Where can I borrow money fast?

Our finances don’t always show us the love and support we need in times of financial difficulty. Maybe you had an unexpected bill come through the door or a domestic appliance has just stopped working and payday is still a few days away - it can be hard to know where to turn when you need money fast.

If you have a good credit history or a good relationship with your bank, you probably already have access to an arranged overdraft or maybe a low interest credit card. These credit products are great if you need to borrow money for a short period of time, but what if you don’t have access to these credit facilities? And what if you can’t get approved for a credit card or an arranged overdraft?

Perhaps a short term loan is just what you’re looking for. With quick, online application forms and fast decision making, short term loans could provide you with the small amount of cash you need within minutes.

What is a short term loan?

A short term loan, also known as a payday loan, is a small loan, usually less than £1000, that you can borrow for a few months and repay on your next payday – or in instalments over a few paydays if it’s more financially convenient.

Short term loans are generally available online, and some loan providers have high street branches, although the quickest way to get access to a payday loan or an instalment loan is usually online.

How quickly can I get the money I need?

Usually, the application forms take less than 10 minutes, but depending on how much you’re looking to borrow, different lenders may have different questions and criteria they need you to meet.

Your application will then be passed through an automatic assessment which will assess your affordability and creditworthiness. Because online lenders know that your credit history might not be perfect, they won’t reject your application based on this information alone, although it will be taken into consideration.

If your application is approved, you will usually get the funds in less than 2 hours, but normally within minutes if your bank supports the Faster Payments service.

So, where can I get an online payday loan quickly?

The best place to look for an online payday loan is on a loan comparison site. Online loan comparison sites compare online loans, so you don’t have to. You simply enter the amount you need to borrow and the loan term (that’s how long you want to borrow for) and then click search! The comparison site will find all the lenders on their website that meet your search requirements and then rank your results in order, usually cheapest to most expensive.

Clear and Fair is an online comparison site which does exactly what it says on the tin: we rank online direct lenders in a clear and fair way! The lender you see at the top of search enquiry will always be the cheapest as we don’t promote or sponsor particular lenders over others.

Important things to note

It’s important that you’re honest during your application as false information can get your application declined. Many online lenders will use information from credit reference agencies and other sources to review your application, and if their information doesn’t line up then they may ask for supporting documentation, or they may just decline your application altogether.

Other important considerations include your financial circumstances, both present and future. You should never make an application for a loan or any credit facility if you know you cannot make the repayments. If you are aware that you have an annual bill coming up or maybe your hours at work are going to be reduced temporarily, you should seriously consider whether you will be able to meet the repayment as missing your repayments can cause you serious money problems.