Quick Loans – Frequently Asked Questions
How much can I borrow?
You can apply to borrow between £ 100 and £ 5,000 with CashLady. Please note that it is recommended that you only request the money you need and no more. It may also be interesting to note that, in general, the lower the amount you ask to borrow, the more likely your application is to be approved.
How long will it take to receive my loan?
The loan providers on our panel are set up to be able to repay loans quickly – often the same day the application is approved. Depending on your bank’s policies and procedures, you may even have the money in your account within minutes * of approval.
Despite the speed of processing, your request is always carefully considered. Affordability checks are done and a credit check will be done to make sure you are able to pay the loan repayments.
Will I need a guarantor?
Most of the lenders in our panel do not require you to have a guarantor. If you are directed to a guarantor lender and do not wish to continue, you are not required to continue unless you wish. Rest assured that our service has no impact on your credit score as we use soft search technology to match you with a suitable lender for your situation.
Are you going to do a credit check?
When you submit your quick loan application, we’ll do a smooth credit check. This will not affect your credit score and will only be visible on your credit report to you. This allows us to very quickly obtain the initial acceptance / rejection decisions from each of the lenders in our panel.
Please note that if we find a lender who is likely to accept your application and direct you to their website to complete your loan application, that lender will need to perform a credit check before the loan is approved, and the money may be sent. to your account. This credit check could have an impact on your credit score.
I have a bad credit rating; will I be accepted?
Many lenders we work with will accept applications from clients with poor credit, so if you have an unfavorable credit history, that won’t necessarily prevent you from receiving a loan offer. However, it could be that your bad credit score results in an offer from a lender at a high APR, as you may be considered a risk of default.
So, it is up to you to decide whether you choose to accept the loan offer and proceed with your application, but the important thing is that you can afford the repayments. If you are confident that you can meet the repayment terms and do it in full and on time, it could potentially improve your credit score. Conversely, any late repayments or missed monthly repayments can further damage your credit score.
Why should I apply for a quick loan with CashLady?
There are a number of advantages of applying for a quick loan with us over applying directly from a lender.
- Speed. You can access multiple lenders with just one online application. Rather than filling out application forms on multiple lender sites, you can fill out an application form with CashLady and we will present it to over 30 lenders for instant decision.
- Protect your credit score. If you were to complete multiple applications on various direct lender sites, it could lead to several serious credit checks that could damage your credit score. We only perform a soft credit check that has no impact on your credit report, so you can know if you are likely to be accepted for a loan without harming your credit report.
- We instantly match your request with the lender most likely to agree to save you time and effort.
Our application process is explained in more detail in the graphic below:
Responsible borrowing and lending
The loans we help clients find are for smaller amounts of money and are meant to be repaid quickly in order to resolve a short-term financial problem. As a result, the APR is often higher than a regular loan for a higher value that would traditionally have been obtained from a bank or mortgage company.
The direct lenders we work with will always perform an affordability assessment as well as other checks (such as a review of your credit report), to make sure they believe you will be able to repay your payments. installments. But you also need to be sure that you will be able to make all the repayments before you commit to taking out the loan.
The quick loans we help clients find should only be used for essential purposes, such as:
- Vehicle breakdown
- Need to pay an unexpected bill
- Urgent home repairs – like a boiler failure or a washing machine problem
- An unexpected expense
- Break down the cost of a big essential purchase
They should not be used:
- To repay other forms of credit
- To pay current bills such as gas, electricity, water prices, TV charges, housing tax or rent
- Pay a bailiff / company requiring payments
- For entertainment purchases
- For luxury or non-essential purchases.
Remember, if you are having financial difficulty, there are organizations you can contact for help, such as Money Helper and Step Change.