88 QUESTIONS ANSWERED
LAST UPDATE 20.08.2018
FAQ Page - The Quick Loan Process
Q: What should I do if I have changed my bank account?
If you have an outstanding loan with us and you have changed bank account, please contact us by email or phone to tell us about this change. It is best to avoid default payments as it will make your same day loan direct lender more expensive and affect your credit score.
Q: How long will application be in review?
It takes us up to an hour to review applicants that are not accepted straight away. On weekends, this may take longer.
Q: Can I get a loan repayment extension?
If you are struggling to repay the instant payday loan online, please contact us before your monthly repayment is set to go through. We will try and arrange a repayment plan that will fit your current financial situation.
As a general rule we do not contact your employer. However, we occasionally feel that it is necessary to ensure that it is safe to lend to you and to verify your employment. Furthermore, if you fail to make a repayment and we cannot contact you through all the contact numbers you provided, we may approach your employer to get into contact with you.
Q: Do I need to provide any documents when applying for a loan?
We don't usually require any documents from you. However, as a responsible lender, there may be occasions that we require additional information to meet with our regulatory requirements. Where this is the case, our underwriting team will contact you and advise what is required.
Q: How do I make repayments?
When you apply for a fast loan with us and are accepted, with your permission, we will take the monthly repayable amount from your account on a pre-arranged date. If you want to repay early and save on interest costs contact us and we will be happy to arrange that. If you know you will not have the funds to repay the full monthly loan amount one month, contact us before the payment is set to go through - this way you may avoid the default fee, and we can provide you with other options that will suit you better.
Q: How quickly can I get a payday loan?
Fast. Once you have applied, you will receive an instant decision of either, accepted, declined or under review. Once accepted, you can expect the instant payday loan in your bank account within 1 hour. If your application is under review - during the working week it takes us up to an hour to respond. If you are later accepted, you will receive your loan within an hour.
Q: How do I know if i have an adequate cash flow to repay the loan?
Before taking out any loan with a legal loan UK with same day payout or other loans, the direct lender or broker must perform affordability and credit checks. We look at how much you are earning a month and how much goes towards paying your bills. We also look at other factors to determine your affordability. If the cost of the loan does not add up with your wages and bills, you are most likely to be refused. However sometimes, lenders will offer to spread the cost of the loan over more months so that the payment is less each month and you will be able to afford the loan. You can also use our loan calculator on our apply page to see how much you would be expected to pay each month.
Q: Can I save money by repaying early?
Yes. But you must always contact us first if you wish to do so.
Q: Can I get a fast loan today?
Fast loans today are available from Quick Loans Express. To get a fast payout today, you should apply straight away. To apply with us takes just a few minutes of your time and we give instant lending decisions. If approved, you can get your fast loan in your bank account today!
Q: What should I consider before taking out a fast loan today?
These are things you need to consider before taking a fast payday loan:
• Will it allow you to repay early without penalty?
• Can it enable you to adjust payment dates as you go along?
• Do you need to reapply every time you take another loan?
• And most importantly, in this case, how quickly are you going to get the cash when you need the loan fast?
Scrutinising lenders’ websites for information like this will help you find the best loan for you to work with. All you have to have is a precise knowledge of the conditions. It is imperative to assess the conditions before selecting the decent alternative to your financial dilemma.
Q: What is the Fast Loans Application Process Like?
Our fast and easy online application for our low interest fast cash loans takes just 2-3 minutes and has a speedy turnaround. You just have to fill in some facts including your name, address, birth date, email, contact number, income, etc. Once you have applied, we will work out if you are eligible for a fast loan where we check your affordability and your credit score. This only takes 90 seconds to do, so it won’t be long before we get back to you and let you know if you are approved for our loans.
Q: How Do I Know I am Not Applying to Loan Sharks Online?
Quick loans Express is a legal lender online. The difference between us (a genuine payday loans online lender) and loan shark is that we are authorised by the FCA and we will only lend to you if we can be sure you can make repayments. However, be careful when searching online for a payday loan, as it may not result in such savoury lenders. Many loan sharks prowl on the internet and snatching vulnerable customers. So, a vulnerable borrower may be unable to get a best payday loan because of their bad credit rating and current financial situation.
Q: How quick are same day payout loans approved?
The majority of payday loans are usually approved within just a few hours and you can have the money within one
hour of approval. This is one of the main reasons that same day payday loans from a direct lender are very popular. You can apply for a typical instant decision payday loan at 2 pm, and the cash can be in your account before 5 pm the same day.
Q: Can I repay my loan from abroad?
Yes. If you still have an outstanding balance on a instant loans UK you can repay from anywhere online. However, if you are permanently living abroad then you will not be able to borrow money from us as you must reside in the UK.
Q: Once I pay off a loan, how soon can I receive another one?
Just because you just finished a quick loans online with us does not mean we won't accept you for a loan straightaway. However, you will still need to go through the same checks as you previously did in accordance with the Quick Loans Express's responsible lending policy. As a responsible lender, we do not encourage you to take continuous loans from us. This is because short term loans should only be used for a short term financial need and not a long term solution. If you are struggling with your finances, we suggest you get in touch with the money advice services.
Q: I need help with my application; what should I do?
You can contact us any point during every process of your same day loans for bad credit or good credit including the application stage. Feel free to contact our customer support team by phoning us on 0203 909 5555 or email, firstname.lastname@example.org. We are happy to talk to you and guide you through the process. We will try to respond within 24 hours (weekends and public holidays excluded).
Q: What are my repayment options?
You have two options when repaying your instant cash loans UK with Quick Loans Express:
- CPA (Continuous Payment Authority) - You permit us to do a direct transfer from your account on the agreed repayment day. A first payment must be made no later than 45 days after the loan advance date. For further information about CPA see our CPA policy.
- Manual payments - Only an employee can apply this. Please contact our client service centre if you wish to pay manually by debit card or via a bank transfer. Please note that we do not accept cash payments.
Q: What is APR? What does it mean for me as a customer?
APR or Annual Percentage Rate represents the cost of the quick loan online over an entire year. Knowing the APR for a loan allows you to easily compare different lenders. The representative APR for Quick Loans Express varies between 690% to 1100%. However, since our cash loans only extend from 3-6 months, it will obviously be considerably less than the representative APR.
Q: What is credit scoring?
Credit scoring is a system used by us, other loan lenders, banks and financial companies to decide on a customer’s application for borrowing short term loans, overdrafts, personal loans, credit cards and mortgages etc.
The credit scoring involves calculating a score from the information the customer has provided on the application form. This is your age, job and other existing financial commitments. In addition to this, a credit reference agency will provide additional information about your previous financial commitment and the manner in which you paid them off. This is likely to influence our and other lenders decision of approval for a loan. We use Equifax and callcredit as our credit reference agencies.
Q: Will searching for a loan affect my credit record?
Searching for an instant decision payday loan in itself will not affect your credit score. Applying for a loan though will affect your credit score especially if you were not accepted. There are many loan calculators for you to see how much a payday loan will cost you. Quick Loans Express have on here.
Q: What is the process when applying for an online quick payday loan?
Most quick loans in the UK now operate online:
1. Fill out the online application
2. Wait for the lender's response
3. If approved, the lender may ask you for more information and ensure you are aware of the all the terms and conditions of the loan.
4. Receive your payday loan in your account
5. Repayment period starts
Q: What happens if I can't make my payments on time?
We understand that sometimes events happen that prevent you from repaying the fast loan on the specified date. If you feel that you will not be able to repay at that time, the first thing you need to do is contact us. We can offer you several low or no cost options for an alternative repayment plan which may include a penalty-free grace period and breathing space. We like to hear what works best for you and we can try and accommodate this if it is feasible.
Q: Can I cancel or withdraw from my loan agreement?
You have the right to cancel the loan within 14 days of signing the loan agreement. If you withdraw from the loan agreement, you must repay the money you borrowed and the total interest from the period you had the cash loan . You can withdraw or cancel your loan by contacting us by emailing email@example.com or calling us on 0203 909 5555.
Not usually. Quick Loans Express operates fully online, and we would hardly ever ask you to submit extra paperwork when you apply for a same day loan . All the essential details needed to make a decision are submitted with your application. However, please be aware that due to recent instruction by our regulators, our underwriters may occasionally ask you to send in supporting paperwork.
Q: Why was my application declined?
Quick Loans Express believe in lending responsibly and fairly. When you apply with us, we need perform credit checks and assess your affordability. If we feel that you will not be able to make the repayments and it will cause you to have increasing financial trouble, we think it is morally wrong to lend to you. The FCA also has regulations set in place to avoid people falling into subsequent debt.
Q: How do I know if I am eligible for a loan?
In order to apply for a cash loan with us, you have to meet the following criteria:
• Be 18 years old +
• Have a valid UK Bank Account
• Be a resident of the UK
• Have a reliable source of income
You do not need to have a perfect credit score to apply with us.
Quick Loans Express
We like to keep things simple. If you have any questions about the way we work, take a look
at the FAQs below, or contact us. Ready to go ahead? Apply now and get a decision within
- Direct lender
- Bad credit welcome
- FCA authorised
- No fee to apply
- Instant decision
- Same day payment
- Get up to £2000
Representative Example: Borrow £700 for 6 Months, 6 Monthly Repayments of £203.22.
Total Repayment £1219.32, Interest Rate p.a. (fixed) 74.19%. Representative APR: 696.83%