A quick loan is one that can be arranged very quickly. These are normally short-term loans as they do no credit check and this speeds up the process with regards to application. These days there are a lot of companies that offer quick loans and so you will have a lot to pick though. This does mean that there is more competition and therefore you should find one at a reasonable price. However it is important to understand exactly what you are comparing.

Cost of the loan

the cost of the loan is what it will cost if you pay it back on time. Often a loan company like this will let you know exactly how much you will need to repay so that you can compare them and you are aware of exactly what the fees and interest rate will be. It can be complicated by the fact that they often charge interest and fees and these need to be added up. Often too you will a representative APR and that can be a large percentage which may not mean much either. All you have to think about how much the borrowing ill cost you in real monetary terms. So look at the total repayment figure, take off the value of the loan and that will give you the cost. As long as you repay on time, it will be as simple as that. However, you should also think about what might happen if you do not repay the loan on time.

Late repayment charges

If you are late with repaying a quick loan, then you will be charged. These charges change with the lender and so you will need check what they are for every loan that you are considering. The problem with these is that they tend not to be on show on the webistes. You will have to dig into the terms and conditions to find this information and that may be tricky and not much fun. It could be better, to telephone or email the lender and ask them outright what the late repayment fees are. This can be a good idea because it will let you know what their customer service is like. If they respond quickly and give you a straight answer then that will go in their favour but if they cannot give you a good answer that is understandable or do not respond quickly or may be not at all, then that certainly says something about them!

Term of the loan

The term of the loan is important as it does have an effect on the cost. The longer you take to pay back the loan, the more expensive it will tend to be. This means that it is important to think hard about the repayment term. However, although keeping the costs down is important, it is wise to give a lot of thought to repayments. If you cannot manage the repayments then you will have to pay a late payment fee and this could put the cost of the borrowing up massively. Therefore it can be worth paying a bit more money in order to repay over a longer period and reduce the risk of not being able to repay when needed. As well as making the repayment you will need to make sure that you can manage all of your other costs for the rest of the month and therefore if you have just one repayment or large repayments this may be difficult for you.

Therefore you need to think about the practicalities of repaying the loan and whether the cheapest loan, which has larger repayments will actually work practically and will in the end work out cheaper or whether you risk having to pay late payment fees.


Therefore you will need to think about the price of the loan and the practicality of it. You will need to compare all of the loans that are available and think about your circumstances as well. It is possible to give your requirements to an introducer and they will let you know which lenders would be prepared to lend to you. This can really help as you can then only research the lenders that will be happy to lend to you. You can also do this work yourself and look at different lenders, but it will take more time. What is most important is not just to focus on the cost of the loan itself but to think about other aspects as well.