With the onset of the recession and the credit crunch, instant decision loans have grown in popularity especially in the UK with many people applying for them to bridge cash flow problems between pay days.
On the face of it, these types of loans can seem like the ultimate solution if you are facing cash flow problems as you can apply for one online and get a decision in around two minutes with the funds being deposited to your account the very same day.
But, are they really the best solutions for cash short consumers looking to get hold of some quick cash? We are going to look at these loans in more detail and see if they really are right for you.
There are many lenders in the UK that will offer instant decision loans so there is lots of choice to choose from. Most lenders will lend between £80 to £750 on a short term basis of about two to four weeks where you will repay your loan and interest at the end of your agreed loan date.
Now, one of the negatives of these types of loans is the amount of interest that is charged. A lender will generally charge about £25 per every £100 that you borrow which works out to be an interest rate of around 1,200% APR which is very high. So these loans are not cheap.
However, if you have cash flow problems and you have a good solid income then a quick cash loan could be a good solution for you if you have cash flow problems and need cash quickly. My advice would be to research all of the available lenders, only borrow what you can afford to pay back and apply for a loan with a lender that offers you the best deal.
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