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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.
Your guide to finding the ideal Money Loans for you and your financial needs
As the overall prices of goods and services continue to grow at a constantly pace, more and more Britons are finding it hard to live through their earnings without incurring debt. And when you are living from pay check to pay check, you simply don’t have the extra cash to deal with unplanned costs and expenses like emergency medical bills and car and home repairs.
It’s also impossible to make a large purchase or pursue a major upgrade in your life like investing in new equipment for your profession or adding an extra room in your home. To address numerous different financial needs and demands, many people in the UK take out money loans from banks and other lending companies.
But there is an assortment of credit products in the UK lending market and finding the ideal option that is perfect for you and your financial needs can be quite challenging especially if you don’t know what to look for and where to start. If you feel overwhelmed in taking out a loan, here is a short guide in finding the ideal money loans for you and your finances.
Finding The Ideal Money Loans
1.) Quick Loans for urgent funding needs
Quick loans are designed to provide emergency funding with online application processes that can be completed in several minutes without any kind of paperwork, faxing, and lengthy documentation involved. Simply fill out a short online application form in the lender’s website and submit it once you’re done and after a couple of minutes or so, you will receive an instant decision from your lender. If your application is approved, the loan amount will be deposited into your bank account in a couple of hours or in the next day at the soonest.
The speedy money loans are generally short-term, unsecured forms of credit with borrowing amounts that can range anywhere from a hundred to as much as couple of thousand pounds. The payment terms vary from one option to the next and the lender providing it as well. There are quick loans that require a single lump sum payment plus interest rates after 30 days and there are also quick loans that allow you pay back the money that you borrowed in 6 months through fixed monthly instalments. The types of financial products can also cater all types of credit ratings.
Overall, quick loans are money loans that you may want to consider if:
- Your need for funding is small – no more than £2,000.
- Your credit score is low
- You need extra funding in the fastest time possible
Quick loans are generally among the most costly forms of money loans in the market, with interest rates that can reach as much as 100%. This means that if you borrow £500, you will end up paying £1,000 at the end of your loan term. It’s important to note however, that there are plenty of quick loan options with competitively low interest rates available online so be sure to shop around and compare your options to find the most affordable deal.
2.) Personal Loans
Personal loans are money loans designed to cater personal funding needs like home enhancements, weddings, long vacations, and the like. The money loans are also popular options for consolidating debts so it would be easy for you to manage your finances. Personal loans are ideal money loans if:
- You want to make a major expense like purchasing a new car now rather than save for it.
- You are not in a rush to obtain the extra funding that you need as personal loans can take 2 days or longer to process.
- You are employed and are enjoying a regular salary. For self-employed applicants, they will need to provide proof of income through bank statements, tax returns, and other documents.
- You have a good to excellent credit rating as this is one of the most important requirements in getting approved.
Now if you feel that personal loans are the ideal money loans for you and your financial needs, you can make an application from any of these lenders and institutions:
- Direct Online Lenders
- Traditional lending institutions like banks and credit unions
- P2P or Peer-to-Peer Lending
3.) Loans for bad credit
If you are someone who has bad credit – a credit score that is no more than 580 – securing a personal loan from a bank can be extremely difficult and sometimes even impossible. But this doesn’t mean that you won’t be able to borrow money from a legit lending company however, as there are money loans for bad credit that you can look into.
If you want to obtain bad credit loans in the UK, you will have to go online and search for licensed lenders that offer financing solutions to people with bad credit ratings. There are credit providers who will choose to examine your credit history as part of their lending policy but your monthly earnings and outgoings and financial capacity to afford the repayments will still be the most important factor in getting approved. If you pass the lender’s affordability check, satisfying the other basic borrowing requirements would be easy.
When your application for loans for bad credit becomes approved, the money that you requested will normally be transferred electronically to your bank account. Depending on the option that you choose, the interest rate will normally be higher than most types of money loans available in the market.
Some of the ideal loans for bad credit that you can look into include:
- Payday loans.
- Installment loans.
- Logbook Loans
- Cash advances.
- Credit cards
- Guarantor Loans
- Doorstep Loans
Among the several options mentioned above, guarantor loans are the loans for bad credit that will help you access larger borrowing amounts for as much as £15,000. The payment terms that they provide are also quite flexible and often tailored to your present needs and financial circumstances.
To access guarantor loans however, you will need to find someone who will co-sign your loan agreement and act as a guarantor on your behalf. The guarantor ensures that the loan will be paid back as in the event that you default from your payments, the person will be obliged to shoulder the debt. Your guarantor must be someone who has a strong credit rating and stable source of income to become accepted.
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