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Do you need money for yesterday? If so, fast approval loans are great options In this guide, you will understand how these loans work, when they make sense, and how to compare options.
Fast approval loans, as a rule, are unsecured credits, which as a rule are 100% digital, designed for those who need to solve a financial problem quickly.
We will approach several companies. We will detail what is most important for you to close a really good credit and the principal, without getting into debt. Keep reading and learn about all fast approval loans.
More interesting options fast approval loans
1. 118 118 Money
118 118 Money promises its customers:
- Quick analysis;
- Money in minutes or a few hours;
- Fixed installments.
As a rule, in this option you can get personal loans between £1,000 and £5,000, to be paid in 12 to 36 months, with a representative APR of 49.9% and fixed interest of around 41% per year.
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2. Bamboo Loans (Fast approval loans)
Bamboo focuses on those who have a low score and usually can’t get credit from big banks.
At first, you will be able to apply for £2,000 to £15,000, and you can pay for it within 60 months.
The point of attention is the representative APR, which is high, ranging from 34.9% to 69.9%, varying by the risk of the profile.
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3. Finio Loans
Finio strikes a balance between speed and predictability. Customers can claim from £500 to £5,000, which can be paid back within 36 months. There is still a representative APRR of 39.9% (which may rise according to the risk).
Its highlight is in its agility, because if the credit approval is by 3:00 pm, you can receive the amount on the same day.
4. Creditspring (Fast approval loans)
Creditspring deviates from traditional logic. Instead of interest on balance, you pay a monthly fee and are entitled to two recharges per year, each repayable in six months.
In practice, it becomes a buffer for unforeseen events, with a cost known in advance.
We recommend this option for those who want total predictability. In this alternative, there is no interest rate surprise. You know exactly how much credit costs when you need it.
5. Drafty
Drafty offers two alternatives:
- Drafty Flex: offers a revolving credit line from £50 to £3,000, where you withdraw when you need it and pay at least 6% of what you used plus 0.19% per day (or £50). Typical APR is around 96% on the line.
- Fixed personal loan: you get between £1,000 and £3,000, you work with APR of around 79.9% and monthly installments.
The differential is the speed at which the money is made available. The decision and release can happen in about 90 seconds, helping you with specific urgencies.
Comparing Fast Approval Loan Options
| Enterprise | Loan Amount | Payment term | Representative APR |
| 118 118 Money | £1.000–£5.000; | 12–36 months | 49,9% a.a |
| Bamboo Loans | £2.000–£15.000 | 12–60 months | between 34.9% and 69.9%. |
| Creditspring | It offers 4 lines of credit. Being: Step: two £200 loans, £7 monthly fee (APR 88.8%); Core: two £300, monthly fee £10 (APR 83.1%); Plus: two £500, monthly fee £14 (APR 66.2%); Extra: two £1,200, monthly fee £26 (APR 48.1%). | Varies according to the value and line chosen | Ranges from 48.1% to 88.8% |
| Drafty | Drafty Flex: from £50–£3,000 Personal loans: from £1,000–£3,000 | Information not disclosed | It varies, ranging from 79.9% to 96.2% |
Frequently asked questions about fast approval loans
1) What are fast approval loans, exactly?
They are short or medium-term loans, with a quick analysis process. Basically, it fills in your details, connects the account, confirms identity, and receives a response from the analysis quickly. If approved, the deposit falls on the same day, in many cases.
2) What amounts and terms are typical?
In the short term, £200 and £1,500 to be paid within 12 months. In longer terms, you can get between £500 and £5,000 (or more), and you can pay it off in up to 60 months.
3) Why are the fees so high?
The main reason is the risk and speed in approving the account. In short, the lender assumes default above the banking standard and delivers immediate cash. Because of this, the rates are much higher than other alternatives.
If high rates worry you, it may be better to compare personal loans. In these alternatives, you will have better conditions. However, beware! Many of the options require you to have a good score, above 700 points, which can make it difficult to pass.
Remembering that if you don’t have such a good score, you can still be approved, but perhaps with a higher rate.
4) Who can ask? (Fast approval loans)
To apply for this credit, you must meet some requirements, namely:
- Be of legal age;
- Live in the United Kingdom;
- Have a bank account and verifiable income.
Attention! Some banks ask for a minimum age above 18 (QuidMarket has already flagged 23 in public materials). And they all do affordability checks.
Conclusion (Fast approval loans)
If you’ve made it this far, you already know that fast-approval loans can solve emergencies.
Remembering that to make a good deal you must compare the costs involved. We recommend that the installment fits your budget and avoid delay. This can make you snowball negative, causing you to become indebted.
For small unexpected needs, the options mentioned are undoubtedly worth it.
Needing money and having to resort to loans is not the best way out. There is a way to be able to organize yourself financially so that when an unforeseen event arises, you have money to pay off the debt.
We are talking about the emergency reserve that saves many people from debt. And the best thing is that starting to invest is not difficult, you can do it from your home, or from anywhere, just from your cell phone.
There are many assets that you can choose to invest in, but the most suitable one thinking about being able to create the reserve quickly, accepting a higher risk is online stock trading in England. Undoubtedly, this is an interesting option that you should consider if in the future you no longer want to need fast approval loans in England.