As you explore your options, you would find smart loans that can be approved in a day and there will be short term loans that will take three days up to a week. There are some more established lenders who may take longer than a week or five business days. When you need smart loans in UK, there is a timeline you must adhere to. If you need the money right now, then you cannot deal with a lender who takes a week to process applications.
There is a flipside to having an easy application process for smart loans. Short term loans in the UK will take longer to process if you ask for a relatively higher loan amount. Consider the payday loans for instance. There are lenders that assure you would get a few hundred pounds in an hour or within a day. Ask for a thousand pounds or two grand and you will not get it approved within the hour. Even if you have a handsome salary, the process will take longer.
It is a simple case of mitigating risks. Lenders want to be sure that you have the ability to repay. The ability to repay doesn’t solely depend on your income but also on the loan amount. The interest too plays an integral role as the total money owed will be that on top of the loan amount. The higher a loan you need to repay, the more complex or stringent the application process will be. You may fill out the same form but the background checks, vetting of the information you provide and even the escalation at the end of the lender to approve the loan amount will be long drawn.
The crux is that you will have to compromise on the loan amount if you want a very easy and quick application process for smart loans.