Quick Payday Loans
In a financial emergency when you need money quickly, you may have thought about searching for a payday loan; however, depending on your circumstances, you might also be interested in researching short-term personal loans as well. Knowing all your options will help you make an informed decision about what type of borrowing is best for you.
In this guide, we’ll be looking at both payday and short-term loans, and answering some of the questions you may have.
What are payday loans?
A payday loan is a sum of money borrowed from a lender which is usually repaid in full on your next pay date– hence the name.
No loan – payday or otherwise – is guaranteed to be quick. The speed of the process from start to finish will depend on a variety of factors, including:
- How you apply - for example, whether you fill in an online application or physically apply through an in-person appointment; and
- When you apply – some applications may take longer to process on weekends or bank holidays.
Sometimes, a lender may ask for additional information in support of your application, such as a recent wage slip or bank statement. It helps to have this to hand to avoid any unnecessary delays.
How long does it take to apply for a payday loan?
We understand you may need to borrow money in a hurry, like when you need to fund an urgent car repair or replace a broken fridge. However, it’s always a good idea to step back, take some deep breaths, and allow yourself the time you need to make an informed, sensible decision.
Once you’ve done your research, weighed up your options, and decided what’s the best product for you, you might be wondering when, if successful, a loan could be paid to your bank account.
Payout timeframes vary between lenders, but some payday loan and short-term loan providers can send the money to your bank account on the day your application is approved.
Please remember that the time it takes for the money to appear in your bank account will depend on your bank’s policies and procedures.
Can I search for a payday loan with Viva Money?
Viva Money is a credit broker, not a lender. We work with a large panel of trusted lenders who offer loans between £100 and £10,000.
The lenders we work with do not offer payday loans. Instead, they provide short-term personal loans with flexible repayment options ranging from 3 to 60 months, depending on how much money you apply to borrow.
Who can search for a payday loan with Viva Money?
Whether your credit score is at the top of its game or in need of a bit of work, you’re welcome to search for a loan with Viva Money if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK-issued bank account with a valid debit card; and
- Have a regular income paid directly into your bank account.
I have bad credit – what are my chances of being approved for a loan?
Having a lower credit score could make getting approved for a loan difficult, although it is not impossible.
Some of the lenders on the Viva Money panel are happy to consider applications from those with less-than-perfect credit scores.
If you are approved for a loan with low credit, you should be aware that you might be offered a higher interest rate. There’s also a chance that you may not be approved to borrow as much money as you’d like.
Is there anything I can do to improve my chance of being approved for a loan?
A good credit score may increase your chance of getting accepted for credit, should you choose to apply.
It can be easy to feel disheartened when your credit score isn’t quite where you’d like it to be, but there are several things you can do to work towards a healthier position.
- Register to vote.
- Check your credit report for errors.
- Pay all your bills on time.
- If you have a credit card, stay within your credit limit, and make sure that you’re paying at least the minimum repayment amount on time each month. If possible, try to make more than the minimum repayment.
- Limit your credit applications. When you apply for credit directly with a lender, you will be required to undergo a hard search. Hard searches can remain on your credit file for up to 12 months, and are visible to other lenders. Too many hard searches in a short space of time could have a negative impact on your credit score.
Please bear in mind…
Whether you apply or search for a loan with a credit broker or lender is your decision; however, it’s important to ensure that the company you choose is authorised and regulated by the Financial Conduct Authority.
You can check to see if a company is registered with the Financial Conduct Authority by clicking here.
I can no longer afford my loan repayments. What are my options?
If you are struggling to make your repayments, you should contact your lender.
This may sound daunting, but please try not to worry. Your lender will work with you to find a solution to help ease the pressure moving forwards.
Where can I find money and debt management advice?
Talking about money can feel uncomfortable, especially when we’re experiencing difficulties. Whatever you’re going through, you don’t have to face it alone.
If speaking to someone in person feels a bit too much right now, you can access free, impartial money and debt management advice on a range of helpful websites, such as Citizens Advice, National Debtline, and MoneyHelper.
Viva Money and charity StepChange have worked together to create a Money Health Check quiz. The quiz can be taken for free online, and will not affect your credit score in any way. The answers you provide will remain confidential and will generate advice that could help your situation.