On those occasions like a car breaking down or an emergency medical situation, when you need immediate access to money, you may often worry that there are only limited options open to you. That’s where instant decision loans come in.

In this article, the BestUnsecuredLoans team explain:

What an instant decision loan is,
What an instant decision loan is used for,
The benefits for an instant decision loan,
Who can apply for an instant decision loan, and,
Whether you need a good credit score to apply for an instant decision loan.

What is an instant decision loan?

An instant decision loan is a type of unsecured loan that is available here in the UK. These loans can be paid into your bank account in a very short space of time compared to other forms of unsecured and secured loans.

A secured loan means that you must put us some form of collateral or security in order to be accepted. Collateral can be any valuable asset that you won, such as your home. An unsecured loan is a way to gain access to finance without having to risk losing your home or any other valuables.

Instant decision loans are unsecured loan where get your decision from the lender almost instantaneously and, if you choose and depending on who you bank with, you will receive your funds within the hour.

What are instant decision loans used for?

Instant decision loans are for when you need finance in a hurry. Whether you have had an emergency and you need some cash, or you have an unexpected payment you are expected to make, an instant decision loan can give you the money you need much faster than any other form of finance.

Many people use instant decision loans to ease the burden of an emergency payment. Two of the most common uses of an instant decision loan is to pay for a car or boiler repair. These are one-off payments that borrowers need to make where it can be difficult to find all the money you need at once.

By using an instant decision loan, you are spreading the payments out over a period of time that means you can much better meet the costs of any emergency that comes your way.

What are the benefits of instant decision loans?

Instant decision loans give you access to finance much quicker than any other form of loan. If you were to take out a loan from a bank, you can expect to be waiting days or weeks for the money to be paid into your account. Normal unsecured loan providers might be able to send the money to your account within a few days but it’s only with an instant decision loan that can get you the money you need within a few hours.

Oftentimes, people will be stuck for immediate finance, with nobody to turn to. If you can’t get a loan from a friend or family member, instant decision loans are something you should take time to consider whether they are right for you.

Who can apply for instant decision loans?

Anybody can apply for an instant decision loan. So long as you are over 18 years old, and you can prove your age, place of residence, and how much you earn, instant decision loans are an option.

As a responsible broker, we’ll always make sure that you can afford to pay back the loan before we send your loan application off to our panel of lenders. If there might not be enough money at the end of the month once all your other bills have gone out, you might find it really difficult to make a payment.

If money is tight, the last thing that you want to do is to get yourself into debt that you have little or no chance of repaying. For people in this situation, they often end up taking out further loans to cover the costs of their existing loans. It’s this type of situation that causes something called a debt spiral – where you need access to more finance to pay off the loans you already have.

We avoid doing this by performing a credit check on you and by making sure that you have the spare cash at the end of every month to make any repayments that are due.

Do you need a good credit score to apply for an instant decision loan?

Having a good credit score is definitely a positive thing when you are applying for an instant decision loan. It means that you will have more options available to you when it comes to the number of lenders who are willing to work with you. That being said, having a bad credit score doesn’t mean that you won’t be able to get an instant decision loan.

There are many lenders who specialise in providing instant decision loans to people with bad credit – many of them are on our lending panel. These lenders will still need to know how you intend to pay off the loan but they are more interested in your ability to pay off loans now rather than how you have dealt with credit in the past.

Call to action

Here at BestShortTermLoans, we’re not lenders. We are a team of highly experienced credit brokers. That means we are here to help you find the best priced instant loan deal for your circumstances.

Thanks to our close relationship with all our lending partners we know exactly what it is they look for in a borrower. When you fill your details into our smart computer system, we’re able to match you up with the lender most likely to accept you for credit within just seconds.

We can help you find the lowest possible price for the loan you need. You will know exactly how much you’ll need to repay each month and how long for with absolutely no hidden costs or fees.

Our service is completely free of charge so if you need money to cover a surprise expense fast, apply with Best Short Term Loans today.