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3-36 month repayment

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Personal Loan FAQs

Am I Eligible to Apply for a Personal Loan ?


There are a few basic things that are checked as well as the deeper ones. To know if you are eligible can you answer yes to the following question

Can you afford the repayments?


How Long Does it Take for a Personal Loan to be Paid Out?


The application time scale may vary per applicant. This is due to financial views being done on everyone applying for a personal loan. The average pay out timescale is 5 to 7 days. This will be received directly into the specified bank account.


Types Of Instant Loans For Bad Credit Borrowers

Arrears, bankruptcy, default, and foreclosure – these are just some of the inevitable mistakes most people make. The economy nowadays left many individuals jobless, suffering from debts, or worse, with a bad credit. As a result, creating a new line of credit is quite difficult as most banks and other main street lenders only entertain those who have a good credit remark. But does this mean that you will never get a loan in the future? Do you have other alternatives when you’re running out of cash?

If you’re one of those suffering from a painful credit remark, then you can breathe now. Many loan providers are offering an advance even to those who have damaged a credit score. Most of which are instant loans that can easily be acquired with minimal requirements, often skipping credit check. A payday loan, for instance, is one of the most popular options for low credit loan seekers. The lender is willing to accommodate your loan application, providing that you have the capability to settle the loan, particularly in a proof of income. It is usually used by employed individuals who can’t wait for the next payday or has a sudden bill to settle. As a form of instant loans, it can be obtained in less than 24 hours, thus making it a great alternative when you have an emergency and you have no cash. But despite its advantages, financial experts suggest it be used only as a last resort because of the high-interest rate it carries. Nonetheless, it is a reliable option when you need a financial support and no other loan providers – such as banks – accept your loan application anymore.

why choose instant loans

Below are some more of the benefits of instant loans:

  • Minimal Requirements

There’s no need to neither complete a handful of paperwork nor submit a plethora of credentials; instant loans only require a proof of income, completed online application form and a working bank account. Some lenders may demand for a postdated check, especially for payday loans, as a form of security and to settle the loan while others can easily deduct it from your bank account on the agreed repayment date.

  • 24/7 Customer Service

Working professionals and even stay-at-home parents will find this loan beneficial because of its accessibility. There’s no need to rush because you can apply anytime, anywhere. It doesn’t work like banks and other traditional facilities; it operates even after office hours. Also, its customer service is available 24/7 so you contact them for inquiries or even send an application.

  • No Credit Check

Bad credit borrowers are welcome to apply for instant loans since the lender will ignore the poor credit score. However, some lenders may still check the credit report for another purpose. Rather than using it to come up with decisions, it will be utilized to determine the maximum amount you can borrow and the interest rate to be applied.

  • Speed And Convenience

Waiting for the lengthy application process to complete is the last thing you want when falling short of cash. Luckily, you won’t endure this with instant loans. You can start the application right away online and you can have the cash transferred to your bank account in no time.

  • No Need For Collateral

If you’re looking for small instant cash, there’s no need to provide collateral. The instant loan can be settled easily so the lender doesn’t mind keeping any asset as a security. This is a relief for tenants who don’t have property to pledge or to homeowners who don’t want to put their assets at risk.

  • Accepts Bad Credit Borrowers And Unemployed

Being jobless and having a bad credit automatically spell rejection, but not with instant loans. Even with a low credit remark and no employer, you can get the financial assistance you desire as long as you have other alternatives source of funds like receiving a pension, alimony, or benefits.

Loan Options

If you want a faster, hassle-free way of borrowing money, instant loans are your best options. The verification time is shorter since there are other people involved. Unlike other types of loan, there’s no need for a guarantor to co-sign the loan. Below are some of the options you have when running out cash:

Logbook Loans

If you want extra cash and you have a vehicle that is no more than eight years old, a logbook loan is one of your options. The car, boat, or motorbike should have not any loan against it and must be insured. Otherwise, the application will be rejected. It’s also important for the car’s model, make, and condition to match the loan provider’s criteria. The application is mostly done over the Internet but you need to pay the lender a visit so they can assess your car. Once approved, you can get around £100 and £50,000.

There’s no need to provide your car to the lender but you have to give its V5 logbook as the security. As long as there’s no conflict, you can have the money you need on the same day you’ve visited the loan office. The instant loan provides a quick relief since you can keep the car and use it as it is while having the money you need on hand. But like other secured loans, be sure to settle the debt and avoid default, or else your car will be repossessed.

Doorstep Loans

A doorstep loan is a handy option for stay-at-home parents, unemployed, and disabled individuals receiving benefits. Doorstep instant loans are done online, like other quick loans, but instead of getting the money from an ATM, an agent will visit your place to provide it. The same person will also visit your place to collect the repayments on a weekly basis.

You can get around £100 – £1,000 which is enough to buy some of your medical equipment, settle utility bills and other dues, or as an extra fund. It also gives borrowers the freedom to choose the most convenient date to settle the advance.

why choose instant loans

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£1,000 - £5,000
Loan term
12 - 60 Months
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5 most recent personal loan reviews

Review of Vivus

I have never used a loan company due to my poor credit following a marriage breakdown but using this company with a good friend who trusts me to make the payments has been a very pleasant and extremely quick and simple process. So if you need to borrow, have someone who knows and trusts that you wont let them down with making the payments and has a good credit history then don't hesitate .. Contact Vivus Loans

Review posted by John Sutcliffe

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Somerset Savings and Loans

I found the online application easy and straight forward, and had a very quick response from the customer service team. Once accepted, the money was transferred very quickly. I will defiantly recommended and will use if ever needed in the future.

Review posted by Alexandrine Parry, Guildford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Lendable

From the initial contact everything was so simple. Friendly consultants who phone and text at your own convenience. One quick phone call and the cash was in the bank the next day! Perfect service! ?

Review posted by Deborah Tomlinson

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All of our reviews have been sourced from TrustPilot to ensure authenticity.

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
Late repayments can cause serious financial issues. For help, go to moneyadviceservice.org.uk
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