MiniCredit is one of the fastest short-term direct loan providers in the UK, with no faxing, and loan amounts of up to £1,500 (returning customers).

The company, which has been in business since 2008 and is based out of London, is a direct lender, not a broker, which means that you get a fast response time to your loan application.

Payday loans that the firm offers, with a repayment terms ranging from 1 day to 30 days, are typically used by customers for short term emergencies and unexpected expenses, such as car repairs and medical emergencies.

Because these loans carry very high annual percentage rates (APRs) of interest, they are NOT suitable as long-term financial solutions for money problems.

Even in the short-term, you should research alternatives to a payday loan, including taking a small consumer loan from a credit union, a cash advance from a credit card, and negotiating a salary advance from your employer.

Steady income and regular employment are some of the typical requirements for getting a payday advance, while in the UK, bad credit may not be an obstacle to getting such a loan, even though credit check is part of the normal loan application processing.

How to Apply for a Cash Advance from the Company

In addition to employment or a regular income from other sources, to qualify, you need to be over 18 years old, with a valid UK bank account, a UK mobile phone number, with the regular income transferred to your UK bank account, and you have to be a UK resident.

With the firm's online application form, available from the official website, you fill in a 1-page loan application, and the process does not include faxing, no phone calls, and it is 100% based online.

If your emergency funding requirement is out of a reach of a computer, you can apply even by using text messaging on your mobile phone, and get the loan approval directly to your phone.

As a new customer, you can apply to borrow sums of between £100 and £400, for repayment terms ranging from 1 day to 30 days, while returning customers having the ability to apply for loan sums up to £1,500.

If your loan application is approved, you may choose to get the optional Fast Transfer, which carries an extra fee, but that allows you to get the loan funds into your bank account in 15 minutes.

› MiniCredit

Cash advances should be used for short-term financial needs only, not as a long-term financial solution.

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