A 2023 report by the Financial Conduct Authority (FCA) revealed that more than 3 million adults in the UK used high-cost short-term credit last year.
With the rising cost of living, many people turn to quick loans for emergency expenses like:
Unexpected bills (utilities, rent, medical)
Car repairs
Urgent home repairs
Business cash flow issues
With so many loan providers, finding a fast and reliable lender can be confusing. This guide will help you find the best places to get a quick loan in the UK without unnecessary hassle.
Types of Quick Loans Available
Before applying for a loan, it’s important to know the different types of quick loans available.
Payday Loans
Loan amount: £100 to £1,000
Repayment: Typically one month (until your next payday)
Best for: Short-term emergency needs when you can repay quickly
Risk: Very high interest rates—if you don’t repay on time, the cost can skyrocket
Same-Day Personal Loans
Loan amount: Up to £25,000
Repayment: Spread over months or years
Best for: Borrowers with a good credit history who need larger amounts
Risk: Missing payments can damage your credit score
Guarantor Loans
Loan amount: £500 to £15,000
Repayment: 1 to 5 years
Best for: People with poor credit who have a co-signer (friend or family member)
Risk: If you don’t repay, your guarantor will be responsible for the debt
Credit Union Loans
Loan amount: Varies by union
Repayment: Flexible terms
Best for: Those looking for lower interest rates and fair lending
Risk: You must be a member to apply, and approval may take longer
Online Lenders
Loan amount: £100 to £10,000
Repayment: Short-term or long-term options available
Best for: People who need fast approval and an easy application process
Risk: Some lenders charge high fees, so always check the terms before accepting
Where to Get a Quick Loan in the UK
Now that you know the different loan types, here’s where you can get one quickly.
1. High-Street Banks
Best for: Personal loans and existing customers
Large banks like Lloyds, Barclays, NatWest, and HSBC offer quick loans, but you’ll need a good credit score. Some banks provide same-day transfers for personal loans if you are pre-approved.
2. Online Loan Providers
Best for: Fast approval and flexible repayment
Many UK lenders operate online and provide quick loans. Popular options include:
My Quick Loan – Instant approval for short-term loans
Sunny Loans – Various repayment options
Ferratum UK – Quick processing for small loans
Most online lenders transfer money within hours, but always compare interest rates before applying.
3. Credit Unions
Best for: Affordable loans with lower interest rates
Credit unions charge lower interest rates than payday loans. Some top UK credit unions include:
London Mutual Credit Union
Manchester Credit Union
Leeds Credit Union
If you’re already a credit union member, you may be eligible for same-day loan approval.
4. Peer-to-Peer Lending Platforms
Best for: Lower interest rates and flexible loan options
P2P lending platforms connect borrowers with investors. Some well-known UK platforms include:
Zopa – Competitive rates for personal loans
Funding Circle – Ideal for business and personal loans
Ratesetter – Offers flexible repayment schedules
Some lenders approve loans within 24 hours, but processing times vary.
5. Payday Loan Companies
Best for: Emergency cash when no other options are available
Payday loans come with very high APR rates (sometimes over 1,000%), so they should be used only as a last resort. Popular payday lenders include:
Wonga – Fast online applications
QuickQuid – Quick transfers for short-term loans
Lending Stream – Offers flexible repayment options
If you take out a payday loan, ensure you can repay it on time to avoid extreme interest rates.
6. Mobile Banking Apps
Best for: Digital banking with instant loans
Many fintech apps now provide small loans and overdrafts with minimal paperwork. Some good options include:
Monzo – Instant overdrafts and personal loans
Revolut – Fast credit options
Tide – Great for freelancers and business owners
Mobile banking apps simplify the process, with money often available within hours.
How to Apply for a Quick Loan Without Hassle
If you’re looking for a fast and easy way to get a loan, follow these steps:
1. Check Your Credit Score
Your credit score determines which loans you qualify for. You can check your score for free on:
Experian
ClearScore
If you have a low score, consider a guarantor loan or credit union loan.
2. Compare Lenders
Before applying, compare interest rates, loan terms, and fees using:
MoneySuperMarket
Compare the Market
Some lenders charge hidden fees, so always read the fine print.
3. Apply Online for Faster Approval
Most quick loan providers allow you to apply online. To speed up the process, have these ready:
Proof of income (payslips, bank statements)
Bank account details
Photo ID for verification
4. Read the Terms Carefully
Before accepting a loan, review:
Total repayment amount
Interest rates and fees
Late payment penalties
5. Borrow Responsibly
Only borrow what you can afford to repay. Missing payments can:
Hurt your credit score
Result in extra charges
Lead to legal action in extreme cases
Final Thoughts
Getting a quick loan in the UK doesn’t have to be complicated. There are many options, including banks, online lenders, credit unions, and mobile apps.
However, before borrowing, consider the interest rates, repayment terms, and alternative options like financial assistance programs.
If you’re struggling financially, seek advice from a financial consultant or budget planner. Quick loans should only be used for emergencies, not long-term financial solutions. Always borrow wisely and stay in control of your finances.
Read more:
Where to Get Quick Loans in the UK with No Hassle
