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Your One Stop for Loans
It doesn’t matter what kind of financial situation you are in, what your credit is like or what your bank told you when you tried to get a loan from them. We have so many lending options available through lenders we broker for that just about everyone is eligible for some of these loans. Our lenders offer both personal and short term loans, ranging from just a few months’ duration up to 36 months. You can choose from small loans you pay back quickly to larger loans that take years to repay.
Your options are immense, when you choose Lendplex, and we make it easy for you to discover the one loan that fits your needs perfectly.
Consolidation Loans in the UK: Finding the Best Loan Solutions
With the incessantly increasing demands for loans and other loan services, as well as the consequent rise in the number of borrowers with unpaid debts, traditional lending institutions such as banks and other lending firms were driven to come up with effective solutions. In an effort to address such problems, lending firms and institutions decided to come up with a credit scoring system, designed and developed specifically to work towards their perceived ends. Under this credit scoring system, lending firms were allowed the capability to easily classify borrowers according to their personal financial capacity. As a result, borrowers whom the lending firms perceived to be unlikely capable of paying off their loans in the future were easily segregated from the borrowers whom the lending firms believed to be likely capable of paying off their debts without any problem. Through this credit scoring system, individuals with income levels that do not meet what the lending firms have decided as the acceptable minimum were automatically given poor credit scores, while the borrowers who — regardless of their reasons — either frequently or repeatedly missed out on their payments, had their records automatically indicate their bad payment history. As a consequence, individuals and borrowers with poor credit scores and bad payment history were automatically disqualified from acquiring any type of loan from any of the lending firms.
Although this credit scoring system proved to be extremely helpful to traditional lending institutions and firms, its long term consequences proved to be highly disadvantageous and extremely detrimental to the borrowers’ finances. Because borrowers with bad credit were automatically precluded from securing any more loans from any of the legitimate lending institutions and firms, borrowers who found themselves in urgent financial situations were often left with very few, often either impractical or downright unacceptable loan options. And since borrowing from friends and family and selling off properties are not always plausible or easy, a lot of borrowers often turn to underground loans that are being offered by illegally lending firms. While these types of loan services do provide borrowers with the temporary monetary relief that they urgently need, the long term consequences associated with these loan solutions often leave borrowers in even worse financial conditions. Because of the exceedingly high interest rates associated with these types of loan services, borrowers with bad credit often find themselves in a cycle of difficult financial circumstances.
Getting Consolidation Loans for Bad Credit
As more and more borrowers with poor credit scores and bad payment history fell into the same cycle of difficult financial circumstances, a new market comprised entirely of borrowers with bad credit was inevitably created. And as demands for better, more acceptable, and safer financial services continued to increase in this newly formed market for borrowers with bad credit, lending firms and institutions later on came up with innovative new loan solutions. With innovative new loan services such as consolidation loans for bad credit, borrowers now have more flexible and more affordable options in times of difficult financial situations.
Consolidation loans are loan solutions that allow borrowers to consolidate all their existing loans into one just one loan. Through this option, borrowers need not have to deal with multiple payments on different dates, nor do they have to endure having to pay for multiple interest rates. With this type of loan solutions, borrowers are able to pay off their loans in much longer payment term conditions, by combining all their existing small loans and other loans into one account — which they can pay over in much longer and much more flexible payment term conditions.
How to Get Consolidation Loans for Bad Credit
With consolidation loans for bad credit loan services, borrowers now have better and more affordable loan alternatives especially in times of desperate financial crises. Through innovative new loan solutions such as consolidation loans for bad credit, borrowers may now accomplish their loan applications easily over the internet. And since everything can be done entirely online, borrowers may now submit both their application forms as well as requirements completely over the internet. Because everything can now be done entirely online, borrowers may now submit their applications from anywhere, and at anytime. Through these innovative new loan services, borrowers may now expect for their loan applications to be processed as soon as they are submitted, while approvals for these applications can now be expected in as little as mere minutes after they were submitted. The release of funds for approved consolidation loans, on the other hand, can now be completed in as early as the same day that the loan applications were submitted.
Because of these extremely convenient and highly useful features of consolidation loans for bad credit, these loan services actually make good resolutions not only in urgent financial situations, but also in those that involve much more complicated financial conditions that require loans in bigger amounts that can be paid in longer payment terms. And since consolidation loans allow for borrowers to combine all their existing loans into one simple loan which they can pay over in longer payment terms, this loan solution are also good options, even in complex financial situations.
Getting Consolidation Loans from Direct Lenders
Many borrowers tend to believe that because securing loans from the lenders directly do not necessitate having to pay for loan brokers’ fees, it only follows that this option allows for more savings and more benefits in the long run. What a lot of borrowers tend to overlook, however, is the fact that since loan brokers have far-reaching connections to various lenders across various regions, they consequently also have comprehensive access to all the various discounts and promotions being offered by such lenders across their various lending services. For this reason, borrowers who choose to procure loans with the professional assistance of loan brokers actually enjoy much more benefits and far more savings in the long term. And because borrowers are provided expert financial advise through the loan brokers’ services, they are actually guaranteed the best loan alternatives in relation to their unique financial circumstances.
Representative APR is 1325%, if you borrow £200 over 6 months at 292.0% p.a. (fixed) your first repayment will be £33.60 followed by £96.00, £75.84, £66.88, £62.40 and £48.96 the following months. You will repay £383.68 in total, there are no additional fees.
A loan of £7,500 over 5 years will cost you £157.40 per month at a representative 9.9% APR.
The total cost after 5 years is £9,443, which includes £1,763.93 interest at 8.8% fixed and a £180 fee. The total amount of credit is £7,680.
How Much Do You Charge?
Lendplex charges nothing for its services. We have no payment options available on our website, as you may notice, because we never charge you. Additionally, you don’t have to pay the lenders extra just because we are bringing you and them together. Our services are completely free of charge.
How Long Do I Have to Repay the Loan?
The length of the loan depends on two factors- how big the loan is and what the lender’s terms are. Each lender has their own terms, and the larger the loan is, the longer you usually have to repay it. Interest rates may change as well based on loan length and the size of the loan.
Be sure you pay attention to the lending terms, as it is important to pay back the loan on time and in full. If you don’t, then you will have to pay additionally. How much extra you will have to pay will depend on each lender’s own terms.
Is It Easy to Be Approved for a Loan?
This is the biggest hurdle many people have to overcome when they want to get a loan- eligibility. Either they simply aren’t eligible or they fear they aren’t. Many people believe they would not be approved for a loan because they simply don’t have a lot of money to pay for a loan. What they may not realize is that with all the lending options our lenders have available, there is likely a loan or two that will fit just about anybody. You may be able to find one that you can pay very gradually on without a lot of interest and still get the full loan amount you are looking for. You won’t know until you try our loan matching service, though. It’s fast and simple, and you can find out in moments if you are eligible.
5 most recent personal loan reviews
I didn't expect that I would get a loan being that there was so many loan companies with so many requirements. When I tried Genie Lending, the process was swift, as soon as all my documents were sent to them. I am impressed and happy beyond words. It was such an easy process. Rates were quite high but that's expected for a bad credit loan. Thank you team Genie.
Review posted by Emmanuel Forsberg, Stafford
Ease Of Use
Value For Money
Very easy and very honest about what they offer and the rates are very good as well. Also the people I spoke to was very easy to talk to. Definitely would recommend to anyone in need of cash quick long or short term. Ps thanks Joseph
Review posted by Daniela Hyatt, Luton
Ease Of Use
Value For Money
My wife has very poor credit and was in urgent need of a new vehicle to get her too and from work. Luckily Everyday Loans agreed to give her a loan, which should start to build up her credit. The application was quick and easy (she did it on her phone over breakfast), and the money was sorted out within a couple of days. The interest rates seem very fair too considering the credit score.
Review posted by Gary Coombe, Glastonbury
Ease Of Use
Value For Money
We source our reviews from TrustPilot to ensure authentic results.
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Loanora is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances