Loans Guides

Instant decision loans

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.

Once you’ve made your application, there’s no reason why a company can’t perform a credit check straight away and let you know whether the money’s yours.

Alliance Leicester Unsecured Loan

	Borrow between £7,500 and £15,000 with Alliance & Leicester, 8.0% APR typical.

Many loans can now be approved instantly online, whereas some lenders prefer to deal with you in person over the phone. Phone applications may also be approved instantly if you find the right lender.

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.

Are there any other ways I can rush my loan application?

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).

How do I choose my instant decision loan?

Our best buy tables show clearly which loans will give you an instant decision. Please 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. Take a look at our best buy tables for more information on the instant decision loans that are best for you - and good luck with your application!