A quick loan is a loan where you’ll have a brief online application, with no need for an interview, and a fast turnaround on making the decision on whether to loan money to you or not. Quite a few different lenders offer quick loans, also called instant loans or fast loans, with some sites offering a decision within 15 minutes. While this sounds great, take your time to research the loan that would suit you best.

Borrowing money is an important decision and you should take the time to make sure you can afford both the loan and the APR (Annual Percentage Rate of charge), the percentage you’ll need to pay on top of the loan – in interest and other charges – for a whole year. Look at how much money you can afford to repay each month, try our guide to creating a budget for advice on helping you manage your money.

How does a quick loan work?

When you apply, the lender will decide whether or not to approve your loan. The benefit of online loans is that they’re a faster way to borrow money – if you’re approved, they’ll send you the cash to your bank account usually within 24 hours. However, instant cash isn’t always the best idea and can come with a large APR of 1000%+. Check to see what the details of the terms are for borrowing money from each lender. You need to look at your whole situation to see what will work best for your needs. A larger amount over a longer term with lower APR might be better than something to cover you right now until the next emergency.

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 APRs, terms and customer service, which is why it’s so important to make sure you go with a lender that you can trust.

How do I choose the best quick loan?

Firstly, you need to work out how much you can afford to borrow based on how much you currently earn. Make sure the lender takes the time to understand your affordability – you don’t want to be left in a sticky situation.

When your bank account is running low, it’s easy to get sucked into the pressure of quick cash “now”, but make sure you’ve got the long-term in mind – don’t just look to stay afloat this month. Check the rate. When you’re selecting a quick loan, read the repayment terms carefully – the immediate need for cash isn’t as painful as the long-term problems pricey repayment terms could give.

Don’t pay more and settle for less. Take your time to shop around for the best loan for you, and make sure you check out our money guidance section for things you need to be aware of before making important financial decisions.

118 118 Money – how do we compare to other lenders?

Loans from 118 118 Money are made to ensure you’ve got cash for the long-term, not just the short-term. While we work our hardest to give you a decision within the hour, we take our time to properly assess that we’re giving you the financial support you need. If 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 loan that you will be comfortable repaying. There’s no pressure on you to take a specific term depending upon the amount of money you borrow – we’re flexible and as long as you meet our affordability criteria, we let you decide how much to borrow and how many repayments you need to pay us back.

We offer loans from £1,000 to £5,000 repayable over a variety of terms from 12, 18, to 24 months. We’ve also set our APRs to be reasonable for people who may have some problems with their credit scores, helping you take control of your money. We offer a representative 99.9% APR, but we’re flexible and might offer you an even lower APR; we base our judgement on your circumstances, not just your credit score.

Take a look at our money guidance section to get helpful advice and resources. Our budget worksheets help you calculate how much you can afford to repay each month.

Picking a decent lender 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 in place a strong position for the future.

Representative example: Amount of credit £1,810.48 for 24 months. Interest rate: 71.3% pa (fixed). 24 scheduled monthly payments of £143.48. Total amount repayable: £3443.52. Representative 99.9% APR.

Rates from 35.9% APR - 99.9% APR fixed.