Coastal Finance

If you need money really quickly then you might consider using an online loan. These can be really quick to arrange and therefore they can be a great way to get money. However, you may wonder whether you will be accepted for the loan. It is worth thinking about this as you do not want to go through the hassle of applying to find that you will not be accepted for it. It is worth knowing though, that it tends to be easy to be accepted for a payday loan. There are usually just a few criteria that you have to meet:

• Age 18 or over – it is the law in the UK that money cannot be lent to under 18’s. This is because you become an adult at 18 and therefore you are considered to be able to repay a loan. Also, many people do not work before they are 18 or if they do it is only part-time and low paid. The minimum wage for under 18’s is very low as well, so they may not be capable of repaying the loan.
• UK resident – a lender will need proof that you are a UK resident. Anyone not should be looking to borrow money form the country that they live in. A bank needs proof of address as part of their identity checking and therefore will know whether you live in the UK.
• UK bank account – a bank account is necessary for two reasons. The loan is paid into the bank account and the repayment is taken from the account. The online lender will set up a direct debit to take the payment when it is due. With this sort of loan that normally happens on the day that you are paid. 
• Source of income– It is necessary to have a source of income. The lender will want to make sure that you have money coming in so that you can repay the loan. It does not have to always be a salary though, it could be benefits or pension or any other type of income. They just want to make sure that you will have the money available to pay it when necessary,.

You may wonder whether there will be other criteria as well. Many banks want you to have a good credit score, for example. This is something that not everyone has. It is something that you get if you can show that you can make regular payments, such as rent or utilities and if you still live with parents, or do not have your name on any household bills, then you will find that you do not have any evidence that you can be trusted to make regular payments. This will mean that you will be considered to have a poor credit record even though you have never borrowed money. Those that have borrowed could fare better if they can show that they repay the loan on time. However, any missed payments could count against them. This is because a lender wants to see whether someone can be trusted to repay their loan on time and they will look to check. They may even prefer someone who has missed a few payments as they can make more money out of them because they can charge them more but they will avoid those that fail to repay or get into debt for a long time. Each lender will have a different criteria.

An online lender has a very different approach. They were set up to help those that have a poor credit record to be able to borrow money. This means that they do not judge based on credit record. Legally they have to do a credit check, but they do what might be known as a soft one. It will not leave a record on the credit report which is useful as other lenders can be influenced just by seeing that lenders have been there looking.

As credit rating is not taken into account it means that people are far more likely to be accepted for this type of loan. It can be a relief knowing that you will not have to worry about this when you apply for a loan and it is so likely that you will be accepted and therefore be able to get the money that you need.

So, as you can see, it is pretty easy to be accepted for an online loan. There are far less constraints compared with other types of borrowing. This means that the loan is easier to get and many people who will not be able to get loans form others will still be able to get this type of loan. This can be a great advantage and means that most people that want to borrow this way will be able to.

There are many different loans available to us and we might not know all about all of them. If we are in a hurry for money, we may not have time to either. In fact, we might be looking for a loan that is really quick to arrange so that we can get our hands on some money really quickly. It can be stressful trying to do this, especially if we need money fast and so it can be reassuring to know that there are some loans that are easy to arrange that mean that you will get money really quickly.

Credit card

A credit card might not seem like an obvious solution especially if we need money for something that cannot be paid with by a card. However, if we already have a credit card set up, then this will give us quick access to the credit on it. Of course, if we have already used it all, then there will be nothing left for us to spend. We may also not have a credit card. Applying for a card will probably take too long so if we do not have one then this will not be an option. If we have used all of the credit on it then we could call out bank and ask for a bit more and it is possible they may extend it over the phone, but unlikely. If we need cash or to pay a bill by direct debit then the card is not so good. You can draw cash on the card, which could then be paid into an account to be used for direct debit, but this will be very expensive. If you use the card to draw cash you will immediately start being charged interest on it. So, unless you are able to repay it really quickly then this is not a good option. Even if you do have the credit available, you may find that it is expensive. This is because you will only be asked to repay the interest or a minimum amount and the debt could therefore hang around for a long time. The interest could cost a lot of money and because you are paying off the interest each month it can be hard to realise quite how much you are paying or how long you have had the loan for. It is worth calculating though and working out the costs or whether you can even try this possible solution so that you can compare it to other options.

Overdraft

An overdraft can be expensive these days. Although there is no longer a need to arrange one, which means that you can just take the money that you need, the interest rates are high. You will be charged interest as soon as you take the money and this will start to add up quickly. As soon as you pay money into the account it will start to pay back the overdraft. However, this means that you may not have the money left to buy other things and therefore, this ay not be very convenient although it will ensure that the overdraft does eventually get repaid. It is very convenient though and most people that have a current account will have access to it. It is well worth calculating the costs though as they can be high.

Online loan

An online loan is a less well-known loan, but it could be a useful solution. These are known by a few other names too such as short-term loan and payday loan. These loans will allow you to borrow a small amount of money for a very short period of time. If you need money quickly, they are ideal, because they might only take a few hours to arrange even outside of normal banking hours. This will depend on the lender though, so you will need to compare them if you need the money really quickly. You will find though, that a lot of them will offer the money quickly and therefore this means that you will be able to get the money as fat as you need it. It is a good idea, though to compare some of them as their prices will vary.

With an online loan you will be expected to repay it, in full, when you next get paid. This can be good because it means that the loan will not last for long. It can be good to get them repaid quickly as it will mean that you will not be in debt for that long and it will be cheaper. The idea with these loans is that you have them for a short amount of time and then you repay it quickly so that you can get out of debt fast. This is great for anyone that does not like being in debt or that does not want to pay more than necessary for it.

These loans were set up for people who needed money quickly but could not get them elsewhere. This is why they are so fast to arrange. However, as well as this differing between lenders, you will need to make sure that you do everything to make sure that it can be processed quickly. This means that you need to make sure that you will be able to fill the form out quickly and completely. You might be able to apply online which will be better because you will be less likely to be daunted by a form and you may be able to apply by telephone which will be even easier as you will be asked the questions and the person at the other end will make sure that you are giving enough information. It is likely that you will also need to send in some documents. It is important to make sure that you do this quickly so that the process is not slowed down by this.