Is it ever really possible to get a quick loan?

You know that old saying about there’s no such thing as a free lunch? Well many people feel the same about anything to do with finances. They think there’s always going to be a catch somewhere. 

Take quick loans for example. Is it ever really possible to get a quick loan? You might see a quick loan advertised, but in reality don’t you have to spend ages filling in forms and finding financial documents when you apply for a loan? Not to mention face to face interviews, references and all that stuff?

Well, actually no. A Loans 2 Go quick loan does exactly what it says on the tin. Gets you money fast.

Let’s take a look at:

  • Why you might need a quick loan.
  • The advantages and disadvantages.
  • How much a quick loan costs.
  • Whether you can get a quick loan with bad credit.
  • How to apply.

 

Why might you need a quick loan?

There are times in all our lives when we need a financial boost. Sometimes this is to help us move forward with future plans, but at other times we just get hit with something unexpected and need a bit of extra cash to sort things out.

For example, maybe your car breaks down and needs major repairs, or something goes wrong with your boiler or washing machine. And what if your pet has an accident and needs urgent treatment, or there is some family emergency that you really need to help with?

A quick loan can get you the money you need fast to deal with these kinds of circumstances. 

But what are the advantages and disadvantages of quick loans?

 

What are the advantages and disadvantages of a quick loan?

As we mentioned earlier, most people expect there to be a catch in anything financial. They think that if it looks too good to be true, it probably is. So let’s take an honest look at the advantages and disadvantages of quick loans.

The advantages of quick loans

  • You get your money up front

The most obvious advantage of a quick loan is that it enables you to get your hands quickly on the money you need for whatever circumstances you are in. As we will see later, you could receive your money from a Loans 2 Go quick loan within 15 minutes of applying.

  • You know how much you have to pay and when

With a quick loan from Loans 2 Go, it will be made clear to you up front how much you have to pay and when you have to pay it. The interest charges will be explained and there are no hidden charges. We don’t even charge you for setting up your quick loan in the first place.

This means that a quick loan can be a better option than a credit card, when it’s very easy to spend more than you are able to repay, and you can get trapped in a cycle of just paying off the interest on your balance rather than reducing the balance itself.

  • You can boost your credit score

Did you know that taking out a quick loan can boost your credit score? This is particularly important if you have poor credit history from previous circumstances.

If you take out a quick loan from a reputable lender and manage it well, this information will be reflected on your credit report and can demonstrate to other lenders that you are able to manage your credit responsibly.

The disadvantages of quick loans

  • You need to be able to afford the loan repayments

Any kind of loan is a serious financial commitment. So if you are taking out a quick loan you need to be sure that you will be able to afford the loan repayments. A responsible lender will always check this for you. 

Be wary of lenders who offer to lend you money without doing any kind of affordability checks, as you could end up being unable to repay and land in financial difficulties.

  • You need to remember to make your loan repayments

Even if you can afford the repayments on your quick loan, you must be very careful to pay them on time. If you are late with payments, or miss one or two altogether, this can have a negative impact on your credit score and could also result in additional charges – or even court action – by the lender. 

So if you do take out a quick loan, make sure you set up a regular payment system so that you keep on top of your repayments.

 

How much does a quick loan cost?

When taking out a quick loan you need to be aware of various factors that can influence the overall cost of the loan:

  • How much money do you want to borrow?
  • What rate of interest will you be charged?
  • Are there any charges to set up the loan?
  • How long do you have to repay the loan?
  • Would you be charged extra if you decide to repay the loan early?

Ideally you want a loan that has a competitive rate of interest and no additional charges. A repayment period of 18-24 months would enable the cost of the loan to be spread out so that you won’t struggle to repay too much too quickly. But equally, it would be good to know that if you are able to repay your quick loan earlier you will not face any financial penalty for doing so.

 

Can you get a quick loan even with bad credit?

The short answer to this question is yes. 

As we saw above, a responsible lender will always check carefully that a borrower would be able to afford their loan repayments. It is not in the interests of either the lender or the borrower to go ahead with a quick loan if it is not affordable: things could soon go wrong and would cause problems for both parties.

But having said that, it is often the case that your credit score is not a completely accurate reflection of your current financial situation. There may be past circumstances, mistakes, relationships etc that have all had a negative impact on your credit score. But your situation may have greatly improved since then.

At Loans 2 Go, our main priority is to establish whether the repayments on your quick loan would be affordable for you now. And if they are, we may still consider lending to you even if you have poor credit history.

 

How to apply for a quick loan

It is very easy to apply for a quick loan with Loans 2 Go. 

We are a direct lender so you apply directly to us, there is no third party or middle man involved. This enables us to give you a quick lending decision, because we do not need to consult anyone else in the process.

To apply for your quick loan with us, all you need to do is:

  1. From our loans page click Apply Now.
  2. Use the slider to select the amount of money you want to borrow. 
  3. Enter some essential information that we need about you.
  4. Submit your application to us.

*We will then give you an instant lending decision. If you are approved for a Loans 2 Go quick loan, we aim to transfer the money to your bank account within 15 minutes.

You will then have 18-24 months to repay the loan, and can do this in monthly, fortnightly or weekly instalments. You can also set up a Continual Payment Authority (CPA) from your debit card so that you never miss a payment. Or, if you prefer you can use our online payment portal. Whatever works best for you.

We hope that this article has explained more about quick loans, and made you aware of what key factors to look for if you are currently considering a quick loan.

Remember to check back here soon for more financial and lifestyle tips from Loans 2 Go.