Quick Loans
Looking to get a loan quickly for urgent financial needs? Quick loans with Lending Stream might be the answer. Apply online with us and if approved, we’ll send the cash to your bank within 90 seconds*. We consider people with bad credit.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream for quick loans?
Trusted
Rated excellent on Trustpilot & 99% recommendation rating on Reviews.co.uk.
Convenient
Secure online application available 24/7. A decision in seconds, not days.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
What are quick loans?
A quick loan is a type of loan that offers fast approval and funding, often within minutes or hours of applying. In most cases, you can get the money the same day. These loans are designed to provide quick access to cash when you need it most, focusing on speed and convenience with a simple, streamlined process.
When searching for quick loans online, it’s important to understand that the term “quick” refers to how fast the loan is approved and deposited into your account rather than a specific type of loan.
However, you should be cautious. Some lenders promoting quick loans, fast loans, or fast cash may offer loans with high interest rates, no credit checks, or very easy eligibility. While these loans can provide immediate funds, they may not be authorised and regulated by the FCA.
Eligibility criteria for quick loans
Each lender will have their own criteria to decide who is eligible for a quick loan. While specific requirements can vary, when you apply for a loan with Lending Stream, you must:
- Be a UK resident.
- Be over 18.
- Have a valid debit card.
- Have a valid UK bank account.
- Be in regular employment with a monthly income of at least £400.
During our application process, we might ask you to show proof of your income. As a responsible lender, we do this to ensure that you can comfortably afford the loan repayments.
How to apply for quick loans online with Lending Stream?
To apply for a quick loan with Lending Stream, you’ll have to complete an online application form. You’ll be asked for the following details:
- The amount you want to borrow with us.
- Some basic personal information.
- Your employment, salary, expenses, and banking details.
Once we receive your application, we’ll run a credit search and affordability checks to ensure responsible lending and borrowing. This is to see if you can afford the repayments. If approved, we’ll send the loan terms and agreement for you to review and sign. Once signed, we’ll send the approved loan amount to your bank within 90 seconds.
Representative 1271%APR
How do quick loans work in the UK?
Quick loans in the UK are authorised and regulated by the FCA (Financial Conduct Authority). While quick loans operate similarly to other short term loan options, they usually offer fast access to funds. Borrowers would usually expect these loans to be sorted the same day.
Some lenders (like Lending Stream) can send cash to your bank in minutes. This is, however, dependent on whether your application is approved.
Here’s how it works:
- Application: You apply for a quick loan online. The application is usually straightforward. You’ll need to share some personal and financial information.
- Approval: Lenders assess your application quickly, within minutes or hours.
- Loan terms: If you get a loan approval, you’ll receive a loan offer. This will include the loan amount, interest rate, fees, and repayment period.
- Payment: If you agree to the terms the funds are typically sent quickly (usually the same day). At Lending Stream, we believe it’s important to do things quickly. We’ll send the cash to your UK bank in 90 seconds if approved. This could be longer, depending on your bank’s processing.
- Repayment period: It can vary but is generally short. At Lending Stream, we give you 6 months to repay the loan. We don’t charge early repayment fees, so if you want to pay the loan early, you can!
- Automatic repayment: Some lenders may set up automatic repayments. This usually uses something called ‘continuous payment authority’. This will mean the amount you owe is taken directly from your bank account on the due date.
With any loan, late or missed repayments can have a negative effect on your credit score. Make sure you review the terms and costs of the loan, so you know if you can afford it.
What can I use fast loan for?
Fast loans can be used for various purposes, including:
- Emergency expenses: Unexpected bills or urgent financial needs, do sometimes happen. A fast loan could help to cover things like emergency home repairs, legal fees, unexpected travel due to family emergencies.
- Rent or utility payments: Sometimes, emergencies lead to cash flow issues. If you need to pay rent or utility bills to avoid late fees or disconnection, a quick loan can help bridge the gap. These should not be seen as a regular solution, though.
- Home improvements: If you need to make urgent repairs or renovations to your home, these instant loans can help you cover the costs.
- Car repairs: If your vehicle breaks down or you need to buy spare parts quickly, that can be a stressful unexpected expense.
- Bridge financial gaps: Sometimes, cash flow can lead to a temporary gap between expenses and income. In these cases, a quick loan might help you smooth things over.
Is Lending Stream a quick loans direct lender?
Yes, Lending Stream is a well-known direct lender, offering quick loans since 2008. We provide short term loans, as an alternative to payday loans. We lend to people who need access to money quickly. As a direct lender, we handle the loan application, approval decision, and we pay the loan directly into your bank account.
How much can I borrow with a quick loan?
When you apply for a quick loan from Lending Stream, you can borrow from £50 to £800 for new customers and £100 to £1,500 for existing customers. Quick loans can range in value, but you’ll need to show you can afford to make the repayments it. As a responsible lender, we’ll only lend if we believe you can afford it.
It’s important to compare lenders and find the deal that works best for you. Remember that the specific loan limit will vary based on factors such as: your income, your credit rating and other credit and affordability checks.
Can I get a quick loan with bad credit?
Yes, it is possible to get a quick loan with bad credit in some circumstances. Some lenders offering quick loans can be more willing to consider applicants with poor credit history.
Before borrowing money, look for regulated lenders and read any loan agreement terms carefully. And make sure that you can afford the loan repayments.
At Lending Stream, we recognise that you are more than your credit score. This is why we offer loans for bad credit as we consider your application even with a bad credit score. But we will only approve you if you can afford the monthly payments.
What should I do if my quick loan application is not approved?
If your loan application was declined, it can be tempting to apply again and again until you get approved. However, multiple applications in a short space of time can also affect your credit score. Instead, you can:
- Contact the lender: Ask if there are any specific reasons for the decline. This feedback can provide valuable insights into areas you need to work on before reapplying. The lender can also provide you with the details of the credit reference agency they used.
- Assess your financial situation: Are there areas that need improvement? Have you taken steps to enhance your credit score or income? Taking proactive measures can strengthen your application the next time around.
- Focus on improving the aspects that contributed to the rejection: For instance, if having a poor credit score was a reason, take steps to enhance it by paying off debts and bills on time.
It’s also worth finding out if there are benefits, you’re entitled to that you’re not using. You can find out by using our BenefitGlance tool over at afforda.co.uk.
What are the advantages of quick loans?
- Quick access to funds: As the name suggests, quick loans provide fast decisions and access to money. This can make them ideal for urgent financial needs like unexpected expenses or emergencies.
- Simple application process: The application process for quick personal loans can be straightforward. Any documents can usually be scanned/sent digitally and quickly. This can be convenient and time-saving.
- Flexible use: Borrowers can use quick loans for all kinds of purposes – usually immediate financial problems. These could include things like emergency bills, unexpected expenses or addressing car repairs.
- No collateral needed: For the most part, quick loans are unsecured. This means you don’t need to put up collateral (like your house or car) to get the loan.
- Potential for bad credit approval: Lenders like Lending Stream consider applicants with less-than-perfect credit. We believe this offers an option for people who might not qualify for mainstream loans.
- Affordable monthly repayments: With Lending Stream quick loans, you will have 6 monthly repayments. This is where we are different from payday lenders where you will need to pay much more quickly.
What are the disadvantages of quick loans?
- High interest rates: Some quick loans can carry significantly higher interest rates. This can make them more expensive to repay. If you don’t need to borrow, then it’s wise not to. Why pay interest if you don’t need to?
- Risk of impulse borrowing: The ease of obtaining quick loans might lead to impulse borrowing. It’s important to avoid this and carefully consider what you can repay.
- Fewer direct lenders: With regulation changes in the last decade, a lot of lenders are no longer around. But don’t worry, Lending Stream is still here and still lending!
FAQs – quick loans
What is a fast loan?
A fast loan provides quick access to funds, designed to address urgent financial needs. There is often a streamlined application process and fast decisions.
Can I get quick loans on the same day?
Yes, it’s possible to get a quick loan on the same day. When you apply for a fast loan online, many lenders offer same day loans.
Can I get quick loans with no credit check?
Most FCA-registered companies conduct credit checks as part of their standard procedures, although it is not a mandatory requirement. The decision to perform a credit check typically depends on the nature of the services being provided and the individual company’s policies.