Are Short Term Loans Fast to Arrange?
There are all sorts of questions that you might have about short term loans, if you have not used them before. Many people know that they are often used in emergencies so they might wonder if they are fast to arrange. It is worth knowing a bit more detail about the way that they work so that you can answer this question for yourself or know what to look into when you are choosing between lenders.
How Does Application Work?
With most short term loans the application will be online. You will be able to apply directly through the website of the lender which should be straightforward to find and to do. The application forms are designed to be really easy to work through so that they will not take you too long and they will not ask unnecessary questions or things that are too difficult to answer. There may also sometimes be the option of applying over the telephone which means that you will not even have to complete the form yourself which could be easier for some people than completing the form themselves.
How are Applications Accessed?
With a short term loan, even if it is guaranteed there will not be a lot of assessment done. There will be a few conditions that you will need to fulfil though. Firstly, you will need to be over the age of eighteen and you will need to have a UK address and bank account. You will also need a regular income. The lender will check for these things and they will also need you to send in ID to prove that you are who you say you are and you live where you say you live. This should not take very long at all. There will be no need for them to check your credit score and decide whether they want to lend to you base don this, which helps to speed things up as well.
How Soon is Money Given?
The amount of time it takes between you sending your application and then getting the money that you asked for will vary depending on the lender. Some lenders may take up to a few days but some may take just a few hours. This could make a significant difference and so it is a good idea to make sure that you check this before you apply if you need the money really quickly. The lender may say on their website how quickly you are able to get the money but you should check with them. If you are a first time borrower, for example, they may do extra checks and it could take longer or you might find that they are quicker at certain times. You will also find that some will be able to provide money outside of normal banking hours and others will not so that means that if you need money at these times, it could mean that you will get it much sooner with certain lenders than others. However, they will generally always be quicker than more traditional lenders.
Can it be Speeded up?
It is not normally possible to speed things up, but you may slow things down. If you do not fill in the application form properly or you do not send all of the information that is required then you will not get the application processed quickly as they will have to come back to you. Also, if you enquire about the application while it is being processed you may actually slow it down as you will take up someone’s time while they are looking into it for you.