When you need money fast, then you need to find a lender willing to extend you a loan with minimum demands and within the shortest time possible. Depending on your circumstances and urgency, you can take advantage of numerous online loan providers offering up to a few thousand pounds in loans.
Why Interest Rates Matter
Before opting for a loan service, consider more than just the time within which the loan provider promises to get you the money. For instance, while instant payday loans are immediate, they often come with a higher interest rate compared to other lenders. In some cases, online interest loans attract as much as 300% in annual interest. On the other hand, online personal loans that take anywhere between one to five days for approval have an annual interest rate capped at 19%. It would seem, therefore, that the higher the interest rate, the faster the loan will be processed.
How Your Credit History Affects Loan Processing
Another fact that may affect how fast you can get money through loans is your credit history. As a rule of thumb, the finance industry affords speedier loan processing to applicants with good credit history. People who have been paying their loans on time and have never defaulted are even solicited by credit card companies to take out loans. That is not to say that you have no recourse with bad credit though. Online lenders are willing to extend loans to people with bad credit and process them in a matter of hours. The tradeoff, however, is a higher interest rate.
How Much Do You Need?
Another determinant of how soon you can get money from a lender is the amount you are asking. Most lenders are likely to process loans of a few hundred pounds relatively quicker compared to loans applications for thousands of pounds. Lenders are more likely to consider more factors when a lender asks for a large sum of money. They will for instance look into the credit history of the borrower, which may take several hours and demand for a guarantor.
Interest rates affect loan processing times
Credit history plays a significant role in loan processing times
Loan amount may affect the duration of your loan application
How Quickly Will I Get The Money?
When you need money fast, then you need to find a lender willing to extend you a loan with minimum demands and within the shortest time possible. Depending on your circumstances and urgency, you can take advantage of numerous online loan providers offering up to a few thousand pounds in loans.
Why Interest Rates Matter
Before opting for a loan service, consider more than just the time within which the loan provider promises to get you the money. For instance, while instant payday loans are immediate, they often come with a higher interest rate compared to other lenders. In some cases, online interest loans attract as much as 300% in annual interest. On the other hand, online personal loans that take anywhere between one to five days for approval have an annual interest rate capped at 19%. It would seem, therefore, that the higher the interest rate, the faster the loan will be processed.
How Your Credit History Affects Loan Processing
Another fact that may affect how fast you can get money through loans is your credit history. As a rule of thumb, the finance industry affords speedier loan processing to applicants with good credit history. People who have been paying their loans on time and have never defaulted are even solicited by credit card companies to take out loans. That is not to say that you have no recourse with bad credit though. Online lenders are willing to extend loans to people with bad credit and process them in a matter of hours. The tradeoff, however, is a higher interest rate.
How Much Do You Need?
Another determinant of how soon you can get money from a lender is the amount you are asking. Most lenders are likely to process loans of a few hundred pounds relatively quicker compared to loans applications for thousands of pounds. Lenders are more likely to consider more factors when a lender asks for a large sum of money. They will for instance look into the credit history of the borrower, which may take several hours and demand for a guarantor.