You can take out a secured or unsecured fast loan, your rate and monthly repayments will vary depending on this. You are likely to get a better deal if you chose a secured loan but you will need to way up the risks.

The great thing with this type of loan is within a matter of hours of applying the money can be in your account. The majority of people take out fast loans for a new car, a holiday or for home improvements.

An industry expert said whilst these loans are extremely beneficial for some, if you take them out in the wrong circumstances they can lead to financial problems.

Fast loans if used wisely can save you money an example of this is if you have been eyeing up a new car, opting for a fast loan through your bank or building society will likely work out cheaper than taking out credit through the dealership.