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Borrow $100 to $25,000* by **
► I Need $100 - $995 ► I Need $1k - $25k
Representative Example (Qualified Customers) If you borrowed $5,000 over a 48 month period and the loan had a 8% arrangement fee ($400), your monthly repayments would be $131.67, with a total pay back amount of $6320.12 which including the 8% fee paid from the loan amount, would have a total cost of $1720.12. Representative 18.23% APR.
A 15 minute loan is not unlike a pay day loan or a same day loan. The general idea is they are designed to be used in a crisis. In a situation when nothing else will do. Not all of us have money lying around. Our credit cards or overdraft could be maxed out, we’re two weeks away from pay day and we need money and we need it now.
The concept of 15 min lending allows someone in need to quickly and assuredly apply for a short term burst of cash, without going through all the usual processes associated with credit. Let’s be honest, when we’re in crisis the last thing we have time for is filling out forms or face twenty questions from a lender. Forget arguing with our bank over our credit limit.
While the applicant’s credit rating is indeed taken into account, these kind of loans are much easier to get approved for, which is beneficial for those who need them, especially if they have a poor credit rating.
Such quick loans are designed to be used in a situation when money is needed immediately and can’t be found from any other source. The applicant may be a few weeks away from pay day and may not have any other lines of credit open to them. Waiting may also not be an option. This is a situation more and more people in the US find themselves in, especially during this era of austerity.
Quick loans are designed to be used in emergency situations such as when the household boiler breaks, or the car needs a new part. Perhaps one of our windows has broken or something else that many of us would consider a pressing need. These are all situations when waiting for pay day isn’t realistic and neither is making an appointment with a personal banker or applying for a loan that may take several days to be approved. We can’t be expected to wait this long with a cold house or simply not drive to work.
There are various benefits to applying for a loan in 15 minutes that can’t be found elsewhere:
As the name suggests, these loans can be requested, approved and delivered within 15 minutes. This is incredibly convenient and can be a real lifeline to those in need of immediate cash.
It’s important to point out that a this type of lending still does count as a loan, but unlike most forms of credit there isn’t an extreme amount of forms to fill in. The process is generally done electronically and without speaking to anyone for approval. You’re either denied or approved within 15 minutes and even those with a poor credit rating are approved unless their circumstances are extreme.
This is a major selling point and one lots of people don’t know about. Our credit ratings are approved by being granted and paying back credit. Those who know this use this method of lending and other forms of pay day loans simply to borrow small amounts and pay them back just to get the positive points for their credit rating. When you apply online you’re much more likely to be approved, this in itself is a good thing for your credit file. Should you then pay the loan back when agreed that’s double points!
When applying for traditional credit those with a poor or low rating may get denied, this can impact their credit file further leading them to now have an even worse rating due to their rejection. It puts them in a lose/lose situation. They need to rebuild their credit score but can’t get credit to do so. It’s a catch-22 and very frustrating for the applicant.
A 15 minute loan is likely to be approved which avoids this issue. Also as they are usually small amounts of money, they are also much easier to pay back. Payment plans are rarely an issue and the applicant benefits from the positive credit points. This is why people borrow this way even when they may not need them. They are taking advantage of the scenario. If we’re being honest, we don’t blame them.
The short answer to this is yes, they are absolutely safe to use but there are some things to consider before you do:
To summarise, a 15 min loan isn’t designed for everyone. But anyone can take advantage of what they offer should they ever be in need. Temporary money problems affect us all at some point in our lives, so never be ashamed to ask for help. That’s exactly what they are designed to do.
News Discover new lenders and loan offers this May, request a free quote!
APR Disclosure. Some states have laws limiting the APR (Annual Percentage Rate) that a lender can charge you. APRs range from 3.09% to 35.99% APR with terms from 61 days to 180 months. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the lender. Some states have laws limiting the APR (Annual Percentage Rate) that a lender can charge you. Loans from a state that has no limiting laws or loans from a bank not governed by state laws may have an even higher APR. The Annual Percentage Rate is the rate at which your loan accrues interest and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments. Lenders are legally required to show you the APR and other terms of your loan before you execute a loan agreement.
Material disclosure. The operator of this website is not a lender, loan broker or agent for any lender or loan broker. This website is not an offer of credit nor is it a solicitation to lend. We are an advertising referral service for qualified participating lenders that may be able to offer loans in amounts between $1,000 and $35,000. Not all lenders can provide up to $35,000 and there is no guarantee that your request for an offer of credit will be accepted by an independent, participating lender. The registration information submitted by you on this website will be shared with one or more participating lenders. You are under no obligation to use our service to initiate contact with a lender, apply for credit or any loan product, or accept a loan from a participating lender. We do not endorse or recommend any lender or loan. If you are offered a loan by a participating lender, it may not necessarily be the best loan available to you. We do not control and are not responsible for the actions of any lender. We do not have access to the full terms of your loan. For details, questions or concerns regarding your loan please contact your lender directly. Only your lender can provide you with information about your specific loan terms, current rates and charges, renewal, payments and the implications for non-payment or skipped payments. Loan transfer times and repayment terms vary between lenders. Repayment terms may be regulated by state and local laws. Any compensation we receive is paid by participating lenders and only for advertising services provided. This service and offer are void where prohibited. Lenders may perform a credit check to determine your creditworthiness. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Some faxing may be required. These disclosures are provided to you for information purposes only and should not be considered legal advice. Be sure to review our FAQs for additional information on issues such as credit and late payment implications.
Exclusions. Residents of some states may not be eligible for some or all short-term, small-dollar loans. Residents of Arkansas, New York, Vermont and West Virginia are not eligible to use this website or service. The states serviced by this website may change from time to time, without notice.
Credit Implications. The operator of this website does not make any credit decisions. Independent, participating lenders that you might be connected with may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, credit standing and/or credit capacity. By submitting your information, you agree to allow participating lenders to verify your information and check your credit. Loans provided by independent, participating lenders in our network are designed to provide cash to you to be repaid within a short amount of time. The short-term loans are not a solution for long-term debt and credit difficulties. Only borrow an amount that can be repaid on the date of your next pay period. Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. Late Payments of loans may result in additional fees or collection activities, or both. Each lender has their own terms and conditions, please review their policies for further information. Nonpayment of credit could result in collection activities. Each lender has their own terms and conditions, please review their policies for further information. Every lender has its own renewal policy, which may differ from lender to lender. Please review your lender’s renewal policy.