No matter the reason, these days, we could all use a little extra cash to bring relief to the scolding financial conditions right now. Yes, you are getting by, but what if the unexpected happens to occur? Do you have the spare cash lying around to cover those unexpected expenses?
More often than not, the answer to these questions is a resounding “No!” and that is why quick loans have come into being, bridging the gap between what you need and what you can afford.
My-quickloan offer online loans in the UK with easy and fast online applications too. Now, we are going to explore some of the most frequently asked questions about quick loans that should help you make the best decision.
- What is a Quick Loan?
Quick loans are short-term personal loans that are usually paid into your account on the same day as your application is approved. Which is usually the same day that you apply, and loans generally range between £100 – £5,000.
- Can I Apply for a Loan if I Have Bad Credit?
Yes, you can. The reason for quick loans coming into existence is through the understanding that financial challenges affect everyone in their own time, and usually at the worst of times too. Credit checks are done as part of the application process, but having bad credit does not automatically disqualify you from getting a loan.
- What are the Requirements for Application?
Not everyone is eligible for a loan, and the application process does come with a few necessary prerequisites:
- Age – Applicant must be at least 18 years old
- Residency – Applicants must reside within the UK
- Employment – Applicants must have a steady source of income
- Bank Account – Applicants must have a valid UK bank account
- Contact Details – Applicants must have a valid email and phone number
- What are the Minimum and Maximum Loan Terms?
The minimum prescribed loan term is 3 months, while the maximum loan term allowed is 36 months. This implies that the loan terms are anywhere between 3 and 36 months, depending on the specific circumstances of the agreement.
- What are the Interest Repayment Rates?
Rates for quick loans are subject to an Annual Percentage Rate (APR) of between 12.9% and 1721%. This example may paint a better picture: For £1,000 borrowed for a period of 18 months, 17 monthly repayments are made at £87.22, with a final repayment amount of £87.70. The total repayment amount is then £1,570.44. That means that the interest for the loan amount is £570.44, leaving you with an interest rate of 59.97%.
- What is Responsible Borrowing?
Responsible borrowing is a practice that ensures borrowers do not lend more than they are comfortably able to repay. It helps to maintain a healthy credit score by avoiding any unnecessary financial strain, allowing quick loans to become more of a helping hand than a financial burden.
Borrowing responsibly is the only way to borrow money, and keeping this in mind is going to help you make the right decision for you.