Types of quick loan
Same day loans are a type of payday loan where you can apply for and (if approved) get a quick loan on the same day. This may be ideal if you need cash today, perhaps for an emergency, such as new tyres for your car or a new washing machine. They are a form of quick loans that can be tailored to suit your needs.
Instant loans do what they say on the tin — these are quick loans where you can get an almost instant decision and, if your application is approved, the funds are typically transferred speedily to your bank account the very same day.
Also known as cash or payday loans, in many cases you can apply for these even if you need a bad credit loan.
Cash loans provide you with a way of borrowing money, fast. They are similar to payday loans and same day loans in that you borrow money and pay it back on your next payday or several months later. Cash loans can be short-term (so one month loans) or, if you borrow a larger amount, they may be repaid over a maximum of 24 months.
There may be times when a financial emergency strikes and payday is still several days or weeks away. Perhaps your car has broken down and you need it to get to work? Or, you have a vets’ bill that needs paying while you wait for your pet insurance to pay out? Or, perhaps you need a same day loan for another reason? Whatever the reason, an emergency loan may be a solution.
Text loans used to be a way of applying for a payday loan from a lender you already had an existing relationship with. The idea was that when you needed an instant loan, you simply texted the amount you required to the lender and they would do a few quick checks before typically approving the loan.
However, affordability checks are now much more rigorous — as a minimum, you will need to provide a fresh breakdown of your income and expenses with each new application. As such, text loans don't really work any more and are no longer available.