There are now a growing number of lenders out there that will give you money right away. Some will need a prearrangement with you such as an overdraft or credit card, but if you do not have these then there are short term loans available which are organised quickly. If you do need instant loans, then it is worth finding out a bit more about them and how to identify the best loans for you.
You may wonder why it is important to research the different loans and choose the best. It can be easier to go with a company that you have heard of and just trust that they will give you a suitable loan. However, there is a lot of competition these days between lenders that offer instant loans and therefore it can be worth comparing them. The reasons for comparing them are to find:
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
These factors can make a big difference to your experience, meaning that you may be able to save money, find it easier to repay and get help when you need it. It can also give you peace of mind if you know that you have done some research and chosen the best lender that you can. Obviously this will take some time, but it can make such a big difference that it is well worth it.
If you have never looked into this sort of loan before, then you may not know how you go about comparing different lenders. There are different approaches that you can take and it is worth knowing what some of them are so that you can choose the right one for you.
Comparison website – these are sites such as Omacl who will take into account your borrowing needs and then search across different lenders to find one that will suit you. They are simple to use and save a lot of time. You just enter a few details into their website and you will be sent some details of lenders that you can go to. Then you can just choose their most highly recommended or you can look at the lenders that they suggest in more detail before you choose one. Either way, this can be a good way to be more aware of which lenders are available to you and which have loans on offer that suit your needs.
Research yourself – you could of course do this research yourself. If you have the time, you can be very through and find every lender and look at what they offer. You would need to look up lenders on a search engine or directory and then look at their terms to find out their rates. Then you would need to read reviews of them to find out about their reputation and you may want to contact their customer services as well to see how good they are. As there are a lot of lenders available, this can take a lot of time, but it will mean that you have all of the information that you need to make a decision.
Financial advisor – many people will not use a financial advisor when they are looking for instant loans. This is because they want something quick and it will take some time to get an appointment. A financial advisor will also charge money and it may just be too expensive. However, if you can afford one and can get a quick appointment, it can be a useful way to find out more about these types of loans without having to spend so long researching.
It is important to think about the features that are most important to you in the loan. It could be that keeping the cost down is the most important thing, or perhaps that you want to make sure that you get access to good customer service in case you need help or that you can manage the repayments. When you know what your requirements are then you can match the loan which best fits them and know that it will be the best one for you.