Answers to Frequently Asked Loan Questions
Frequently Asked Loan Questions with answers below:
How do you earn your fee for this service?
To operate this service we receive commissions from any of the adverts you may click on. We are NOT a broker and NOT a lender.
We DO NOT charge for using this website. No one from Quick & Friendly Loans Limited will ever contact you by any means and request you to send money to them or buy products from them.
To learn more about how to deal with cold-calls, refer to our fraud protection guidance.
Where can I find out information about your Renewals Policy and Responsible Lending Policy?
As we are a responsible, open and honest company, we believe that it is important to make all our policies easily accessible.
Please see here for our Responsible Lending Policy and our Renewals Policy.
What is an instalment loan?
Unlike a short term loan the instalment loan product is usually a higher value loan typically £100 to £5,000.
The instalment loan is also paid back over longer periods of 3 to 60 months and incurs a smaller interest rate than a short term loan.
Can I apply for a loan?
You can apply if you are: over 18 years of age, living in the UK (England, Scotland, Wales and Northern Ireland), in employment and receiving a regular salary paid into a valid bank account that accepts direct debits.
Visit our Am I eligible page for more details.
How fast can I get my money?
Times will vary based on the lender you have been matched to and the loan product type you are seeking.
Using short-term loans as an example, in many cases loan decisions can take as little as 30 minutes.
If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 14:30.
How do I apply for a loan?
You can apply 24 hours a day 7 days a week. Many of the lenders also work 7 days a week and can even deposit funds in your account at the weekend.
Your lender may ask some additional questions not captured on our application form. You then sign your loan agreement online and receive your loan from your lender.
Why does the APR seem so high?
Short term loans are normally taken over a maximum term of 60 days so APR’s are not the best way to measure how competitive the rates are.
Lenders prefer to focus on the amount you pay back in total rather than on APR.
How do I pay back my loan?
In the case of the instalment loan product the payments will be taken by direct debit on the same agreed date each month.
I have bad or poor credit history – can I still apply?
Absolutely, many lenders will consider applicants with less than perfect credit histories.
How will I get my money?
It will normally be paid directly into your bank account.
Do you charge any fees for your service?
No – Here at Quick & Friendly Loans Limited we do not charge you a fee for using this website.
What if I have difficulties paying?
CALL YOUR LENDER! If you think you’re going to have a problem with a payment, you should call your lender as soon as you can.
The sooner they know there’s a problem, the sooner they can start to help. They don’t tell people off – they just do everything they can to make things easier!
You’ll probably be surprised how understanding they are, so don’t be afraid – just pick up the phone now.
Alternatively, if you’re worried about things and want more information about how to manage your money, there are a number of free and independent organisations which can help.
StepChange www.stepchange.org 0800 138 1111. Free advice on debt problems and finding the best solution for you.
Money Advice Service www.moneyadviceservice.org.uk 0300 500 5000. Offers free, unbiased and independent advice to people who want to manage their money more effectively. Face to face sessions available.
National Debtline www.nationaldebtline.org 0800 138 1111. Free, confidential debt advice service run by the Money Advice Trust.
What is Auto Decisioning?
Auto Decisioning allows lenders to make a decision on your loan application without the need for human interaction.