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Best Instant Loan Providers & Sites in 2020

Checkout our list of best instant loan providers in 2020.
Kane Pepi
Author: Kane Pepi
Last Updated: March 26, 2020

Man and woman on laptop illustrating cheap loans

If you’re in serious need of cash and thus – don’t have time to go through the usual channels, then you might need to consider an instant loan. In its most basic form, an instant loan refers to a loan that can be facilitated super quickly. By this, we typically mean within a few hours – although often, it can take even longer if additional checks are required. As such, the term instant loan is somewhat misleading, as rarely will the lender instantly transfer the funds over without performing the required due diligence.

Nevertheless, if your primary goal is to obtain financing in the fastest time possible, then we would suggest read out guide on the Best Instant Loan Providers in 2020. Within it, we’ll explain what an instant loan actually is, how they work, who is eligible, and ultimately – how quickly you will likely get your hands on the funds. Moreover, we’ll also discuss the best three instant loan providers currently operating in the UK lending space.

Table of Contents

    Loan Mr.

    Our Rating

    • Loan starting from £100 to £2,000
    • Representative rate of 49.9% APR
    • Payback period of up to 36 months
    • Offers an extension of your repayment period for a fee
    Note: The terms instant loans and payday loans are often used interchangeably. As such, if you’re in the lookout for financing in the fastest time possible, it’s likely that you’ll be using a payday loan lender.

    What are the Pros and Cons of Instant Loans?

    The Pros

    • Gain access to loan funds very quickly
    • Some lenders won’t perform a credit check
    • Suitable for credit profiles of all sizes
    • Range of loan sizes and terms available
    • Complete the entire application online or via your mobile phone

    The Cons

    • Instant loans aren’t really ‘instant’, meaning that the process could take hours, or worse – a couple of days

    Reviewer’s choice of best instant loan providers

    Reviewers Choice
    Loan Mr.
    Available Loan Amount
    £100 - £2,000
    Available Term Length
    2 and 36 months.
    Representative APR
    49.9% to 1333% APR
    Min Credit Score
    Apply for a Payday Loan Now with Very Merry Loans
    Available Loan Amount
    100 - 2000
    Available Term Length
    12 Months
    Representative APR
    49.9% to Max 1333%
    Min Credit Score
    Not disclosed
    Heart Paydays
    Available Loan Amount
    £50 - £2,000
    Available Term Length
    4 - 36 months
    Representative APR
    49.9% and 1333% APR
    Min Credit Score
    Viva Loans
    Available Loan Amount
    £100 - £15,000
    Available Term Length
    2 to 36 months
    Representative APR
    49.9% and 1333% APR
    Min Credit Score
    Loan Shuttle
    Available Loan Amount
    £100 - £5,000
    Available Term Length
    2 to 36 month
    Representative APR
    49.9% to 1333% APR
    Min Credit Score

    How to Apply for an Instant Loan? Read our Step-by-step Guide:

    Even though you might have applied for financing in the past, it is important to note that the instant loan process can operate in a slightly different manner to that of personal loans and credit card applications. The reason for this is that the key factor is speed. In other words, the lender will attempt to process your application in the fastest time possible, while at the same time ensuring that they perform the required checks on you as a borrower.

    With that being said, we would suggest reading through the instant loan step-by-step process that we have we have outlined below.

    Step 1: Find a suitable lender

    timer, dollar sack and pile of coins illustrating instant cash loans

    Although the online lending space now allows you to obtain financing in a super-fast manner, it is important to note that most lenders will still require a day or two to process the financing agreement. As such, you will need to find a specialist instant loan lender that prioritizes speed and efficiency.

    Moreover, you also need to ensure that you find a lender that can facilitate your specific loan requirements. For example, it is all good and well if the lender can process loans within the hour, but if they are unwilling to lend you the required funding amount that you need, this won’t be suitable. The best advice that we can give you is to review the credentials of the three instant loan providers that we have recommended further down in our guide.

    Note: If you choose a lender that isn’t on our list of recommended providers, make sure that the respective lender is regulated by the Financial Conduct Authority (FCA). This will ensure that the lender engages in ethical lending practices!

    Step 2: Start the application process

    example of loan application page

    Now that you have found a suitable instant loan lender, you’ll now need to visit the provider’s website and begin the online application process. To do this, you’ll need to enter the amount of money that you wish to borrow, and at what terms.

    Step 3: Enter your personal and financial information

    Even though you are applying for an instant loan and thus – looking for a speedy application process, you will still need to provide the lender with your personal information. Don’t worry, this only takes a couple of minutes, and will include key metrics such as your full name, home address, date of birth, driver’s license number, and contact details.

    Moreover, although some instant loan lenders will not perform a credit check, they still need to feel satisfied that you are able to repay the loan. As such, you’ll need to provide details about your income. This will include your employment status, the name and address of your employer, how long you have been employed with the company in question, and how much you earn. Moreover, you’ll likely need to state the specific date of the month that you receive your salary.

    Step 4: Read the digital loan agreement and sign it

    Once you submit the above information, the instant loan provider will then cross-reference the data electronically with third-party sources. Depending on the lender, this could include the main three credit rating agencies – which includes Experian, Equifax, and Call Credit. If the lender is able to verify the information automatically, then you will be presented with your loan terms.

    Crucially, this includes the interest rate and monthly repayment dates. If you then want to proceed with the loan, you’ll then need to enter your bank account details. Moreover, due to the sheer speed at which you need the funds, you might be asked to enter your debit card number. This allows the lender to further validate your identity electronically.

    Step 5: Satisfy the verification checks

    Loan application page that captures income details

    While some lenders might be able to verify your information electronically, others might request supporting documentation. If so, you’ll be notified of this straight away, with the lender asking for a particular document that you need to upload. This could include a recent payslip to validate your income, or a bank statement to verify your address. Either way, the faster you upload the requested document, the faster you’ll get the funds.

    Best 8 Instant Loan Providers 2020:

    Although there are literally thousands of ‘instant loan’ providers now active in the market, not all of these lenders have the capacity to execute super-fast funding times. Moreover – even if they do, they might not be suitable for your individual credit profile. For example, the lender might ask that you have a minimum credit score, or that you are earning a minimum amount each month.

    As such, we have attempted to list the best three instant loan providers that cover the criteria we have listed below. Ultimately, be sure to read through each provider, as one lender might be more suitable than another.

    Criteria used to rank the best instant loan lenders

    • How quickly you will receive the funds
    • How much the lender is able to offer
    • What credit score you need to obtain the loan
    • How much APR you’ll be paying on the instant loan
    • Registered with the FCA as an approved UK lender

    1. Loan Mr - 49.9% and 1333% APR.

    Loan Mr is an online credit provider marketplace where borrowers can access loans from various lenders. You are allowed to apply for a loan starting from £100 to £2,000 at an interest rate of between 49.9% and 1333% APR. The rates depend on the terms of a lender and your creditworthiness. But even with a bad credit score, you can be sure of getting a loan at an extended payback period of between 2 months and 36 months.

    If this period may not be enough for you to fully repay the loan, you can ask for an extension though it comes with additional charges and interest rates. Whether you choose to ask for an extension period or not, just make sure you don't miss or delay payments, as doing so will not only impair your credit score but also lower your loan limit on subsequent loan applications.

    Our Rating

    • Extended payback period
    • Maintains high level of security to protect users' privacy
    • Simple and straightforward loan application process
    • Expensive additional charges on missed payments
    • High interest rates

    2. Very Merry Loans – Operates 24 hours per day

    For the last 7 years, Very Merry Loans has proven to be a reliable source of payday loans. Although the platform is not a direct lender, it connects you to lenders for free. The platform itself is funded by the lenders who pay a certain fee for every successful connection. As a borrower, your loan limit starts from £100 to £2,000 at an interest rate of between 49.9% and 1333% APR.

    Well, the rates aren't any better than what traditional lenders offer, but you are allowed to make smaller repayments for a period of 2 months up to a year.

    Our Rating

    • Flexible repayment terms
    • Offers services everyday including weekends and holidays
    • Bad credit applicants can also apply
    • Additional borrowing costs may be incurred
    • It's not a direct lender which raises privacy concerns

    3. Heart Paydays - Best for Quick response

    Heart Paydays is a free credit broker that strives to link borrowers to credible third-party lenders. Usually, the borrowing limit starts from £100 to a maximum of £2,000 at an interest rate of between 49.9% and 1333% APR. But since there are various lenders, the rates may change based on the terms of a particular lender. On the bright side, the lenders are quick to respond to your loan request. You will get a response almost immediately after filling in the application form. Once your loan is approved, it will take only a couple of minutes for the funds to be disbursed to your bank account.

    What makes this platform worth considering is the fact that it shares your financial details only with the lender, so, you can be assured that your privacy is respected. The only thing you should worry about is missing repayments as it can be detrimental to your credit rating. But you are given enough time to pay the loan, usually about 4 and 36 months.

    Our Rating

    • Offers a longer repayment period
    • Offers services everyday including weekends and holidays
    • Borrowers with a bad credit report can also apply
    • Additional borrowing costs may be incurred
    • It's not a direct lender which raises privacy concerns

    4. Viva Loans - Best for the most straight forward application process

    It can be frustrating when applying for a loan and end up paying additional costs which you knew nothing about in the first place. But this isn't the case when using Viva Loans to apply for a loan.

    The credit broker gives you an estimate of the installments amounts you need to pay inclusive of the accrued interest over the repayment period. This is done using a calculator available on the platform, which helps keeps the entire application process transparent.

    You are allowed to borrow a minimum of £200 up to a maximum of £2,000 at an interest rate ranging between 49.9% and 1333% APR. Once you are certain on the amount you wish to borrow, all you have to do is submit your application and a suitable lender will respond to your request. The funds will then be disbursed to your bank account minutes later, after which you should pay back in the next 2 or 36 months.

    Our Rating

    • Fast loan application and approval process
    • Extended repayment period
    • Reliable customer support
    • Strict on missed payments
    • The platform is a credit broker and not a direct lender

    5. Loan Shuttle - Best for instant responses

    Loan Shuttle is a secure online credit broker committed to ensuring that borrowers have quick access to a large amount of payday loan, usually between £100 and £5,000 at an interest rate of 49.9% and 1339%. You don't have to worry about filling in numerous application forms nor waiting for too long for a lender to respond to your request.

    You only have to fill in one form which is then submitted to various lenders. A response to your request is made almost instantly, and the funds deposited in your bank account minutes after your application has been approved. The only downside is that you are given only a maximum of 2 to 6 months to fully repay your loan. Though it's possible to request for an extension, you'll have to bear the additional costs as a result.

    Our Rating

    • Offers a higher loan limit
    • Simple and straightforward loan application process
    • Reliable customer support
    • The platform is a credit broker and not a direct lender
    • Additional charges and servicing fee may be incurred

    6. LoanSkipper - Best for security of customer's data

    Loanskipper is a credit broker platform that operates under Seasonal Marketing Ltd, its parent company. The platform connects borrowers to potential lenders, offering a loan limit of between £100 and £2,000. You are then given a period of 2 to 6 months to pay back the amount plus an interest rate ranging between 49.9% and 1333% APR.

    But before that, you will have to provide your details and submit them to a panel of lenders. You shouldn't be worried about sharing your details as platform maintains that it only shares your details with the potential lenders, and that an authorized parties can't intercept.

    Our Rating

    • Allows you to compare a variety of lenders and choose the one with the most favourable terms
    • The platform is registered and licensed by the Financial Conduct Authority
    • Loans are approved quickly and in a timely manner
    • Short repayment period
    • Charges a fee for using the service

    7. Ocean Finance – Access to a very wide pool of instant loan lenders

    If your main priority is to find a lender that is willing to meet your loan requirements and transfer the funds in the quickest time possible, then it might be worth going through Ocean Finance. Much like Very Merry Loans, Ocean Finance is not a direct lender, meaning that you will have your details passed to the platform's partnered providers. However, this is potentially your best chance of getting an instant loan, as once you have been pre-approved via Ocean Finance, you can go with the lender that offers the fastest funding time.

    Ocean Finance will allow you to apply for a loan from just £100, up to £10,000. Moreover, the shortest loan term on offer is three months, with the longest term capped at 5 years. The best thing about using Ocean Finance for your instant loan needs is that the initial application phase will be based on a soft credit check. This means that the application won't be posted to your credit report unless you proceed with one of the loan deals that are presented to you.

    Our Rating

    • Instant loans of between £100 and £10,000
    • Extended loan repayment period - Up to 5 years
    • Performs soft credit check which does not harm your credit score
    • Ocean Finance is not a direct lender

    8. Peachy – Best direct lender - Loans within the hour

    If you don't feel comfortable using a third-party comparison site and thus - want to go with a direct lender, then you might be best to consider Peachy. The UK lender specializes in instant loans that in some cases can be transferred into your bank account with 1 hour. In order to achieve this, the lender would need to be able to verify all of your information electronically. In fact, if the loan is to be transferred within the hour, then it's likely that your credit report will need to be in good standing, so that the lender doesn't need to obtain proof of earnings.

    When it comes to the specifics, Peachy will allow you to borrow a minimum of £100, up to a maximum of £1,000. Although the maximum loan size is much smaller than that of Very Merry Loans and Ocean Finance, you need to remember that Peachy aims to complete all applications within the hour, so the funding size must be within reason. Take note, Peachy is well known to charge very high rates on its instant loans. In fact, with a representative rate of 720% APR, the luxury of fast funding comes at an extortionate cost.

    Our Rating

    • Most loans are transferred to your bank account within 1 hour of being approved
    • With a representative rate of 720% APR, the luxury of fast funding comes at an extortionate cost.
    • Low loan limits - maximum of £1,000

    What is an Instant Loan?

    There is often a misconception that instant loan providers will simply transfer your required funding amount as soon as you submit the application. Unfortunately, this couldn’t be further from the truth. After all, the loan provider will still need to implement checks as to whether or not you will be able to afford the loan. As such, instant loans are not really ‘instant’, insofar that you will need to wait for the lender to perform its respective due diligence.

    However, the good news for you is that lenders are now able to do the vast majority, if not all, of their checks electronically. They do this by using third-party sources such as credit bureaus to verify the information that you state on the application. In some cases, this takes no more than a couple of minutes, so if you’re successful, you could receive the funds within the hour.

    Instant Loans: Funding size and fees

    It is important to note that instant loans typically come with much higher risks for the lender. The reason for this is that they will not perform the same enhanced checks on you in comparison to conventional personal loans. In return for this, you will likely be restricted in the amount that you can borrow, and you should also expect a much higher rate of APR.

    Here’s the lowdown:

    • Small loan sizes 

    a persoan holding a phone depicting instant personal loans

    First and foremost, if the lender is able to facilitate a near-instant loan for you, then the loan size is going to be much smaller than what you might be able to get elsewhere. For example, while the likes of Peachy can facilitate loans within the hour, the maximum amount that you can borrow is £1,000.

    Moreover, although Ocean Finance and Very Merry Loans accept applications of up to £10,000, any loans of a significant size likely won’t qualify for near-instant funding, as the lender will need to run additional checks and perhaps – ask for supporting documentation.

    • Higher APR rates 

    Financial Conduct Authority (FCA) logo

    Furthermore – and as is often the case in the payday loan space, you should expect to pay a much higher rate of interest if opting for an instant loan. This is, once again, due to the fact that lenders will typically perform less due diligence on you as a borrower. As such, they need to counter the threats of non-payment by charging more interest.

    However, the good news for you is that the FCA recently implemented caps on the amount of interest that payday loan companies can charge. In a nutshell, this amounts to £24 for every £100 that you borrow, and a maximum of £15 in default fees.

    Loan Mr.

    Our Rating

    • Loan starting from £100 to £2,000
    • Representative rate of 49.9% APR
    • Payback period of up to 36 months
    • Offers an extension of your repayment period for a fee

    Glossary of loaning terms

    Credit Score

    A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.

    Guaranteed Approval

    Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.

    Credit Limit

    A Credit Limit is the highest amont of credit a lender will lend to the borrower.


    Collateral is when you put up an item against your loan such as your house or car. These can be repossessed if you miss payments.

    Cash Advance

    A Cash Advance is a short-term loan that has steep interest rates and fees.

    Credit Rating

    Your Credit Rating is how likely you are to fulfill your loan payments and how risky you are as a borrower.

    Fixed Interest Rate

    Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.


    The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money


    If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.

    Late Fee

    If you miss a payment the lender will charge you for being late, this is known as a late fee.

    Unsecured Personal Loan

    An Unsecured Personal Loan is when you have a loan based solely on your creditworthliness without using collateral.

    Secured Loan

    A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.

    Prime Rate

    This is the Interest Rate used by banks for borrowers with good credit scores.


    The Principal amount the borrower owes the lender, not including any interest or fees.

    Variable Rate

    A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.

    Installment Loan

    An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.

    Bridge Loan

    A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.

    AAA Credit

    Having an AAA Credit Rating is the highest rating you can have.


    A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.


    LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for the interest rates in London. It is an average of the estimates interest rates given by different banks based on what they feel would be the best interest rate for future loans.

    Home Equity Loans

    Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.

    Debt Consolidation

    Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthly payment, usually with a lower interest rate.

    Student Loan

    If you obtain a Student Loan to pay your way through College then you loan is held with the Department for Education U.K.

    Student Grants

    Financial Aid in the form of grants is funding available to post-secondary education students throughout the United Kingdom and you are not required to pay grant


    Are 'instant' loans really instant?

    While some loan providers do have the capacity to facilitate extremely fast funding times, there is no such thing as an 'instant' loan. Lenders still need to be able to verify your information and creditworthiness before they can release the funds. However, if they can do this electronically and do not require any further documentation from you, they might be able to transfer the funds to your bank account within the hour.

    How much can I borrow via an instant loan?

    As instant loan providers typically carry out less stringent checks, you should expect the available loan size to be rather small. Most instant loans will be capped at £1,000, however, it could much smaller depending on your credit profile.

    Can I get an instant loan with bad credit?

    As most instant loan providers are simply payday loan lenders, you still might qualify even if you have bad credit. However, expect to pay a high rate of interest.

    Kane Pepi

    Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of online publications.