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.
Compare loans and lenders in the UK
Banks and other financial institutions including online lenders in the UK will provide you with numerous different kinds of loans that can help satisfy your need for funding. But with the abundance of options available, the question now is, which one is the ideal one for you? Would you even know which one to choose in the first place? So you will know exactly what the best option is based on your needs and present circumstances, you need to compare loans and the available options in the UK and the lenders providing them as well.
Compare loans in the UK and compare loans with instant funding
Instant funding is exactly what you need when you are faced with an emergency situation. After all, when your car or home needs urgent repairs or there is a utility bill that needs to be paid off in the coming days, you don’t have the luxury of time to wait for a traditional bank loan that can take forever to process. Fortunately, there are plenty of loans in the UK that provide instant funding, from payday loans to short-term loans, and you can easily access them online from numerous reputable lenders. So you can get the best deals that provide the best rates and terms however, comparing the available options would be best.
What to look for in loans with instant funding
Not all loans that provide instant funding are identical and the same goes to the lenders that provide them. The good news is, you can easily access them online which means great ease and convenience in your part. Put some emphasis in these important points when comparing loans with instant funding:
- How easy is the process? Instant loans provide an easy way to apply for a quick and reliable funding, but not all online applications are equally user-friendly. There are some lenders who might request you to fax some kind of documents to confirm your credentials and the overall time these lenders will spend in evaluating your application, approving your loan, and transferring your funds to your bank account will differ from one company to the next.
- Are there any credit checks involved? While most lenders providing the remarkable financial products will not conduct any credit checks in your application, there are still those that do and this is something that you should look into before applying especially if you have a bad credit rating and are in dire need of a quick loan.
- What fees will you pay? The amount you borrow and the type of instant loan that you take out will affect how much you pay in terms of fees but this doesn’t mean that all lenders will charge you with the same fees for a given amount. Check what fees and charges are attached in the loan before you apply.
Normally, you can complete the application process in a matter of minutes. It will then take just a few hours or so for the lender to evaluate your application and determine whether or not you meet the eligibility requirements. And once you are approved, you can generally enjoy the money that you requested for in the same day or the next business day at the soonest.
Compare loans with a guarantor
If you are a first time borrower and have a bad credit history or a none-existent one, taking out a guarantor loan could help you secure the funding that you need. The financial products work just like an unsecured loan in a way that you don’t need to offer any kind of asset as collateral like your home or vehicle to get approved. What you will need however, is someone like a friend or family member who will back up your loan deal and agree to become its guarantor. The person will be responsible for paying back your loan in the event that you are unable to due to legitimate reasons like bankruptcy.
How to compare guarantor loans
When comparing loans with a guarantor, the first thing that you need to look into is the cost. Besides, any borrower would always prefer a loan deal that is the most affordable. With that being said, the cost of paying back your guarantor loan will be affected by 3 essential factors and they include:
- The Amount – This pertains to the amount that you need to borrow. Guarantor loans can help you take out large amounts of loans anywhere from £1,000 and £10,000 even if you have bad credit as long as you have a qualified guarantor. Your repayments will be divided equally, which means you will be paying the same amount every month. While it may be a good idea to take out a larger amount as it will potentially offer you with a lesser rate, it would always be wise to borrow only what you need to avoid entering in an unmanageable debt.
- APR – The APR or Annual Percentage rate pertains to the overall costs that you will have to incur in your loan. For most loans like personal loans and secured loans, this can be determined by the interest rate. APR’s vary from lender to lender and on your qualifications as well. With the right lender and guarantor, you can take out a guarantor loan with an APR of 30%. Will this might sound a bit high, it is comparatively lower than most bad credit loan options.
- Loan term – This pertains to the period in which you will have to pay back your loan. Majority of lenders will provide terms from 1-5 years but shorter terms will cost you less in interest overall. Ideally, choose the shortest term possible that is suitable to your budget so you can save on interest payments without sacrificing other essential finances.
The Ideal Guarantor Loan
To find the most ideal guarantor loan, you will want to compare exactly what the different available options are. To succeed in your comparison, first determine what makes the best guarantor loan for your present needs and circumstances. After you have identified the most vital elements of the guarantor loan, rely on a comparison site to compare loans with a guarantor and get an idea of what each lender is offering. Once you picked a suitable lender, simply visits its website and fill out the application form provided.
Compare loans for bad credit
A bad credit loan is an option that you can look into if you find yourself struggling to secure funding from a guarantor loan. Simply put, the loans are designed for borrowers who have poor credit histories. Perhaps you’ve defaulted from a loan in the past, been late on paying some of your bills and/or made numerous failed applications for credit. And even if you have never borrowed in your life, you might still find yourself struggling to qualify for traditional loans from banks and other mainstream lenders.
Besides, the lender sees no good reason why you can be trusted to complete all your repayments on the agreed terms and conditions. For some, your simply too much of a risk, but to others you’re an opportunity to do some business in a competitive lending market.
Compare your bad credit loan options
There are still several options readily available in the UK loan industry today that you can look into to give you the funding that you need even if you have bad credit. Most of these loans are offered online by specialist lenders who are willing to cater different borrowers with unique circumstances. Some of the most popular bad credit loans in the UK today include:
- Short term loans. Short-term loans like payday loans and doorstep loans provide you with small amounts of loans that you will pay back in a short-period of time from a few weeks to a month. Because of their short-term nature, the loans are unsecured which means you don’t need to provide any form of collateral to secure them. They are one of the best bad credit loan options that you can consider when you are faced with an emergency situation.
- Instalment loans. You will need to make fixed schedule payments over a an agreed loan term for an instalment loan in the UK. The loans are also unsecured and typically charge lower APR’s than many bad credit loans although they are still higher than majority of personal loans in the market.
- Cash loans. Cash loans for bad credit are basically identical to payday loans. If you own a credit card, you can use its cash advance facility to withdraw money from an ATM. If you have been employed in the same company for a long time now, you might also want to consider taking out a cash advance from your boss.
What you need to consider
Loans for bad credit typically come with high interest rates to compensate the risk involved in your credit rating. For this reason, it’s important to carefully compare loans for bad credit before applying so you can obtain those that provide the most competitively low rates available. You also have the option to secure your loan deal with an asset like your home to negate the risk involved in your credit rating. This can potentially offer you with better rates and terms and even access to larger borrowing amounts. However, just make sure that you pay back your loan on the agreed terms and conditions as you will risk losing your home in the event that you default from your loan.
Compare Loans with no guarantor
No guarantor loans allow you to access different types of funding based on your needs and qualifications. There are options that can accept your request for financing even if you have bad credit and there are those that will need you to have a stellar credit rating. With the financial products, you can also apply online one-on-one with the lender through their website or through a broker who will direct you to a panel of lenders that may be able to cater your loan application. You can compare loans with no guarantor that include:
- Payday loans
- Logbook loans
- Peer to peer loans
- Personal/unsecured loans
The type of no guarantor loan is designed to satisfy an immediate cash flow shortage. Perhaps you have an unforeseen expense at your hands such as a medical bill, broken washing machine or a gift for an upcoming birthday but you simply don’t have enough money left in your pocket to cover them. With payday loans, you can potentially obtain short-term funding anywhere from £100 to £1,000 after an hour of applying and in a single lump sum, so you can deal with those expenses right away. The payments for you loan will simply come out of your debit account on your next pay date from work giving you the ease and convenience you need when you’re caught up in a busy life.
Logbook loans can help you secure quick funding anywhere from £500 to £50,000. The idea behind the financial product is that you apply for an amount that is secured on your vehicles such as a car, van, or motorbike. This provides you with a solid means to borrow large amounts of money even if you have bad credit. You can also keep driving your vehicle as long as you keep up with your loan’s repayments as the lender will only ask you to surrender you vehicle’s V5 or logbook documents.
Peer to Peer Loans
Peer to peer loans offer a platform of borrowing and lending for private individuals instead of banks and lending companies. The rate you can get from the type of loan is based on your credit rating. If you have a stellar credit rating, you can borrow as much as £15,000 with competitively low interest rates. The money is lent by individual personalities of the UK public who are typically investors looking to make a return from their investment based on your payments. Borrowers with bad credit will pay a higher rate to the investor whereas those with excellent credit will pay a lower interest rate because they have a lower risk of defaulting.
This is another loan that is based on your individual credit rating and qualifications with longer terms and large amounts of borrowing e.g £25,000 for over 7 years. The loans are unsecured and can be obtained from banks, credit unions and other traditional financing institutions and from online lenders as well. Because of the extremely competitive personal loan industry in the UK today, you can enjoy cheap rates for personal loans with an APR per year that can be just a few percent e.g 2%, 3% or 4%. You can even find lower rates online from private lenders.
Compare Direct lenders
With an assortment of loan lenders both online and offline to choose from in the UK nowadays, it can be quite overwhelming to decide which one to apply with for the kind of funding that you are looking for. Every lender in the market will come with varying features and benefits, from application requirements and turnaround times, to loan amounts and payment terms, and it will be completely up to you to decide what’s important and what isn’t. There is really a constellation of lenders out there that’s why it’s important that you compare direct lenders and perform your due diligence to find one that is responsible and committed to helping you get the kind of funding that you deserve.
What to look for in a Direct lender
What are the qualifications that I need to meet? If I do meet them and my application becomes approved, when will I receive the money? What are the amounts that I can apply for? While these are some of the common questions that people require answers to when they are searching for loan lenders, they are not always the most essential. Some of the other questions that you need to ask yourself when searching for direct lenders are:
- Is it licensed by the FCA? Before you relay any sensitive information online, ensure that the lender you are applying with is licensed by the FCA or Financial conduct authority. This will confirm its legitimacy and verify if they are indeed a responsible lender. Mostly, the information can be seen on the lender’s “About Us” page or in the bottom most portion of its home page.
- How much do they charge for their loans? When comparing direct lenders, be sure to look at the actual cost they put for their loan services. Make your decision based on the actual cost of the type of loan that you intend to take out.
- Is it secured? Search the lender’s site for any security icons such as a VeriSign Secured™ or McAfee SECURE™ icon. The lender’s website should also start with “https” as it means that the lender has taken the necessary steps to ensure every personal information you share is protected using standard security technology.