Quick Credit Loans - The Instant Decision

Years ago you needed to fill out piles of forms, fax information and wait weeks to receive a loan. However, the new Fast Transfer method used by banks and the flurry of instant payday loans means you can get a loan within the hour you apply, or even in 15 minutes according to some lenders.

Quick credit loans with an instant decisions might have a hidden fee. This could be an additional charge on top of the loan, a charge taken from the total loan received or even a higher APR rating. It's important to keep a look out for credit loans with instant decision and their fee to ensure you don't pay for quick cash when you could have waited a few working days. The actual decision of the loan is always free, but you'll find that "instant decision" lenders always offer "instant cash" so you don't have to wait. This is where a fast track service, fast banking transfer fee or another instant decision fee comes into play.


Transfer Fee

Some lenders may charge a "transfer fee" if you want the loan on the same day. You might have the choice of choosing an instant transfer fee or you might not; Wonga, for example, charge £15 administration (or processing) fees on top of the loan which must be repaid. This is probably the charge for a fast banking service, which sees money into your account within 15 minutes.


Fast Track Service

Other lenders actually give you the choice of picking an instant decision service. This is normally included on the application, before or after you sign, and should include the amount you would pay for the instant decision and fast track service. The fee is not normally paid upfront and either paid back with the loan or taken out of the total loan amount.



Sometimes the higher APR you pay is the credit loans instant decision fee. These are normally from payday lenders but you'll notice the higher the APR then the normally the quicker the decision is; same day services, such as LendingStream and Wonga, charge a massive 3000% + APR for their service. FLM Loans, which usually requires 24 hours or longer for a decision and slower transfers, charges an APR of 199%.

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