So your boiler conks out, your car breaks down or your pet needs an emergency operation. All of these things need to be paid for, but you just don’t have the cash. Saving up isn’t really an option, so what do you do? Well for many people the answer to take out an instant decision loan, but what exactly is an instant decision loan, and why should you take one out?
What are ‘instant decision loans’?
An instant decision loan does exactly what it says on the tin – you apply for a loan and you get a decision… instantly. That decision might be “yes”, or it might be a less desirable “no”. As loan companies aren’t going to have lots of time to do their research on you before deciding, their decision will be heavily based on your credit rating. Because of their time sensitive nature, instant decision loans are usually applied for online or over the phone.
Am I eligible for an instant decision loan?
As mentioned above, whether or not you are accepted for instantboostup an instant loan will depend greatly on your credit rating. If you have a good credit score, chances are you will be accepted. If your credit history is poor, you need to be far more wary of applying for loans, as any declined loan requests will show up on your credit report, and a string of them may impact your credit score. If you don’t know how your credit report fares, you can get hold of it from companies such as Experian, Equifax or Callcredit. Being self employed can also affect the likelihood of being approved for an instant loan.
What are the benefits of an instant decision loan?
The main benefit of an instant loan is obvious – the decision is instant, and if your application is approved you can get cash fast. Some loan providers even transfer the money straight into your account so you don’t have to wait for a cheque, or they may offer express delivery. There is usually a charge of around £30-40 for this service.
What are the downsides to an instant decision loan?
They say nothing is too good to be true, and that is certainly the case when it comes to instant loans. They may be quick and easy, but you pay for that benefit in other areas, with instant loans generally having higher APRs than standard loans.