Why Choose Light Loans?
How it works
Choose your loan amount
Use our home page sliders to choose the loan amount you wish to borrow and the time in which you wish to borrow for. Total Loan amount, interest rates and chosen term will be fully displayed to you.
Fill out our simple 5 minute application form and the Monevo lender matching technology will do the work for you! Receive an instant online decision. We’ll ask for your address, bank and employment details. Your application is 100% online.
Your application will be submitted to the Monevo Lender Panel. If approved you will be redirected to the lender application form where you can check everything over to make sure you are happy with it. You are under no obligation to accept and can still accept or reject the loan offer at this point.
Once you have accepted your Loan Agreement, your funds will be automatically transferred into your bank account by the Lender. You could receive your funds in just 15 minutes!**… It’s that simple!
When you experience an unexpected financial emergency, you might find yourself struggling to meet any immediate costs you face. Expenses can hit us when we least expect it – things like medical emergencies, car breakdowns or a rise in winter utility bills can all mean that we need rapid access to funds.
For most of us, the cost of living remains reasonably consistent from month-to-month, which allows us to manage our finances accordingly. However, when unexpected expenses interfere with your budget, this can cause serious cash-flow issues. Statistics show that most households don’t have a budget for emergencies – which is why lending money is the solution for many.
However, this doesn’t mean having to go through the rigmarole of securing a long-term loan or applying for an overdraft. Instead, a quick loan might be just the thing you need.
A quick loan is a type of personal credit designed specifically to provide a rapid cash solution during an emergency. Applications for quick loans are typically completed online, and most payday lenders offer quick loans as standard. Some lenders might use slightly different models, including (but not limited to) guarantor loans, pawnbroker loans and logbook loans (where you use your vehicle as capital against the loan). However, these forms of secured finance generally take longer to be processed/approved – this is not ideal when you need cash straight away.
If you need fast access to funds, it is imperative that you ensure the company you borrow from is regulated by the FCA. This will protect you and ensure the company is compliant with legislation.
Applying for a quick loan is incredibly simple. Most people use a broker to match them with a suitable lender. This involves filling in a simple online application form which can be completed in a matter of minutes. After your application has been submitted, the broker will forward you to the lender which is most likely to approve your application.
From here, your potential lender will complete the application process with you – sometimes online, sometimes over the phone. This can involve credit and identity checks. Most lenders use a “soft” credit search which won’t show up on your credit file, although some will perfect a full “hard” credit check prior to approving the loan.
If your loan application is approved, you should receive a formal offer via email or on the lender’s site. This document can be signed electronically to help speed up the process. Once complete, you should receive your loan straight away – sometimes in as little as fifteen minutes.
While the amount you can borrow can vary from lender to lender, quick loans are not designed to be long-term financial solutions. Therefore, most lenders offer sums in the region of £200-£500, typically repaid over a one to three-month period.
The amount you can borrow is subject to approval by the lender of your choice. Not all lenders may be able to provide the same sums of money. For example, some may be able to offer loans of £500, whereas larger lenders could offer up to £5,000 depending on your eligibility.
The amount you can borrow from a lender may increase if you can prove your ability to make repayments on time. For example, a lender might offer you £200 in the form of a quick loan initially. After this has been repaid, the same lender might be willing to offer you a larger sum the next time you need access to funds.
When taking out a quick loan, it’s important to consider how you will make the repayments. By paying back your same-day loan on the agreed dates, you’ll protect your credit file and prevent credit agencies from making any negative reports about you. Over time, a pattern of making repayments on time can work strongly in your favour, as this will strengthen your credit score. In theory, this will make it easier for you to access financing in the future.
As a rule, you should only borrow what you can afford to repay. Of course, financial emergencies can mean needing to access funds immediately, and this could mean making cutbacks on non-essential purchases or perhaps working extra hours to make up for the shortfall due to paying back your loan.
Quick loans are relatively simple, and the entire application process can be completed in the same amount of time it takes to make a cup of tea. Your broker will be able to offer streamlined access to multiple lenders via one simple application. Once you have submitted the application form, encrypted software shares your information to various loan companies, enabling each provider to evaluate your suitability for a loan.
Qualified applicants will receive loan offers onscreen, with information outlining the repayment terms and conditions. In some instances, the loan amount requested may change, based on your eligibility. Regardless, you can decide to decline the loan or accept the offer and continue with the funding process, which has been structured for simplicity and speed.
Once you have accepted the offer of a loan, all that is left is for the money to be transferred to your bank. Money is deposited directly into your account (the information of which you will have already filled in on the application form).
There are five main benefits to choosing a quick loan over other types of financing:
• A fast, online application which can be completed in minutes
• Rapid loan approval decisions (under an hour in most cases)
• Funds transferred on the same day
• Convenient online “e-signature” signing process
• Most lenders will allow early repayment without fees or penalties.
When you need rapid access to cash, quick loans have some clear advantages over other financing options like credit cards, overdrafts and long-term loans. The application process has been designed for fast approval which means you won’t have to wait days to find out whether you’ve been accepted for a loan. Once your application has been greenlit, you can expect funds to be transferred in a matter of minutes, directly to your account.
When you apply for a quick loan online, the funding process is accelerated even further. All you need to do is complete a simple form, then sit back while your broker works out the best possible deal for you. Instead of spending hours or even days trying to find the best possible quick loan for you, a single loan request can match you with the best lender for same-day funding.
Most lenders understand that when financial emergencies occur, gaining fast access to cash is paramount. Therefore, it’s in the interests of lenders to process loans as quickly as possible. This means that you could have a loan offer in a matter of minutes, with the funds landing in your account in as little as fifteen minutes to one hour. It’s rare for a lender to not process a loan in less than 24 hours.
Rates can vary from lender to lender, and will usually fall somewhere between 49.9% APR to a maximum of 1333% APR. The minimum loan length for a quick loan is one month. Maximum lengths can vary from lender to lender but will usually not exceed 36 months. Most quick loans come with relatively short repayment lengths (such as three separate monthly repayments).
For example, a quick loan of £250 is borrowed for 30 days. The total repayable amount is £310. The interest charged on the loan is £60, at a fixed annual rate of 292%, representative variable APR of 669.35%.
Your broker will not perform a credit check when you apply for a loan, however, most lenders will perform a soft search to determine your eligibility.