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Home » Easy Loans

What Are Easy Loans?

There are many a lot of easy loans available in the market nowadays, thus making it quicker for individuals to get an advance. The loan offers a small amount which is beneficial for unexpected expenses or sudden bills. It is also helpful when you’re short on funds and you need cash to tide you over the month. Most easy loans are found online, and they look for minimal requirements compared to banks and conventional lending facilities.

The amount you can borrow ranges from £100 to £1000 and is often payable within two weeks or a year. The loan application is processed almost instantly and there’s no need to wait for days to get the approval. But like other loan options, it comes also comes with several drawbacks.

Easy loans are acquired quickly, thus making it a good option when you need urgent assistance. However, it carries high-interest rates that are often hard to settle, especially for borrowers who have failed to assess their financial capability. This means that the total amount is bigger than the actual fund you’ve borrowed.

No credit check, collateral or long verification is required to be granted and the lender’s only way to somehow avoid the risks is to apply expensive charges. Additional fees are applied for late and even early repayments.

Another disadvantage of easy loans is the short-repayment term. The loan provider only provides a decent amount which is expected to be settled in the soonest possible time. Normally, the lender grants two to three weeks to repay the loan, in full amount; however, it still depends on their terms and conditions. Also, since the amount is minimal, it cannot be used for larger expenses or to purchase properties.

Nevertheless, easy loans are true to its claim. It has provided convenience and accessibility to many borrowers; in fact, it can be acquired over the Internet. It starts by accomplishing a 5-minute application form online, which means providing necessary personal and financial details. Once the application is completed, a verification call will proceed and after the approval, the money will be sent directly to the borrower’s bank account.

Instead of relying on the credit report, the easy loans provider will use any proof of income or even the borrower’s bank statement. These will support his capability to repay the loan and it may come from regular employment, part-time or freelance job, or from other alternative funds like benefits, pension, or alimony.

Easy loans are a relief since almost everyone knows that about the difficulties of a bad credit remark. It’s no secret how it limits the chance of getting approved or from scoring a better loan deal. It can start from a simple mistake, such as a late payment to more severe ones, such as arrears, defaults, bankruptcy, or CCJs. These financial errors may stay on your account for a long time, depending on how you manage your debts. But, no matter how low your credit rating is, are ways to fix it. One way is to improve your credit score. You can either settle your debts on time or repay outstanding debts. You may also get a free copy of your credit report and check for any inaccuracies.

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Requirements For Easy Loans

As the name implies, easy loans have less complicated requirements. In fact, it usually has only two to three prerequisites involved. There’s no need to provide an endorsement from another person or to have a salary, although a source of income is required. However, the lender will require an assurance that the loan will be settled on the agreed repayment date. Otherwise, the consequences of late payments and the like are terrible, and it may include getting a lower credit score or facing court charges or both. In the future, creating a new line of credit is more difficult, therefore, avoid such mistakes as much as possible.

Easy loans often require the borrower to be of right age, residency, and a bank account; only those who are 18 years old and above are allowed to take the loan. The borrower should possess a UK residency or citizenship to be eligible. Meanwhile, bank accounts are important for a variety of reasons – to receive and send money. Rather than going to the lender’s office personally, the borrower will get the money through his bank. He will also compensate the loan through auto-debit instead of giving a post-dated check.

Are Guarantors Required For Easy Loans?

Guarantors or cosigners are not required when taking out easy loans, unless the amount is huge, which is rare. The credit is too small to be guaranteed but still, the lender needs to ensure that the borrower is capable of repaying the loan. If you’re looking for the right provider, here are some tips that you should follow:

  • Shop And Compare

Shopping over the Internet provides a wide access to different loan providers so use it wisely. Find at least three to five potential loan providers and compare their conditions, rates, and repayment terms to find out which offers the best option.

  • Contact The Loan Provider

Before sending an application, which involves personal and financial details, create a list of all your concerns and clear it with the easy loans provider. This will allow you to fully understand what the loan is about and how it works while giving you a chance to assess their customer service, which is an important factor when considering a lender.

  • Check Their APR

The interest rate should not be the only thing you should look at but the Annual Percentage Rate (APR) of the loan as well. The APR of the loan displays the whole amount you need to settle, including the principal rate, interest, and other fees.

  • Read Feedback

Read reviews from the lender’s previous clients to understand them more. Do they have satisfaction rate? Is their customer service great? Are there any complaints? The loan is not for free and the first thing you want is to spend money on the right loan provider.


Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Please note:
Loanovao is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances
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