Being short on money when there are still a few weeks until you get your paycheck can put you in a difficult position, especially if there are medical or utility bills that need to be urgently paid. While most banks do offer payday advances, these often come with a number of hidden fees that can add up to 25% to the sum that you have to return, in the end.
It is also important to mention that borrowing money from banks usually requires taking part in multiple meetings that are required to determine if you are eligible or not for the loan. The process can get even more difficult if you have a poor credit score that limits the amount of money that you are allowed to borrow.
If you need a small loan and do not have the time required to deal with the bank’s bureaucracy, or if you have a poor credit score that would prevent you from borrowing money, there is always the possibility of using an online service to get up to 5000 pounds.
Use an online service in order to get fast loans
There are currently dozens of online services that enable you to request limited loans, without having to pass a credit score check or to go to meetings with bank representatives. As the name implies, the submission and approval processes are done completely online, and you will not be required to physically send in any documents.
You may also download smartphone apps that are offered by the companies that provide online money-lending services. These are designed to help guide you through the entire process and ensure that you always know what you have to pay and when the next monthly installment is due.
Unlike banks, getting loans online also offers more flexibility, as you will have the possibility to transfer the money to whatever bank you prefer. Furthermore, some platforms will even give you the option to transfer the funds to other services such as PayPal.
This having been said, online money-lending platforms also have fewer restrictions when it comes to who is eligible for a loan and require fewer verifications before approving a transaction.
Fast approval process and transfers
Borrowing money using an online service usually takes considerably less than if you were to go to a bank. This is due to the fact that these platforms are designed specifically for this purpose and the approval process is streamlined for maximum efficiency.
In most cases, once you submit the information that is required to get a loan, the approval process should take less than 24 hours. Once your request has been accepted, the money will be transferred to your chosen account in a matter of seconds.
The time required to review your request may take longer if you want to borrow a large sum of money and return it over the course of more than 24 months. Even in this particular case, the entire process should not take more than 48 hours.
You do not have to pass a credit check
One of the main advantages of getting an online loan is the fact that most platforms will not check your credit score. While you may be required to submit it, in most cases it will not play a role in the approval of your request.
This having been said, you must have a stable source of income in order to prove that you will be able to return the money that you borrow. Each platform will specify the type of proof that you will have to submit as part of your loan request.
In addition, most platforms do not require a guarantor if you borrow money for a period of fewer than 36 months, making it easy to get the financial help that you need regardless of your current status.
Use the app to make things easier
The majority of online money-lending services also offer smartphone and tablet apps that can be used in order to request a loan and keep track of your monthly payments. These can be installed on both Android, as well as iOS devices, and are free to download and use.
Once you create an account and submit all the information that is required to borrow money, the app will store these personal details and automatically use them in the future if you need another loan. The apps also contain detailed information with regard to the fees and taxes that you must pay to receive a loan. If you own multiple smart devices, the apps will also allow you to synchronize all the information across all of them.
Overall, getting loans using an online service such as Boutell.co.uk is often faster and easier than it would be if you were to go to a bank, especially if you have a poor credit score that would limit your ability to borrow money.