What the loan will be used for
Whether you’re making home improvements or funding the cost of a new car, we’ll need to know what the loan will be used for, so it’s tailored to your needs.
Instant decision loans
Get quick results on loan eligibility
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We do the heavy lifting, so you don't have to. We work with a range of leading providers to help you borrow the money you need.
What is an instant decision loan?
As the name suggests, an instant decision loan lets you find out immediately if you're approved by a lender, without having to wait around for a lender to get back to you. That means they're ideal if you need cash quickly, perhaps because of an unforeseen emergency.
When you search for an instant loan with us we use a ‘soft search’ - which doesn’t affect your credit score in any way – and then we’ll show you your chances of being accepted for each deal.
Are instant loans the same as payday loans?
Instant loans and payday loans both offer fast access to cash and are typically used for short-term needs, but they are not the same. Payday loans are a specific type of instant loan that involves borrowing a small amount to be repaid in full on your next payday, often with very high interest rates.
Instant loans, however, can include various types of quick personal loans with more flexible repayment terms and amounts. While both can carry high costs, instant loans come from a wider range of lenders and offer better terms depending on your credit history.
How does an instant decision loan work?
An instant decision works much like any other personal loan. With the proviso that there’s no waiting around to see if you’ve been approved:
Apply for a loan: Submit an online application, providing personal, employment, and financial details
Lenders assessment: Lenders assess affordability and may perform a soft or hard credit check
Your loan is approved and funds are released: If approved, funds are disbursed immediately or within a few hours
You repay the loan in one payment or in monthly repayments: You pay the loan back, either as a lump sum or through instalments, as agreed with the lender
How much will a loan cost?
Loan calculator
Find out what monthly repayments would be, how much you'll pay overall and how much you could borrow.
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Based on the information you supplied, you would be borrowing XXX and repaying the loan in XXX monthly instalments of . The total sum to repay, subject to XXX% APR over the full loan term would be XXX. This assumes there are no extra fees and that your payments are made on time and in full.
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Based on the information you supplied, you could borrow XXX at a monthly repayment rate of to be paid over XXX monthly instalments. Over the full loan term at XXX% APR, the total amount repayable would be XXX. This assumes there are no extra fees and that your payments are made on time and in full.
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The maximum personal loan is £50,000
If you need a larger amount, consider a secured loan, which will allow you to borrow more but uses your home as collateral. Be aware that lenders can sell your house if you fail to keep up with repayments.
What can I use an instant decision loan for?
You can use an instant decision loan for typical uses, as listed below. However, there are some restrictions to be aware of:
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Home improvements
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Emergency car repair
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Unforeseen medical bill
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Starting a business
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House deposit
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Gambling
Am I eligible for an instant decision loan?
To apply for a quick loan with an instant decision, you must typically:
Be over 18
Live in the UK
Have a regular income
Have a UK bank account
To find out which instant decision loans you’re eligible for, just input your details in our eligibility checker. We’ll then show you loans that you've been pre-approved for.
Can I get an instant decision on a loan with bad credit?
Yes, you may be accepted for an instant loan even if your credit score is low. But you may find your loan options are limited to:
Borrowing less
Paying higher interest rates
Having fewer options
There are specialist providers who offer loans to those with a limited or poor credit history although they are usually more expensive. Improving your credit score can open the door to better and lower cost borrowing.
What do I need to get a decision on a loan?
We'll need a few details from you to match you with the right loan and let you know your chances of approval, including:
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How much and for how long?
Looking for a smaller loan of £1,000 or need a larger loan up to £25,000? Let us know the amount you’re looking to borrow and how long you want to pay it off.
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A few details about you
We’ll need a few details about your including whether you’re a homeowner and your employment status, to understand your full financial picture.
How much can I borrow on an instant loan?
Instant loans are known for being small, short-term loans, often used for immediate needs or short-term financial challenges, so you'll typically be able to lend anything from £50 to £2,000, depending on the lender.
How quickly does an instant loan payout?
If you have your online application for a payday loan approved and your eligibility confirmed, you can get your money into your bank account in as little as 10-15 minutes.
What are the repayment terms on an instant loan?
Instant loans are typically short-term, small loans, often repaid within a few months, and can be structured on a weekly, fortnightly, or monthly basis.
Repayment terms vary depending on the lender and the specific loan product, but common repayment periods range from 4 to 6 months.
Some lenders offer repayment holidays or allow early repayment without penalties.
What are the pros and cons of instant decision loans?
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Advantages
You’ll know very quickly if you’ll get the funding you’re seeking and can plan accordingly
They can be good way of accessing money in an emergency
Loans are cheaper way of borrowing than other form of credit, such as credit cards
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Disadvantages
You may struggle to borrow larger sums with an instant decision loan
Borrowing rather than saving up means you’ll pay interest – so it will cost you more overall
If you miss a repayment it will negatively affect your credit rating
Will base rate cuts make loans cheaper?
As of December 2025 , the base rate stands at 4%, after the Bank of England voted for 0.25% reduction on 7th August. This marked the 3rd base rate cut of the year and brought the base rate to its lowest rate since March 2023.
When the base rate is reduced, lenders often lower their Annual Percentage Rates (APRs) on loans, making borrowing more affordable.
However, not all lenders adjust their rates at the same pace. Therefore, it's important to compare offers for instant decision loans from different lenders.
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How can I ensure an instant decision loan is right for me?
If you have concerns about whether an instant decision loan is right for you, then consider the following:
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Don’t borrow more than you need
Keeping the loan amount down means the amount of interest you have to pay will also be lower
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Find a low interest rate
Focus on securing a loan with a competitive interest rate to minimise the overall cost of borrowing
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Get the best repayment terms
Look for manageable monthly payments while not over-extending the length of the loan, so you pay more than necessary
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Check for fees and charges
Carefully review any charges, so you're aware what happens if you miss a repayment or want to make an early repayment
How do I find the best instant decision loan?
Not sure if you’ve got the best instant decision loan for your needs? To make sure you have, it’s a good idea to ensure that you...
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Don’t borrow more than you need
Keeping the loan amount down means the amount of interest you have to pay will also be lower
-
Find a low interest rate
Focus on securing a loan with a competitive interest rate to minimise the overall cost of borrowing
-
Get the best repayment terms
Look for manageable monthly payments without over-extending the length of the loan, so you don’t pay more than necessary
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Check for fees and charges
Carefully review any charges, so you're aware what happens if you miss a repayment or want to clear the loan early
Are instant loans safe?
Instant loans are regulated by the Financial Conduct Authority and the days of loan sharks and unregulated payday loans are mercifully over.
However, if you're making a loan application for a payday loan, you really need to consider whether the higher interest rates are worth it and whether there are alternatives. Can you borrow money from your bank or a credit union? Is the total amount going to be too much for you to pay back?
Small loans can be easier to pay back if they are one offs, but if this is another in a line of instant loans, you may be best to speak with Citizens Advice, a credit broker or your bank for help consolidating your debt.
Remember that late repayment can lead to expensive penalties as you’ll be breaching your loan agreement.
What are the alternatives to instant loans?
Unsure if an instant loan is right for you? Here are some alternatives to consider:
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Loans for bad credit
There are lenders who specialise in offering loans to people with poor credit history, but your options may be more limited and the interest rates are often higher.
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Credit cards
Find out more about credit cards for bad credit and compare deals here.
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Borrowing from friends or family
Can make borrowing more affordable, but can also strain relationships.
Compare loans with MoneySuperMarket
We’re here to help find the right instant decision loan for you, so we’ll tell you whether you’re likely to be accepted and the rates you’re guaranteed to get.
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It doesn’t take long
Let us know a little about yourself, your financial situation and the loan you want.
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We’ll search the market
We’ll sift through loans from a wide range of UK lenders to find ones that suit you.
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Compare loans
You’ll be able to sort loans by overall cost and the likelihood you’ll be accepted.
Our expert says…
Loans can be used for a range of different things, from paying for a new car, a new boiler, or even your next holiday. The amount you can apply for will depend on your credit score and financial situation, but you can instantly find out your chances of being approved for a loan if you use the MoneySuperMarket free eligibility checker. It gives you the information you need to decide which loan works best for you, and because we won’t run a hard credit search your credit score isn’t impacted and lenders won’t be able to see what you’ve been searching for.
Kara Gammell Personal Finance & Insurance Expert
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MoneySuperMarket has won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.
Do instant approval loans affect your credit score?
Comparing instant approval loans won't affect your credit score. This is because lenders only carry out a soft credit search as part of their pre-approval process.
However, if then go on to formally apply for a loan you will trigger a hard credit search. This could damage your credit score.
Can I get a loan without proof of income?
If you don’t have proof of income you may find it harder to be approved for a loan. Lenders usually prefer you to have a stable job, to prove you have a way to pay the loan back and meet your repayments in good time. You may still be able to get a loan without proof of income, but you’ll likely face higher interest rates.
If you’re unemployed, you may still be able to get a loan but your options will be more limited. Most lenders will refuse to offer you credit if you don’t have a reliable source of income. If this is the case, you’ll probably need to find a specialist lender - and usually interest rates will be high.
Can I get a loan without running a credit check?
Lenders will need to run a credit check to ensure you're eligible for any sort of borrowing. But you can check how likely you are to be accepted for a loan by just entering a few details and telling us about personal circumstances. That will only trigger a soft credit check that won't affect your credit rating.
Can I get an instant loan if I’m unemployed?
It can be more difficult to get a loan if you're unemployed, as some lenders are hesitant to lend money to those who don't have a stable income. However, there are options, such as payday loans, but these tend to come with higher interest rates.
Can I take out more than one instant loan?
Yes, it's possible to take out multiple instant loans, but it's not always recommended. Lenders may have restrictions on the number of loans a person can have open at the same time. It's also important to consider whether you can afford to pay off multiple loans and the potential for a debt cycle.
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Reviewed on 10 Dec 2025 by
