No matter how much you plan your life, there are certain stages where unexpected things happen and leave you in a confused or daunting situation. For example, it can be a financial crunch or an emotionally distressing situation. For the former, you can find a viable solution in form of instant loans.

An instant loan, as the name suggests, help the person in need to get quick money in a rather hassle-free manner. The borrower, generally, receives the money in lump sum. They have to issue a post-dated cheque to the lender. The total amount written on the cheque includes the principal amount and the value of interest. This cheque is presented to the bank by the lender on the due date and the agreement between both the parties for instant loan ends.

Benefits of Instant Loans

Instant loans offer a number of benefits for people in need of urgent cash. Some of these are:

Quick Money

Instant loans are a source of quick money. Those who need quick cash, they can apply for this loan to meet their financial needs. There are no lengthy stages involved in the application process of this type of loan. One can get money in their accounts the same day. 

No Requirement of Collateral

One of the most prominent advantages of this type of loan is that it doesn’t require the borrower to place any asset they own as collateral with the lender. Therefore, those who do not have a worthy asset on their name, they can also apply for this loan and get quick money to bail themselves out from the financial crisis they are facing.

Easy to Obtain

Instant loans are generally easy to obtain. There are no extremely tough to meet terms and conditions for this type of loan. The best part is that you can apply this loan right from the comfort of your home. Many banks and financial institutes offer online application feature to their customers. So, all you require is an active internet connection and a system to apply for the loan.

You will have to fill up a form on the website of the bank, financial institute or a private lender. Once you have submitted it, the lender will review your application and communicate its status to you.

Important Information: Always enter the correct information in the form. Double check it after entering. If there is a mistake, whether intentional or unintentional, it can result in the delay of your application and, in some cases, rejection as well.

Available for People with Bad Credit

Another remarkable advantage of instant loans in the UK is that these are available for people who do not have a good credit score. The abolishment of this requirement makes it easy for everyone to apply for an instant loan. However, this doesn’t imply you shouldn’t work on improving your credit score. A good credit score is important not only for getting a loan but for numerous other things as well.

Multi-Purpose

Instant loans can be obtained for multiple purposes. For example, if you have an outstanding bill to pay that is nearing its due date or there is a sudden medical emergency that is not covered by your insurance company, you can take help of an instant loan to meet such sudden financial expenses.

Eligibility Criteria

If you are finally convinced of the usefulness of instant loans, have a look at the general eligibility criteria for instant loans prior to applying for this loan:

Capacity to Pay

The lenders, when it comes to instant loans, have their focus on the applicant’s capacity to pay. They do not keep into consideration their credit history as is the case with other types of loans available in the UK. So, if you have a steady source of income, your loan application is most definitely going to be approved.

Compliance to the Requirements

There is a certain set of requirements that the applicant must comply with. These can vary to vary depending on the bank or private lender. You can get information related to these requirements on the website of the lender. Hence, it is advised to do some research and then apply for the loan. If you don’t meet the prerequisites, your loan application is most probably going to be rejected.

Proof of Employment

It is important for the borrower to provide the lender with valid proof of employment. It will serve as a sign of their creditworthiness and guarantee for the lender that the borrower has a steady source of income. Those who are not employed in an organization, they can show their financial statements for proving their creditworthiness. For example, if a person runs a home-based business, they can show its accounts and other statements to the lender.

Where to Get Instant Loans From?

Undoubtedly, this is the biggest question for those who are seeking this type of loan. To make sure you are getting a loan in a hassle-free manner and with easy conditions, it is important to find a reliable and reputed lender. To do this, make a list of lenders near you who offer instant loans. Do some research i.e. read their reviews on the internet. Visit their website and look for the information there. Furthermore, know whether you are eligible to apply for the loan or not.

To get an instant loan in an easy way, there can be no better option than My Quick Loan. They have a high acceptance rate and have earned a great reputation in the UK for their quick processing and no additional fees. If you are applying for a loan from My Quick Loan, you will have the option to pay back the loan in 3 months or 36 months, depending on your financial condition. They also cater to people who have a bad credit score. So, don’t waste time if you are in dire need of quick money and apply for a loan right away at My Quick Loan.