Who Really Offers Quick Loans in Minutes?

Who Really Offers Quick Loans in Minutes

A wide range of UK lenders promise quick loans in minutes, but who really delivers? Many companies do head up payday loans in 15 minutes (or even 10) that is generally done to drive up conversions. They all use the same Faster Payments Service (FPS) that as you may know from personal banking can take a few minutes, or it can take a few hours. The times in which a lender operates across can make a big difference to the payout process, particularly if underwriting is required. Some companies may only need to do this on the initial application if perhaps supporting documentation is required when an application is flagged.

For instant cash online, the major firms have invested heavily in sophisticated technology that can automate decisions and payouts. Wonga is the most well known company on the tech side. On the initial application it will take some time to fill out your details, but once this approves… the funds can be sent to you quickly. When logging in and requesting more cash all you have to do is bypass a single page that asks if any details have changed. You then request and if approved the funds will be sent out by FPS. Wonga is open 24/7 and so their customer service team is always accessible.

The UK’s leading text loan lender (MyJar) is also known for lightning speeds. Most of their rivals update their systems a few times a day to approve new loans, but with MyJar once you have received a loan and then repaid it, you will be pre-approved for more funds. Simply login and hit request (or send a text message) and the cash will transfer in mins. They are open 7/7 and so any issues are quickly seen to. Other lenders can deliver quick loans in minutes, but do target those that are Open Every Day. At the same time, expect the transfer fee to be free, or no more than £6.