Instant Loans and how they Could Assist You

Instant loans are a form of short term borrowing, available typically via the means of an online application. Instant loans are known by consumers by a number of different names, whether that me short term loans or payday loans to name a few examples. As the name suggests, instant loans are designed to provide consumers with a simple access point to a small loan should such a device be needed. Instant loans and the lenders who offer these types of products are governed by the FCA whose full name is the Financial Conduct Authority. The FCA was introduced as the regulator of the small loans market several years ago and this move was designed to ensure consumers using the market received a fair and customer focused lending experience. Through the support and guidance of the FCA instant loans lenders have been able to adapt to reflect the true needs of consumers in both the product and service they offer.

During the time in which instant loans have been governed by the FCA the way lending, in a general sense, has taken place has become much more structured and fair. All modern day instant loans lenders have been individual approved to trade by the FCA following a detailed assessment. In order to effectively bring the market into line, the FCA set out new rules and requirements which have been specifically designed to ensure the customer is treated fairly at every given stage of the application process. To ensure this is the case instant loans are delivered in a clear and understandable manner which results in flexible and sensible lending choices.

                       Instant Loans and how they Could Assist You

As mentioned earlier on, instant loans are typically applied for via the means of an online application form. The form itself usually takes little longer than 10 minutes to complete and is presented in a clear manner which is easy to follow. During the application the lender will gather all of the information they require to make a decision as to the success of the request for borrowing. In the majority of cases during this application process the lender will not automatically request that documentation be supplied in addition to the completion of the form. However, it is not uncommon for some lenders to request further documentation in times when a section of the application cannot be automatically verified. The use of the term ‘automated’ in the context of instant loans is due to the fact that in all cases an electronic decision making platform will review the application against the individual requirements of the lender in question. This allows lenders to review and assess the applicants details in a timely manner. Usually after the electronic based checks the lender will have the application manually reviewed, by that of an Underwriter. An underwriter will review the application again and assumes the task of ensuring the loan can be either approved or declined. Thankfully the entire process of applying for instant loans in this manner can take place in a timely and often ‘quick’ period of time.