It used to be the case that when you wanted to apply for a loan at the bank, you’d first meet the manager, then fill in a really long application form, and at some point in the following two weeks, you might get a “yes”, a “no”, or a “we need more information to process your application”.
The internet changed all that, as did a few pioneering short term loan companies who were determined, from the start, to provide anyone who applied for finance with really quick approval.
In this article, Moneypod looks at quick approvals, fast loans, how much you can apply for, how long you have to pay it back, and how quickly your loan is transferred to your bank account.
What is a ‘fast’ loan?
There’s no dictionary definition of what a fast loan actually is. The body that oversees all money lending in the UK is the Financial Conduct Authority (FCA) and they don’t have a definition either.
However, we’re pretty certain here how we would define what a fast loan is.
It’s money that you need in a hurry. The car has broken down, the roof has fallen in, or someone put a red sock in with the whites in the washing machine and that’s the kids’ school shirts and PE clothing ruined. Something happens that you don’t expect or want and suddenly you find yourself landed with a bill that has to be paid straight away. But what if you don’t have the money there and then?
A fast loan, to the team here at Moneypod, is a loan that arrives in the timescale you want – and that’s normally a few hours at the very maximum.
For a really fast loan to be a really fast loan, you need to know if you’re going to get the money first as quickly as possible.
Who are Moneypod? We’re a FCA-approved short term loan broker. That’s important to customers because being approved by the FCA means that we’re legally bound to stick to a strict, customer-friendly, 100% transparent way of doing business. No hidden fees, no small print containing terms that will sting you after you’ve got the money.
We have a panel of lenders – all of our short-term lenders are FCA-approved as well. When we put together our panel of lenders, we looked for three important things:
- They are able to offer £500 to £10,000 to our customers
- They offer repayment periods of between three months and twenty four months
- They don’t keep customers waiting for either a decision or to receive their funds.
The right borrower for the right lender
We receive dozens of applications for short-term loans with quick approval every day. It’s fair to say that our customers, the people who use Moneypod, reflect the UK as a whole – different backgrounds, different circumstances, different needs. No two borrowers are the same.
Every lender has a “profile” – what that means is that they have a type of customer they prefer to lend to.
Part of Moneypod’s fast loan service is that, as soon as we have your details, we get a very strong indication of the type of lender who would be really happy to work with you. Within minutes, we’ll perform something called a soft credit search with one of the credit reference agencies. That gives us the last bits of information we need to approach the most suitable lender.
Our system then talks to our lender’s system, transfers the details across, and then, within a few minutes, we’ll get an answer for you. There are three potential answers – “yes”, “no”, or “we need more information”.
If the answer is a “yes” or a “no”, you will normally find out within a few minutes.
Quick approvals – if the answer is “no”
Unfortunately, not everyone who uses Moneypod is approved for a loan. Sometimes, a potential borrower just doesn’t match the criteria we need to fit you to a lender’s profile.
Moneypod makes no charge for our services. Every time we match a borrower and a lender, we receive a small “thank you” payment from the lender. If we can’t secure a loan for you, we will pass your details on to a broker partner with a different panel of lenders. They may be able to help. Some of them may charge for their service. You are under no obligation to accept any offer and, if you do, that is the only time that a fee will be charged. Our broker partners never charge a fee if you do not take out a loan with one of their lenders.
Quick approvals – if the answer is “we need more information”
Sometimes, a lender may need more information to process your application.
In these cases, the lender will call you direct and let you know what they need. The sooner you can supply the lender with the information or documentation they need, the quicker you find out whether it’s a “yes” or a “no” answer.
Quick approvals – if the answer is “yes”
Congratulations! Thanks for using Moneypod and we’re certain that you and your lender will work brilliantly together.
To receive your funds, you’ll now need to sign the lender’s online agreement form.
How quickly will my loan arrive?
Every lender is different, but the transfer will normally be made within two hours of your signing the agreement form. There can occasionally be delays if there are computer problems or if your bank does not accept faster payment.
If you’re looking to apply for a short term loan now and are looking to receive your money within a few hours, please click for our short-term loan application.