Instant payday loans allow you to borrow up to £2,000 and receive instant funding upon completing your application. In practice, loans cannot be transferred instantly since FCA authorised companies need to carry out a series of checks to ensure that you are eligible for a loan.
At Payday Loans Hub, we are here to help. If you are looking for instant payday loans, we ask you to complete a simple application form online and once finished, you will receive an instant decision from one of our partnered lenders who is able to proceed with your application.
We work with a number of FCA authorised lenders, who are all direct lenders and looking to assist individuals like you. Whether you are looking to borrow £300 or £2,000 and over 3 months or 12 months, we can help you find the finance you are looking for.
How Do Instant Payday Loans Work?
When you complete your application with Payday Loans Hub, your basic details including your age, residence, employment and income will be quickly assessed by our system and include information such as how much you wish to borrow and how long for. Our system is then able to give you an ‘instant decision’ letting you know if you have been provisionally accepted with a lender who is best suited to your requirements.
The lender will then provide you with more information such as an online loan agreement and carry out some final checks such as credit scoring, affordability checks and maybe a quick phone to confirm your details and loan requirements. If successful, our featured lenders will be able to successfully transfer funds to your account within 1 to 2 hours. Simple.
What Are Instant Payday Loans Used For?
Applicants look for instant loans and immediate payday loans are commonly those who need an injection of cash for an emergency purpose. Although we try our best to save money for a rainy day, we never know when we will need for a broken boiler, car repair or plumbing problem at home. These are everyday emergencies which we simply cannot function without and sometimes we can find ourselves a little out of pocket and in need of a little extra cash.
Other common expenses that require instant money include things like paying the monthly bills, a higher electricity bill during a cold winter or extra fans during the hot summers. In some cases, we may find ourselves with a medical emergency for our own health, our children or our pets and the bill can cost a few hundred pounds.
This is where a payday loan can help, giving you money in one lump sum and helping you pay off your expense immediately. You then have peace of mind and a bit of breathing space to repay your loan over several months in staggered monthly instalments. Thus, allowing you to repay your debts and help you get back on your feet.
Need an Instant Decision Loan?
Our system is designed to give you an instant decision on your loan. But taking into consideration your requirements and details provided through our form, we are able to let you know if you have been provisionally accepted. This means that provided all your other information stacks up, you will eligible for the loan you have applied for and be able to receive funds on the same day.
Payday Loans Hub was set up to help customers find the right products for them. Rather than having to apply with numerous companies, we make life easier but combining several partners under one roof. This should help lead to high acceptance and a better chance of being successful.
What is the Criteria?
The basic criteria for applying is as follows:
- Over 18 years old
- UK resident
- Valid UK debit account
- Valid email address and phone number
- No benefits, IVAs or bankruptcies
- Employed part-time or full-time and able to make monthly repayments
All applicants must be over a certain age to be eligible and living and working in the UK. You are required to have a working mobile phone and email address as this is how our lenders can get in touch with you in case there are any changes to your application or if they have any follow up questions. To confirm this, you will be required to electronically sign your loan agreement online using a unique email verification link and PIN code sent to your mobile phone.
Furthermore, customers are required to be in employment and earning a regular income so that they can afford to make their monthly repayments without falling into financial difficulty. This minimum monthly income is usually around £500 per month and the amount you take home each month will reflect the amount that you are able to borrow.
Whilst instant payday loans for bad credit are available, customers with a history of IVAs and bankruptcy may not be eligible for approval, depending on the specific lender.
How To Get An Instant Cash Loan
Whilst instant cash loans are subject to further checks by our regulated lenders, there are some things you can do to speed up your application and make sure it can be funded in the shortest time possible.
Provide the right information: Customers are always encouraged to provide accurate information including their address, income, employment and monthly expenses. This is because this information will have a profound impact on the amount you can borrow and whether or not your will be accepted. If any information looks exaggerated or out of place (such as a very high income or wrong address), this might be flagged and require the lender to make further checks in order to process your loan e.g through copies of payslips or utility bills.
In addition, it is important that you make the application for yourself only and not on behalf of anyone else. This is because may be required to provide proof of identity and speak to a lender on the phone prior to approval. By making an application for someone else may indeed slow down the process.
Be available: By making yourself available for the lender, you can respond quickly to any emails or phone calls in the event that they require further information. If you make an application and then go to the shops or have to go to work, you may miss any key correspondence by email that would help process our application faster.
If you are sat down in front of your computer screen, with your phone in hand, you are in a good position to answer any questions and go to the next steps. You can go one step further by having a copy of your payslip or bank statement on hand and available on PDF in case the lender requests it.
Avoid weekend applications: Most of the lenders partnered with Payday Loans Hub are able to provide funds during the weekends and bank holidays. However, there are several that do not. If you are applying for an instant payday loan on a national holiday or Sunday morning, you may have to wait until the next working day for checks to be carried out and for your loan to be funded.
Improving your credit score: By having a very high credit score you are maximising your chances of a speedy approval. By having a good history of repaying loans and credit cards over the past and having little debt open, you are considered very low risk by the lender. So once their underwriting system sees that you have a very strong credit rating, it may fast track your application because you are considered low-risk. Credit reports are available here for just £2.
Being a repeat customer: If you have already had a loan with a specific lender and are looking to top up or renew that loan, you may be able to receive funds much faster than usual. This is only on the basis of your original loans being paid on time, without fuss and by building up a report with the lender. The provider will consider you to be very low risk and provided that your financial circumstances are not worse, you are in a good position to be funded quickly.