
Loans with instant decisions differ from secured ones. They vary in repayment terms, interest costs, purposes, and loan flexibility. Therefore, you must know the difference before getting bad credit loans with instant decisions online. It helps you get the right loan for your requirements and avoid paying extra.
Here are the criteria for understanding the logic behind instant decision loans vs. secured loans.
Collateral needs:
You do not provide collateral when you get a loan with an instant decision. These unsecured personal loans relieve you from losing one even if you default. Alternatively, providing security as an asset is a must on a secured loan. Not paying the dues by the end of the agreement may lead to asset seizure.
Borrowing:
You get less on instant loans for bad credit than on secured ones. This is because the loan is specifically for critical life phases and emergencies. Alternatively, collateral-based loans provide a good lump sum for your long-term needs. It is generally ideal for big purchases, home renovations, child education, etc.
Guarantor requirements:
You don’t need a guarantor or a third person to get a quick loan. It is mandatory only if you lack any verified income source. You may also consider one if your current income does not suffice for the affordability needs.
Alternatively, you may get loans for bad credit with no guarantor and no fees with us. For example, you may get doorstep loans to get cash at your door or online. Individuals with consistent earning proof, bank statements, and the electoral roll may get approval. You don't need to pay extra fees, unlike brokers. Instead, you pay the total loan fees in instalments.
You cannot avoid high-interest charges on instant cash loans. However, you can reduce the risk of getting one with informed decisions, comparing options and managing repayments well. Make sure you understand the terms like APR, interest rates, missed payment fee, and other loan charges well. Confirm the hidden charges (if any). It prevents you from paying unnecessarily on the loan.
Here are a few ways to avoid paying more interest on an instant personal loan:
Pre-qualify to understand affordability
Don’t apply directly. Instead, seek a pre-qualification quote. You may get one from us right away after the application. It does not affect the credit score and helps you understand the amount you may fairly qualify for, given the information. Accordingly, you may seek a favourable loan amount.
Compare your options
You may get a pre-qualification quote from different providers. Compare the options to fetch the best terms. Focus on competitive interest, APR, and repayment flexibility.
At Bargainloans , we prioritise customers' comfort. You may choose the repayment term according to what you can pay. We will never force you to accept the loan quote. Instead, as responsible providers, we guide you in picking the right one.
For example, you may get bad credit loans on an instant decision if you provide the correct information. Otherwise, it may lead to instant rejection. However, we offer some relief by allowing you to reapply without affecting your credit score. You can do it during the subsequent proceeding, i.e., soft credit check.
Pay off some debts before applying
Identifying and paying the existing dues improves your credit score. It makes you qualify for lower interest rates than you may get now. Here, you can pay the debts according to your budget and liabilities. You can check payments like:
These are small payments that you can repay easily. It is when you have the financial flexibility to do so. The lower the debts, the less interest you pay.
You may not get loan approval for fast loans without a basic credit assessment. So, you may not get the loans without credit checks (if we go by the literal meaning). It may hamper your financials, which we don’t cherish.
Instead, you may get instant cash loans online with no credit check if you meet the criteria. Here, the criterion is nothing but individual affordability. We provide a loan only if you can repay it without affecting your basic needs. It is a part of our responsible lending standards.
Given below how the process works:
You may proceed further by emailing the latest proof of income along with your consent. It helps us analyse your affordability by checking your income, expenses, and debts.
It is the next part of no credit screening, also known as a soft credit check. It does not have any impact on your credit score. Once approved, you get the loan approval and the cash in the account. Make regular payments to avoid penalties and high-interest costs.
Getting a "guaranteed approval" means "you can repay the amount and the interest costs without defaulting." It may also mean you meet the eligibility and affordability conditions." It is a basic condition to get the loan.
It is challenging to navigate this if applying for the first time. You may not have a clear idea of where to begin. Follow the steps given below to get the right amount effortlessly. Yes, we have sorted this for you!
Step 1- Identify the approximate loan costs
Knowing the basic quick loan costs shows how much you need to budget. You can know that by using a loan calculator. Choose the loan amount, term, and interest rates. Generally, the interest rates may vary across providers. Compare and choose the correct option.
Step 2- The amount you can afford to borrow
Once you know the approximate loan charge, check your affordability. Always choose a borrowing amount you can comfortably qualify for, according to the loan calculator. It may not provide the exact number, but the approximate number.
For example, don’t aim for £3000 when you may get only a 1000-pound loan instantly online. Otherwise, it may lead to loan rejection and affect the credit score. Thus, identify your monthly income, basic expenses, emergency needs, etc., before choosing the amount.
Step 3- Always cross-check the details you provide
While seeking these fast cash loans, identify the details you must provide. It may vary across providers. For example, here, we only ask for basic details. It eliminates the hassle of getting the loan quickly. You need to check the details you provide for authenticity. Re-check the form after filing. Here are the aspects to check:
No, there are no restrictions. You can use the instant decision loan for whatever you need. Generally, you get the option to choose from while applying. If you don't, mention the need if asked. Or you can get the funds instantly without providing one. You can use the loan for vehicle repair, credit card debt, vet bills, etc.
The bank must inform you about the direct debit malfunction before the due date. Act immediately if you struggle to pay off the other bill using the account. Ask the bank for the reason if it fails to inform you. Additionally, contact and discuss the issue with the loan provider. In some circumstances, you may be asked to pay manually. Check whether you can pay online.
Yes, you may get instant £2000 loans as an unemployed person by providing any form of repayment proof. It could be the income from rent, part-time earnings, dividends, etc. However, you may not get the loan without any valid evidence. It is because unemployment reveals the inability to repay the dues. Therefore, you may face rejection.
Yes, saving money or setting direct debits is important. It will help you remain on top of your payments and avoid debt. You can budget for the payments by:
You generally get a fair go regardless of your past credit history. We don’t calculate your affordability based on past financial mistakes. Instead, prioritise recent payment behaviour to decide the approval. Additionally, our services cater to individuals with little credit history. If you are new to the financial world, our small and instalment-based loans may help. It is easy to manage, affordable, and flexible.