1. Can I apply for a loan if I do not have good credit history?

Yes, our lending decisions are based on many things. The most important being a secure income and the ability to afford the loan repayments in a sustainable manner.

What marks us out as different from other lenders is that we will consider all circumstances when deciding whether or not to lend. Some of our most trusted customers have previously defaulted on previous credit agreements and have been refused credit by several other lenders.

We will actually take the time to consider your circumstances and whether we can work out a suitable loan with manageable repayment options. However, we will run credit and affordability checks on all new customers and we will not accept anyone who has been declared bankrupt, entered into a Debt Relief Order, or has IVA’s on their credit file.

2. What criteria do I need to fulfil to be approved for a loan?

To qualify for a loan, you must be a UK resident over the age of 18 at the time of applying, be in either part or full time employment, and get paid regularly. You must also be able to provide bank account and debit card details.

3. How do I get my money?

Once you have been accepted for a loan and digitally signed your credit agreement we will send the funds to your bank account. In 95% of cases you will receive your loan within 10 minutes of signing this agreement. Sometimes this can take longer if you bank with a building society or your bank does not process Faster Payments.

Some banks Faster Payment facilities close down from 1pm on Saturday. Therefore, if you apply for a loan after this time you may not receive the funds until Sunday morning.

4. How long will it take to get a decision?

It normally takes around 5 minutes to apply online. If you meet our criteria we will aim to have someone from our Customer Care Team contact you within 10 minutes to confirm your details and take you through the next stage of your application. This will include running credit and affordability checks. If the whole process runs smoothly we aim to have the money in your account within 20 minutes of your initial application. As long as your bank supports Faster payment facilities.

If for any reason we are unable to generate a clear enough idea about you, your finances, and your ability to comfortably repay a loan from us we may ask for more details. This may include requesting to see further documents like wages slips, bank statements, or utility bills.

5. Will I be able to borrow again?

Yes, but Your ability to borrow again will depend on many factors, including how well you managed to repay your last loan. In any case repeat borrowing will be subject to a credit check and affordability assessment. Your credit limit may increase or decrease for return borrowing, and again will be subject to many factors which we put in place to ensure we are lending responsibly and treating you fairly.

Our Short Term loans (7-90 days) are intended for occasional use only and should not be used by customers to manage existing debt. It is important to remember our short term loans are not designed for long term borrowing and is not the cheapest option. We encourage you to think carefully before committing to any form of credit. We will continually review your lending patterns to ensure that short term borrowing is in your best interest.

If you find yourself overstretched by taking out short term loans then we would suggest you look at our medium term loan offerings (4-12 months). These loans have been designed to help spread the costs of repaying a loan into smaller weekly, fortnightly, or monthly repayments.

6. How long can the loan be repaid over?

Our loans are designed to be flexible for all our customers. Our Customer Care Managers will work with you to develop a repayment schedule that is suitable and sustainable to your circumstances. Our customers are able to repay their loan in one full payment, or alternatively in smaller weekly payments during their loan period. At Fast Loan UK we lend for a maximum of 365 days or 52 weeks.