What is the difference between quick loans and bank loans?

Bank loans are traditional unsecured personal loans that are usually only available to those with strong credit records. Banks will lend borrowers anywhere from £1,000 to upwards of £50,000 providing they meet the criteria, repayments are usually made monthly over a number of years.

If you have a good credit record and need a large lump sum of cash for something like home improvements, buying a car or building a home office, a bank loan might be a good option as interest rates can be very competitive. Getting a bank loan can be a long process, though with plenty of documentation needed. You may have to wait days or weeks before you receive the money into your account.

Quick loans are usually applied for online and can be in your account within minutes. They can be useful for meeting emergency costs, especially if you don’t qualify for a bank loans. Quick loan lenders often offer loans of between £100 and £2,000, repayable over just a few weeks or several months, depending on how flexible the lender is.

Interest rates for quick loans are comparatively high as lenders are taking on greater levels of risk when they provide quick loans.

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Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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