If you need money now, Growing Power could help you search for a suitable fast loan.
We’re a credit broker working with a panel of over 30 Financial Conduct Authority (FCA) authorised and regulated lenders.
Our online form can be completed in around five minutes, and in just 60 seconds, we’ll let you know whether we’ve been able to match you with a loan.
If your application is approved by the lender, your money could be sent today.*
What is a fast loan?
A fast loan is a sum of money borrowed from a lender, usually in the event of a financial emergency.
It’s important to remember that a loan application should not be rushed into.
Should I apply for a fast loan?
Before deciding whether to apply for a fast loan, you should consider the following.
- Stop and think. When an unplanned expense crops up, it’s very easy to make a rash decision. Take a step back and a closer look at the situation. Is the expense really as urgent as you think? For example, if you’re applying for a fast loan to cover the cost of a replacement washing machine, is there any chance that you could wait a couple of months and save the money up instead, and use a public laundrette or a friend or family member’s machine in the meantime? Using your own funds, rather than applying for credit, will save you money as you won’t be charged interest.
- Are there any suitable alternatives to a fast loan? If your need for money cannot wait, you might want to explore any possible alternative options before you decide to apply for a loan. Could a loved one help you out? If they’re in a position to do so, they might agree to lend you the money at a lower interest than a high street bank, or even with no interest at all.
- Be mindful of repayment costs. The most important thing to consider when thinking about a loan is the cost of monthly repayments. You should be able to comfortably make your repayments in full and on time each month without leaving yourself short when covering the cost of your essential outgoings, such as mortgage or rent, bills, and food.
What can a fast loan be used for?
When people apply for a fast loan, they’re usually in a position where they need money as soon as possible. This typically tends to be as a result of an unexpected expense, such as a car that’s failed its MOT, or a broken boiler.
Ready for a quick loan?
Why use a credit broker to search for a fast loan
It can be difficult to know where to start when looking for a fast loan. If you’ve decided that a loan could be a suitable option for you, the last thing you want to do when you need money urgently is trawl through various lenders.
Every time you apply for a loan directly with a lender, they will carry out a creditworthiness assessment, which will include a hard search or Open Banking. A hard search will remain on your credit file for up to 12 months, and multiple hard searches within a short period of time will damage your credit score.
If you need money fast, a credit broker, like Growing Power, could help to save you time.
Using soft search technology with no impact to your credit score, we can scan over 30 lenders at the same time to help find you a suitable loan.
If you’re matched with a lender and choose to make a full application, a creditworthiness assessment will be carried out. This will consist of a hard search or Open Banking.
What’s Open Banking?
During a creditworthiness assessment, some of the lenders on our panel use Open Banking rather than a hard search.
Open Banking is a safe and secure procedure carried out by an authorised third party. With your consent, Open Banking allows your chosen lender to access your online bank account with a read-only view and take a look into your recent financial activity.
Can I search for a fast loan with Growing Power?
You can search for a fast loan with Growing Power if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account and valid debit card; and
- Have a regular source of income paid into your bank account.
Can I get a fast loan with bad credit?
You could get a bad credit fast loan, but it’s important to weigh up your options before you apply.
Having bad credit history could limit your borrowing options; your choice of lenders might be somewhat smaller than somebody with good credit, and you might not be approved to borrow as much money as you need.
If you are approved for a bad credit loan, you could be offered a higher interest rate.
Can I get a fast loan with no credit history at all?
No credit history, often referred to as having a ‘thin’ credit file, usually happens if you’ve never paid bills or borrowed credit. Because lenders have no evidence of how you’ve managed credit in the past, your chances of approval may be lower than someone with a full credit history and an earlier record of making repayments in full and on time.
Getting a loan with a thin credit file isn’t impossible, but it may be difficult, and if approved, you could find yourself faced with a higher interest rate.
Any credit score considered with Growing Power
Whether your credit score is excellent or poor, you’re welcome to search for a loan with Growing Power.
Several of the lenders on our panel specialise in loans for people with bad credit history and no credit history at all, and they could be willing to consider your application.
I need money fast; when will my loan be sent?
Some of the lenders we work with could send your money on the same day as your application is approved. The time it takes for the funds to become available in your account will depend on your bank’s policies and procedures.
I took out a fast loan and I’m struggling to make my repayments; what should I do?
If you’re finding it difficult to keep on top of your monthly repayments, you should contact your lender.
Anyone’s financial situation can change at any time, and this could be due to reasons outside of our control. Your lender will understand this and will appreciate the fact that you’ve been open and honest about your circumstances. They will talk to you about any options that may be available to help reduce some of the financial pressure you’re facing.
Free, confidential money and debt advice
A number of UK charities and organisations offer impartial debt and money management advice. You can contact any one of the following for free support and guidance: StepChange, MoneyHelper, Citizens Advice, and National Debtline.
* Payout timeframes will vary between lenders, and the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.