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Instant decision loans explained
If you want to take out a loan for a major purchase or to consolidate your debts, you’re probably itching to get your hands on the money, but how easy is this? (Updated 04/10/11)
Once you’ve made your loan application, there’s no reason why a company can’t perform an instant credit check.
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Many loans can now be approved instantly online, although some lenders still prefer to deal with you in person over the phone. Phone applications may also be approved instantly if you find the right lender.
What is an instant decision loan?
An instant decision loan does exactly what it says on the tin. If you are looking for a loan in a hurry then some lenders might accept your application instantly when you apply for credit online or over the phone.
Instant decision loans are normally available for all individuals regardless of their financial status and credit capability.
The lender will do a credit check in an instant and then give you their decision straightaway however you will probably have to wait a few days to get your hands on the cash.
- Can I get an instant decision loan with poor credit?
- Express delivery of your Instant decision loan
- How do I choose my instant decision loan?
- Instant loans - Getting the best deal
Can I get an instant decision loan with poor credit?
Many lenders promise an instant decision for a certain percentage of borrowers. This could mean that your application will need more consideration if you’re self-employed or have a poor credit rating. Unfortunately, when some lenders say they’ll give you an instant decision, this means saying "no" to this type of borrower.
If you have poor credit, you might be better off hedging your bets – take out a secured loan, or one with a higher interest rate, as a series of loan rejections could make your credit rating worse. You will also find that instant decision loans are more popular in the personal (unsecured) loans market, so you might have to choose between a quick decision and a better likelihood of success.
How long will I have to wait for my instant decision loan to come through?
If your application for an instant decision loan is accepted, some lenders will provide express delivery of your money. This is usually a courier delivery, so it may take a bit longer (or be unavailable) for outlying areas, and you will normally have to pay a fee for the service (around £30-£40).But it is most likely it will be transferred into your bank account.
Where can I get an instant decision loan?
Most lenders will state whether or not they offer instant decision loans. Bear in mind that an instant decision can mean a yes or a no, and many of these lenders might incorporate the cost of making instant decisions in their APRs and other charges.
Top tips for getting the best loan deal
Follow our top tips to find the instant decision best loan:
- Compare instant decision loans to get the best deal - When comparing loans make sure you look carefully at the APR as well as checking for any additional fees.
- Watch out for delivery charges – Some lenders will offer to send a cheque to you by courier or transfer you loan into your bank account the same day. These services will usually attract an extra fee so only pay for them if you really need them.
- Watch out for payment holidays – Some lenders may offer to defer your repayments for a few months at the start of the loan. However, you will still be being charged during this time and your future repayments will be larger to compensate. Your total amount repayable will be larger too, so avoid this if possible.
- possibleCheck your credit report before you apply for a loan – Not only will checking your credit report reveal to you how you look to prospective lenders, it also gives you the opportunity to correct any information that is wrong and give yourself the best chance of being approved.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.