What is a quick loan?

A quick loan is a loan where you’ll have a brief online application with a fast decision turnaround on whether the lender will loan money to you or not. While it sounds great to get money in your bank quickly, taking out quick loans such as these can be risky and could potentially lead into further financial problems as the APR and amount you repay can be extremely high.

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Use our simple and easy Quick Check
It won't affect your credit rating
I would like to borrow
repayable over
Monthly Repayment
Representative APR 49.9%

Representative example: Amount of credit: for months. Interest rate: 41.2% pa (fixed). scheduled monthly payments of . Total amount payable: . Representative 49.9% APR.
Representative example: Amount of credit: for months. Interest rate: 41.2% pa (fixed). scheduled monthly payments of . Total amount payable: . Representative 49.9% APR.

How do quick loans work?

Quite a few different lenders offer quick loans, also sometimes referred to as instant loans or fast loans, with some offering a decision within just 10-15 minutes. A lender’s website will start out by asking how much cash you want to borrow; then some will decide for you how many ‘segments’ your loan must be repaid in while others may give you more flexibility with the terms.

It’s important to make sure you know what your options are. Each lender is different and will offer a variety of APR, terms, length of loan and customer service which is why it’s so important to make sure you go with a lender that you can wholly trust.

Getting instant cash into your bank account isn’t always the best idea; some lenders offer APR of 1000%+ which means you could end up paying back a lot more than you anticipated. Before applying and accepting a quick loan, it’s vitally important to take your time to research and shop around for the best loan deal that suits.

How do I choose the best loan for me?

We understand that when your bank account is running low and you need cash right away, it’s easy to panic and get sucked into the pressure of quick cash “now”, but we cannot stress enough how important it is to make sure you’ve got the long-term in mind – don’t just look to stay afloat this month.

Before applying for a loan:

  • Work out how much you can afford to borrow based on how much you currently earn. You can try our loans calculator and budget planner to give you an idea.
  • Read the repayment terms carefully – the immediate need for cash isn’t as painful as the long-term problems pricey repayment terms could give.
  • Make sure you can afford both the loan and the APR (Annual Percentage Rate), the percentage of interest you’ll need to pay on top of the loan.

Borrowing money is an important decision; one which you should take time with. That’s why at 118 118 Money, we urge customers to try us first. If accepted for a loan with us, we’ll guarantee to keep your offer valid for 5 days so you have time to shop around to find the best deal for you.

Why choose 118 118 Money as a quick loan alternative?

If you have a bad credit history, or rather a less than perfect credit score and have been rejected by your bank for a loan, we at 118 118 Money could be the right alternative that you’re looking for.

We’re here to offer affordable and transparent loans for those who are caught between the banks and payday lenders.

  • Our Quick Check will not affect your credit rating. You can get an indication of how likely you’ll be accepted for a loan, before you apply.
  • We work our hardest to try to give you a decision within the hour, we take our time to properly assess that we’re giving you the right financial support you need.
  • Once approved, you can expect the cash in your account within 24 hours.
  • While we’re pretty speedy, our main goal is to offer you an affordable personal loan that you will be comfortable repaying.
  • We offer unsecured personal loans from £1,000 to £5,000 repayable over a variety of terms from 12, 18, 24, 30 to 36 months.
  • Whether you’re employed or self-employed, we could still offer you a loan.
  • We’ve set our APRs to be reasonable for people who may have some problems with their credit scores, helping customers take control of their money.

Picking the best lender for you is an important decision. Make sure you look for a lender you can trust and that you can reach easily if you need to. The right decision now can put you in a stronger position for the future.

How can I apply?

If your bank has refused you a loan, don’t panic and head straight for a quick loan - try 118 118 Money first. We look beyond your credit profile and wherever possible, we try to say ‘Yes’ to customers who we feel are capable of managing their repayments. Our Quick Check means you will know your likelihood of acceptance before you apply too – and it won’t affect your credit score.

In order to apply, you’ll need to be:

  • a UK resident, aged 18 - 70
  • employed or self-employed
  • the holder of a UK bank account with a debit card
  • earning more than £700 net monthly income
Representative 49.9% APR.