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But you also need the loan to be right for you

Where to go when you need cash fast

When you need cash fast it is very tempting to rush to your computer and search on terms such as ‘fast cash’, ‘instant loans’ or ‘need cash fast’. This may not however be the best starting point.

Before you borrow cash, whether it’s fast or not, you need to make sure you can pay it back. If you can’t then it is not a loan you need. In these circumstances you should be considering other options such as asking friend of family to help you.

The other thing to think about is that fast is not always the best, a good loan in a timely manner may be better than a bad loan fast.

So how fast is True Blue Loans?

True Blue Loans believes in supporting all of the needs of the borrower. This involves balancing responsible lending with speed. Our application form is as quick as it can be while still gathering enough information to make a responsible lending decision. We then electronically underwrite the loan and through modern technology we can take just 30 seconds to get data from up to 3 different sources. This enables us to make a provisional decision.

Our underwriters then take a look at each loan. This does mean a short delay may be experienced, but we have an experienced team who are able to make decisions very quickly. The longest delay is usually on the occasions where we have asked for some documents to be sent by the borrower and they do not send them immediately.

So in reality True Blue Loans can be a great place to go when you need cash fast, it’s just we prefer to put the emphasis on a great instalment loan product with no fees lent responsibly rather than using a 10 minute funding time as our key selling point.

Instant Loans - are they a Good Thing?

Instant loans

Currently in the short term lending market there is often importance placed on the speed in which a loan can be delivered to a customer, in relation to the time of their application. There are many lenders now focusing efforts to ensure a lending decision and subsequent deposit of funds is made in a timely manner, some making guarantees of a specific time frame for their decision. In these instances where a lender promises to provide a decision within a given time frame, it is important to understand how and why this can be achieved because often this is misunderstood to be a sign of relaxed lending criteria.

When a lender talks of making a decision within a short and very specific time frame, so effectively offering instant loans, they do so for only a very specific type of customer. This will be available only to specific customers who have ‘scored’ or ‘ranked’ within the top set of their decision engine. A typical decision engine does not simply ask if all fields requested are completed or if the customer states they are employed, instead it has a wealth of knowledge which reviews this basic information in conjunction with the customers credit reference files as well. So although it may appear the lender could not have had what is typically accepted as long enough to make an informed decision, this is by no means the case.

As mentioned it is often assumed because a lender can offer the promise of instant loans that in fact they are not properly or correctly reviewing all information relating to the individual properly. However it is also important to consider that a well-researched and implemented decision engine can provide a result far more accurately and efficiently than a human! Yes there are many instances where an Underwriter may review and finalise a loan application but ultimately they are drawing there information from an underlining computer based decision engine.

It is therefore important to consider this fact when deeming what can realistically be offered by a lender promising instant loans, by removing the possibility of human error as much as possible, you could argue a more stable and reliable lending decision can be provided simply by the results of the decision engine. It is also very important to remember that lenders should advise of circumstances where the promise of a quick decision cannot be delivered and will ensure customers are made aware of this. Such examples include when the decision engine has highlighted the requirement to verify a part of application further, such as proof of the customers address. In such instances where the customer is required to provide documentation to progress the loan, it would be understandable that the lender cannot honour the time agreement and would not wish to do so as it would be irresponsible.

In conclusion I think it is fair to say we can now understand when a lender offers instant loans it is because they have investigated time and effort in to ensuring they only do so when it is suitable for both the lender and the consumer.

Need Cash Fast 

Quick Loans

For a long time both the regulator and those opposed to short term loans have often accused those who offer quick loans as being irresponsible lenders. The assumption seems to be that if the loan process is fast, that proper checks cannot be done. In fact the new regulator wants to make it mandatory for those who refer in adverts to the speed in which the loan can be obtained to include the Representative APR.

Many lenders offer promises of quick loans with some saying that the funds will be in the account within 10 minutes of applying. So how is this possible if full affordability and creditworthiness is to be assessed, especially in the middle of the night?

The answer is technology. In just 10 – 20 second it is possible to electronically obtain credit data from multiple credit bureaus. Another 10 seconds is all it takes to confirm identity, bank and card ownership. Put this into a decision engine and scorecard and in under one minute we can have a decision. Not only that, but the decision is likely to be based on algorithms and scorecards that are so complex a human would take hours to compute. With the introduction of Faster Payments, the funds can then be transferred virtually instantaneously. This means that it is still possible to do proper and thorough underwriting of a loan and get the money to you within 10 minutes of you pressing apply.

The other thing is that companies that offer quick loans transferred in 10 minutes 24/7 will only provide this to a percentage of their applications. If you check the small print in their Terms and Conditions it will probably say that this only applies to those who do not require manual intervention. They will have a ‘refer’ process in their decision system that will queue any case that is not clear cut and it will still be properly reviewed by an underwriter.

While I am not saying that every lender that offers fast loans carries out all of the required assessment to make them responsible lenders, I hope that this article goes some way to dispel the rumour that if a loan is provided to you quickly that it hasn’t been properly done.

So in a world where we expect everything to be automated to make it as fast as possible, why do lenders that have used that same technology to be able to offer a faster service, without cutting corners, get criticised? 


By Kieran Moulden