How to get an online loan with an instant decision

What is an online loan suited to?

An online loan with an instant decision is suited to those people who are looking to get cash quickly. This can be for any reason from emergency home repairs to covering bills until pay day. The market for these types of loans is especially prominent given the effects of financial crises around the world which has impacted upon daily life in almost every region the world over. Loan applicants usually have to be over 18 years of age but there are some companies who will only lend to over 21s or over 25s in rarer cases.

What happens in a loan application?

Usually in the case of an online loan with an instant decision, you will apply for the loan through the lender's website by filling in a simple form. Using the information provided on the form, the company will perform an immediate credit check and your application outcome will depend on your credit score. If you already know that you have a poor credit score, you should work with agencies such as Credit Expert who can help to improve it. If you do not know your credit score, find out by registering with a company like Experian.

Are decisions really instant?

Decisions for online loan applications are usually based solely on your application form details and on your corresponding credit score. This data is available instantly on electronic databases so your decision is usually instant too. Some lenders may give you provisional approval or rejection and will want to follow up with you in branch.

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