A Closer Look at Instant Loans

Instant loans are a way in which a small sum of money can be borrowed. Instant loans is one of the many names given to these ‘short term, high cost’ borrowing options. Other names often used include short term loans, payday loans and cash loans. The purpose of these loans is to provide a borrowing resource which is small in scale and ‘short’ in repayment term. This means unlike larger borrowing resources which can extend into thousands of pounds and several years’ worth of repayments, instant loans operate on a much smaller scale. With this in mind, instant loans are better suited to specific types of costs and these are ones which are not large in nature and are likely to conclude in a short period of time. This could therefore mean anything from unexpected costs through to one-off costs which are difficult to plan for in advance. Examples of such costs could include a emergency car repair or vet bill, a broken essential home appliance or a forgotten school trip. There are of course many other examples but these to an extent represent the types of costs which instant loans may be suitable for.

A Closer Look at Instant Loans 

Instant loans like their larger counterparts, the banks and credit card providers, aim to deliver lending options which are fair, flexible and consumer friendly. In order to ensure this can be delivered the borrowing options are varied and designed to offer real selection and choice. Whereas in the past instant loans traditionally were repaid in a single and one-off repayment, known as a payday loan, nowadays the options for repayment are more varied. This is because many lenders of instant loans these days allow repayments of their loans to be made via the repayment of monthly based instalments. The amount for each instalment due and the number of repayments in total is agreed at the point of applying for the loan which therefore ensured the loan is clear and mapped out right from the start. Where some lenders of instant loans still offer the payday loan model of borrowing, the vast majority either offer this alongside instalment based borrowing or only instalment style borrowing in its place.

The application process required for instant loans is designed to be reflective of the product on offer and this means the process is fuss-free and simple to follow. This means potential customers are apply to apply with confidence and understanding of the loan and repayment options which are available. To enable a timely application process most lenders offer their application via an online means. This therefore gives consumers the ability to apply for borrowing via any number of internet enabled devices. Whether this be a laptop, tablet or even Smart phone, most lenders have a website and application which is able to adapt to the device being used. Usually once submitted the lender decision as to the success of the application can be delivered in as little as a few hours with money being transferred to the requested account the same working day.