From an unplanned bill to a broken home appliance, life can throw unexpected expenses our way. Sometimes, we might find ourselves totally unprepared for these financial emergencies, especially if we haven’t got savings to fall back on.
An instant loan could help you cover the cost.
Important: instant loans
It’s easy to worry when faced with a financial emergency, but it’s important to give yourself time to assess all possible options that could be available to you before you decide to apply for a loan.
A loan is a serious financial commitment that, if not managed correctly, could damage your credit score and cause you financial difficulty.
What is an instant loan?
An instant loan is an amount of money you apply to borrow from a lender which, if approved, is paid into your bank account quickly.
It’s important to bear in mind that how soon you could receive an instant loan cannot be guaranteed.
While some lenders, including several on the Growing Power panel, could send your money on the same day your application is approved, the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
It’s also essential to take your time when applying for a loan; you should thoroughly read through all the information and fill in your details as carefully as possible.
I’d like to apply for an instant loan; how much money could I get?
If you’ve decided that an instant loan could be a suitable solution for you, you could use Growing Power’s credit broking service to help you search.
With Growing Power, you can search for an instant loan from £100 to £10,000. Depending on the amount of money you apply to borrow, you could repay your loan across a term of between 3 to 60 months.
How can I apply for an instant loan?
You should take the time to think about whether you’d like to use a credit broker to help you search for an instant loan or whether you’d prefer to apply for an instant loan with a direct lender.
There are a number of reasons why you might consider using a credit broker.
- A credit broker, like Growing Power, could help you search for an affordable instant loan to suit your financial circumstances.
- Rather than applying with several direct lenders one after the other, Growing Power can scan a panel of companies at the same time to find the one most likely to consider your application. This could help you avoid multiple hard credit checks.
- Growing Power uses soft search technology to provide you with a quote before making an application. A soft search will not be visible on your credit file to anyone else and will not impact your credit score.*
- Rest assured that all the 30+ lenders on our panel are authorised and regulated by the Financial Conduct Authority (FCA).
*If our soft search reveals that you’ve been matched with a loan and you choose to make a full application with the direct lender, they will complete a creditworthiness assessment, which will involve a hard search or Open Banking. A hard search will remain visible on your credit file for up to 12 months, and multiple hard searches in a short period of time will cause your credit score to decline.
Who can search for an instant loan?
Whatever your credit score, you’re welcome to search for an instant loan with Growing Power; you’ll just need to make sure that you match the eligibility criteria.
You must:
- Be over the age of 18;
- Be a UK resident;
- Have a UK bank account and valid debit card; and
- Have a regular source of income paid into your bank account.
Search for an instant loan: the Growing Power process
- Fill out our online form and let us know some basic information, such as how much money you need to borrow, and how long you’d like to borrow it for.
- We’ll complete a soft search and scan our panel of lenders for a suitable loan for you. A soft search will not affect your credit score.
- If we’ve matched you with a loan, you’ll be redirected to the lender’s website.
- If you choose to make a full application, the lender will carry out a creditworthiness assessment. As discussed, this will include a hard search or Open Banking. Multiple hard searches in a short space of time will damage your credit score.
- Once the lender’s checks have been completed and they’re happy with the outcome, you’ll be formally offered the loan. Your lender will let you know when you can expect the money to be sent.
- At some point in the journey, the lender will send you a credit agreement, which will include details of your instant loan repayment schedule. You’ll need to ensure that the monthly repayments are affordable for you before you sign and return the agreement.
What happens if I can’t afford to repay my instant loan?
If you’ve taken out an instant loan that you’re struggling to repay, it’s worth getting in touch with your lender. While discussing money worries can feel uncomfortable, the sooner you ask for support, the sooner your lender will be able to help you navigate your repayments during this tricky time.
I’m worried about money; what should I do?
We completely understand how isolating and frightening money troubles can be but remember that you don’t need to face this alone. Help is out there, and whatever you’re facing, you deserve to access the support you need.
There are a number of charities and organisations in the UK who can offer free, confidential and impartial advice on a range of money and debt management topics. We’ve included a list of resources below.