How To Get Your Loan In An Instant (Even If You’ve Got Bad Credit)

If you need access to cash fast, and have no savings to fall back on, you may be considering your chances of getting a loan. Traditionally, getting a loan would be much more difficult. You would have to go and visit the bank manager, set out your case, and prove you were a reliable borrower. This can take time, a lot of paperwork, and you may have to wait a while for the verdict. Who has time for that nowadays? With online loan applications, the process is far easier, quicker and less intimidating.

And now, you don’t have to always have amazing credit to be able to get an instant loan, either.

The first thing you should do when you need a loan fast is to narrow down exactly how much you need. Is this for an emergency medical bill? Is the boiler broken and needs quick repair? These are all valid reasons for needing a fast loan. (Remember that needing a holiday, wanting new clothes or other ‘treats’ aren’t always the best reasons for a loan – be sensible about it – we’ve seen it all!)

After you have figured out exactly what you need, you may want to check out your credit file to see how lenders would view your application. The Money Advice Service says that a lender is able to view the following information when they carry out a search on your name:

• A list of your credit accounts (e.g. bank and credit card accounts, outstanding loan agreements, utility company debts.)
• Any missed or late payments – these will stay on your credit report for at least six years.
• Details of any people who are financially linked to you
• Your name and date of birth.
• Your current and previous addresses.
• If you’ve committed fraud.

Depending on where you live, a creditor may be able to see more or less than this. Once you have checked out your file, you may be able to see a ‘score’ – almost like a credit score grade. Anything above ‘fair’ has a fair chance of being approved, but a poor or bad reading may impair your ability to get a loan approved.

With a huge range of loans on the market, you may then be able to find one that is specifically for people with a bad credit record. This means the lender considers your circumstances, and could still offer you a loan, although it could have a higher interest rate.

So, how quickly can you access that cash? Well, it really depends on the loan provider. For instance, instant loan provider Wonga processes payments almost immediately. They say, “We’ll make sure that any cash you decide to borrow is in your bank account as quickly as is possible. We make a payment to your bank as soon as your loan application has been approved and we’ll email you the instant your loan has left our account.”

Be wary of the restrictions on your own bank though, as in rare cases, Wonga says that some smaller banks cannot keep up as they have not implemented systems that accept immediate cash loans 24/7.

Not all loan providers are the same, and you will have to check with the specific lender on their terms before applying, especially if gaining access to cash quickly is your priority.