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How To Get An Instant Approval For A Loan

by Jim ONeil on June 24, 2011

in personal loans

When we face an unexpected expense, the first thing we think about is the bank account balance. Is it enough to cover this new bill? If the answer is no, a state of panic may set in, followed by a lot of worrying. The good news is, some lenders provide instant approval for loans, allowing us to get the cash we need as quickly as possible.

After the online loan application is completed and submitted, an approval decision is made immediately. There is no need to pledge any collateral and the application asks only for personal, occupation, and income information.

Once the details have been confirmed and the loan is approved, the money is electronically transferred into a bank account the borrower holds.

Considered payday loans, the amount approved under this financing is based on the upcoming paycheck. Loan amounts range from £100 to £1,500 and the money must be repaid within 14 to 30 days. The funds may be used for anything, such as a household expense, home renovation, vehicle repair, or medical bill. Some people even use these loans to consolidate their debt.

These are no credit check loans so people who have late payments, defaults, IVAs, or CCJs may qualify for financing. Eligibility criteria include being least 18 years old, a UK citizen, earning £1,000 or more each month, and having an active bank account that is at least three years old.

Any blemishes on the credit report should not affect an approval decision.

These may not be the loans cheapest for a certain person but they feature a fast processing time. Within hours, the applicant may have both an approval decision and the money needed. When this type of financing is used, the surprise expense can be handled quickly.

There will be no sleepless nights worrying about how to get the money.

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