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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.
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