Why People Choose Us
You might be surprised to hear just how easy it is to apply for a short term or personal loan. Furthermore, you don’t even have to leave your chair to apply for it. Instead, you just simply fill out our very short form and if you are accepted by a lender you’ll get your loan by the next day.
Getting the best loan rates Online in the UK
Fortunately for borrowers in the UK, there is a wide assortment of options that are easily accessible online that can help them secure the best loan rates available in the market. In the past, banks, credit unions and other traditional lenders where the only institutions that provide financial products that have a competitive rate. But applying for a loan from them was time consuming – it would take a week or longer for your personal loan to get approved – and the lending criteria was difficult to meet especially for people who do not have a stellar credit rating. Today, however, there are plenty of reliable online loans and lenders who can provide you with the best loan rates through quick and convenient application processes that can be completed without breaking a sweat. So what are these loans anyway and how can you obtain them? We will discuss them all below.
The best loan rates with a guarantor
The great thing about having a guarantor to back you up in your application for a loan is that it can help you secure the best loan rates available even if it’s extremely difficult for you to access credit using your own name alone. The idea behind the financial options is simple. Another person – normally a family member or close friend – will agree to be your guarantor on your loan deal. The guarantor promises that, should you default from your loan’s payments, he or she will be the one to personally shoulder them. This gives lenders the assurance that the loan will be paid allowing them to grant you the best loan rates that are normally reserved to those who are long time borrowers with a solid track record of paying on time and on the agreed terms and conditions.
Easy to access loan rates as a guarantor
The best loan rates with a guarantor are designed for borrowers in the UK who find it problematic to secure funding from traditional loans because of their poor or lack of credit history. If you manage to source out someone who satisfies a lender’s “guarantor” criteria, enjoying the best loan rates even if you have an adverse credit history is within the realms of possibility. To enjoy the best rates, you must find someone who is not only willing to play the role of a guarantor but must also be:
- A resident of the UK and must be aged 21 to 75 at the start of the loan
- Someone who has a strong credit history
- Someone who has UK bank account with a debit card
- An income earner that is enough to afford the loan and its repayments
- Financially independent of you (must not be your spouse or someone who has a joint bank account with you)
If you manage to find someone who satisfies the basic requirements mentioned above, then securing the best loan rates with a guarantor would be easy. Aside from providing you with competitively low rates, there are also several advantages that you can enjoy when you have a guarantor to back you up including:
- Access to large amounts. Since there is a guarantor who basically guarantees the loan’s repayments, lenders normally provide the best loan rates with a guarantor in larger amounts. And if your guarantor is a homeowner, you can access even bigger amounts of loan. Normally, you can take out anywhere between £1,000 to £15,000 with competitive rates.
- Quick approval. Getting approved for the best loan rates with a guarantor is relatively quick. If you apply online and meet the lender’s eligibility criteria, you will normally receive an approval and have your money deposited into your bank account within 24 hours.
- Flexible repayments. The payment term for your loan will normally be tailored to your needs and present circumstances. If you take out a large amount, you can enjoy a longer payment term that can last for 7 years if necessary.
The best loan rates with a guarantor tend to hover around 40% to 50%. While this can be a bit higher than other loan products, they are cheaper than most other options especially if you have bad credit were accessing a competitive loan rate is almost impossible.
The best Loan rates without a guarantor
If you don’t have a guarantor to back up your loan deal, there are still ways in which you can avail the best loan rates available. Normally, there are two ways in which you can enjoy the best loans without a guarantor and the ideal route would depend on your needs and present circumstances:
- Unsecured loans or personal loans – Allows you to enjoy the best loans rates without a guarantor if you have a stellar credit rating and have a strong income that can afford to make the proper repayments.
- Secured Loans – You can also secure the best loan rates without a guarantor if you can comfortably offer an asset like your home or vehicle which will serve as collateral for your loan deal.
Some of the advantages of taking out the best loan rates without a guarantor include:
- You can borrow amounts that are larger than when you have a guarantor.
- Loan repayments are fixed for every month making it easy to budget
- The duration of payment will depend on your needs and present circumstances
- You can consolidate a number of debts into one loan without a guarantor, helping your
minimize monthly repayment costs and avoid the stress of managing numerous debts all at the same time.
Comparing the best loan rates without a guarantor
When you compare the best loan rates online, research is key and you will need to look at different loan offers from numerous lenders. To make your search a whole lot quicker and easier, focus your attention on two key aspects:
- APR rates – This is the most important thing that you need to look into when comparing the best loan rates without a guarantor as it will give you a clear picture on the overall costs of your loan. The APR includes the interest rates and the fees that the lender might attach to your loan deal. Obviously, you want to choose the loan offer that provides the least in APR so it would be more affordable to pay back.
- Loan Penalties – Penalties are also something that you will want to consider since it will determine the extra charges that you will have to bear once you miss out or become late with one of your repayments. Hefty penalties can become extremely expensive if they begin to pile up so be sure to know what they are before you sign a loan agreement.
If you compare the different loan offers without a guarantor, it would be easier to enjoy the best loan rates that will save you a lot of money in the long run. It will certainly require some time and effort on your part but will benefit you tremendously especially if you manage to land a loan deal that offers the cheapest APR.
Important things to consider
Using a loan calculator will aid you in determining what the repayments will be for your loan with a guarantor. You can easily use it for free on an online lender’s website or in a comparison site and can be very helpful in calculating estimated monthly payments based on the amount, term, and interest rate of a possible loan deal. The interest rates will vary from lender to lender, on the type of loan that you take out, the amount that you intend to borrow, and your eligibility as well.
Also, it’s important to remember that when accessing the best loan rates without a guarantor, the credit rating will matter a lot especially if it’s an unsecured option. Having a strong credit rating will make it easier for you to secure loans without a guarantor that provide the best interest rates available.
Best Loan Rates if You Have Bad Credit
A credit score is vital when you want to obtain the best loans rates but if you have bad credit, then securing your loan with an asset or having someone to guarantee it would be your best option. This is because lenders will only provide the best loan rates for people with strong credit histories as they are less likely to default from their payments. If you have bad credit, you are considered as a risky borrower and lenders will have to levy a hefty rate on your loan deal to offset the risk. But if you have a guarantor who will guarantee the loan’s repayments if you are unable to or have a collateral that the lender can use to recover some of their losses in the event of default, lenders have some form of security in their part giving them to confidence to grant you the best loan rates if you have bad credit.
You can consider borrowing more
Also, it’s important to point out that the best loan rates are normally those from large amounts. If you want to borrow £5,000 over five years, for example, the best loan rate could fall to 5.2%. When you borrow more than £5,000 the rate drops to 3.2% giving you the even lesser cost for repayment. The best way to get the best loan rates, therefore, is to borrow at least £5,000 and higher. Also, you might want to pay off your loan in advance if you can so you can save more on interest rate payments.
Best loans rates from a direct lender
If you want to take out the best loan rates from a direct lender, you must first determine what type of loan is best suited to your present circumstances. This will help you pinpoint the right lenders as you already know what kind of funding you are looking for. The best loan rates from a direct lender normally revolve around these 3 popular options:
- Personal Loans – Direct lenders will not ask any form of collateral from when you apply for a personal loan. All you need is your own reputation and you can secure a loan for as much as £25000. If your credit history is spotless, getting the best loan rates from a direct lender through a personal loan would be easy.
- Guarantor loans – This is a great option to consider when you have an adverse credit rating or have an insufficient credit history because it’s still your first time using credit. With guarantor loans, you can take out a loan with a flexible payment term for as much as £15,000.
- Secured Loans – The best loan rates from direct lenders tend to come from secured loans because of the presence of a collateral that provides security to the lender and reduces the potential risks involved in a default.
If you wish to enjoy the best loan rates in the UK, whether it’s a personal loan or a secure loan choosing the right direct lender online that provides the best deals would be important. Having the ideal direct lender would also help you enjoy a loan that is suited to your present circumstances. With that being said, here are some of the things that you can do to get the best loan rates from a direct lender:
- Do not immediately accept the first rate that a direct lender may offer you. Instead, try to negotiate with the lender for a lower rate until you a get the best offer possible.
- Shop online and scour the web for direct lenders that provide the most competitively low rates for their loan products. Relying on an independent comparison site may also help you get an idea of who these lenders are. Remember, however, that the kind of APR that will be included in your loan will depend heavily on your creditworthiness. The better your credit rating, the lesser the APR would normally be. For secured loans, the more expensive your collateral the lesser the rates can become.
- Ask for a quote from a direct lender before you start an application. If the direct lender conducts credit reference checks on a borrower’s application, try to ask if they also do what is call a quotation search (which will not affect your credit rating) rather than an application search (which will).
- Ensure that the direct lender you will be dealing with is legit and responsible so you won’t suffer from expensive penalties and hidden charges.
The best loan rates in the UK and the best loan rates with instant funding
Taking out the best loan rates in the UK and the best loan rates with instant funding are the perfect solutions for emergency situations whether it involves paying off urgent bills that will be due on the coming days or vital home and car repairs. When you need funding right away, there are plenty of online lenders who specialize in providing loans that not only provide instant funding but competitive interest rates as well.
Securing Instant loans that provide the best loan rates online
When you apply for the best loan rates in the UK and the best loan rates with instant funding from an online lender, your income and affordability will be carefully evaluated. Once you pass the affordability checks and all the information that you have provided in your application such as your name and address have been verified, the loan can be completed in just a single day. The process is a lot quicker when you apply for a loan from a brick and mortar lender like banks and credit unions.
Qualifying for the best loan rates with instant funding in the UK
So you can secure the best loan rates with instant funding from an online lender, you will typically need to have an active bank account, a valid ID and proof of income such as your payslip. You also have to be a legal resident of the UK and at least 18 years of age to qualify. A good credit standing may or may not be necessary depending on the type of loan that you choose. If it’s a secured loan or a guarantor loan, then it won’t be that of a factor. If it’s an online personal loan, then your credit rating will be crucial in getting approved for the best loan rates with instant funding.
Online lenders will also conduct a credit check to ensure that you don’t have any outstanding loans and history of bankruptcy. While it’s especially quick and convenient to apply for the best loan rates in the UK and the best loan rates with instant funding through an online lender, you can still reject if:
- Your income is not enough to afford the loan and its payments.
- You have existing debts that need to be paid off
- You have recently been bankrupt.
- You have recently bounced checks
- You have just been employed
If you meet the basic eligibility requirements that lenders are looking for from their borrowers, however, you will find that getting approved for the best loan rates with instant funding is quick and seamless.