How Much Money Can I Borrow?
This ultimately depends on your circumstances. If you have a bad credit score or you have no credit history you might not be able to get a loan that’s as large as a loan taken out by someone with a good credit history. This may well mean that you end up being offered a loan that is much smaller. This is because lenders are usually quite reticent about approving an application that’s been made by someone with a poor credit score.
What Can I Get Cash For?
There are many reasons why people want more in their bank account. Some want the cash for home improvements, others would like to buy a car. Some people search for a loan so they can enjoy a holiday, others apply because they want to buy something they’ve always wanted.
Please note, it’s unlikely that your application for a loan will be approved if its to help you meet your day-to-day living costs.
If you apply for a loan make sure you know how much the monthly payments are. You should be able to pay the sum back without causing your family or yourself any financial difficulties.
How Long Can I Take a Loan Out For?
This all depends on the type of loan you’re looking for. It also depends on how much cash you want to borrow and who the lender is. Different lenders will offer different loans and expect you to make different monthly payments.
Taking out a loan for an extended period of time (Such as 3 to 5 years) could reduce your monthly payments, however, it will bump up your interest charges. This means you could end up paying back even more on your loan than you bargained for.
How Can I Tell If I’m Eligible for a Loan?
If you compare loans you will see that different lenders offer different types of loans. Each loan will come with its own requirements and terms along with different fees and repayment schedules. You can compare loans that you’ll find on a variety of websites should you wish to. Some comparison sites will ask you a few questions before showing you the loans that they think are more suited to you. You can sort the loans by interest rate, lender, and the likelihood that your application will be accepted.
How do I Apply for a Loan?
It’s generally quite easy to apply for loans. You can do this by calling the lenders or by filling out an application on their website. Alternatively, you can send the form through the post or drop in into your local branch. Some financial institutions are happy to accept loan applications in person, however, you will need to make sure you have all the relevant documentation with you.
Will I Need a Good Credit Rating?
A good credit rating is essential for some loans. However, some providers also offer loans to people who have bad credit or no credit rating at all. You can also get guarantor loans in which someone else says they will make the repayments if you cannot. It’s always wise to check if you need to have a good rating as you could be wasting your time if you don’t.
What is a Soft Search?
Also known as a “Soft application”, a soft search is a particular way of finding out if you’re likely to be accepted by lenders. A soft search will not leave a mark on your credit score, unlike many other types of search. This means it’s a very useful way of finding a loan that you could be eligible for without it having an impact on your credit score or your chance of having your request approved.
What Will Happen if I Miss the Repayments?
If you do not make your payments on time if at all, the lender is likely to charge you more. There’s always a chance that they could scrap the 0% interest or low interest. It might also mean that you will have to pay more for your loan in future as your interest rates could go up.
What is APR?
The Annual Percentage Rate (APR), is the rate of interest that you will have to pay back. This rate takes into account the interest you pay and any other charges the loans provider gives you. This will help you to have a better picture of how much the loans will cost you.
When you come across a loan that is advertised as having a “representative APR”, this means that the lender has to offer the rate to at least 51% of all of the loan applicants. However, it does not mean that you will be offered the same rate. You should compare the loan with others and make sure that you check how much the APR is. Some APRs are fixed and others will result in you paying much more for you loan than you thought.
If you apply for a loan make sure you can afford the monthly payments. The payments should not cause your family or yourself any financial difficulties.
How Can I Borrow Money Fast?
Some lenders will let you borrow cash quickly. They offer these types of loans as they know you need the funds sooner rather than later. Getting a fast loan can affect your credit rating and they do tend to come with fixed fees. This is why it’s crucial that you choose a loan that is right for you.
If you are accepted for a fast loan you will find that the financial company sends payments very quickly. Loans such as these can be expensive, so here are a few tips that can help make the process easier:
- Check your rights and see when and if you can miss a payment should you need to. Some companies let you take some time off.
- Always make sure you know how much a fast loan will cost you. Take note of how much interest you have to pay and if there are any hidden fees.
- Please make sure you only ever take out a loan if you know you can afford to pay the cash back. A fast loan should not plunge you further into debt.
Because same day loan providers realise that you need the money now to deal with an emergency financial situation, they’ve set up their systems to deliver the funds direct into your account within 10 minutes* of your signing for your loan online.
How Can I Get Money with Bad Credit?
You can borrow cash if you have bad credit. There are lenders out there that specialise in offering a loan to those with a low credit score. However, the interest rates tend to be higher, as does the APR. This means you could end up paying back much more than you originally thought.
The interest rates and APR tend to be higher as the creditor will assume there is a bigger risk. If you were to repay the loan on time, you could find that your credit score improves.
What is the cheapest way to be lent money?
When you’re considering taking out a loan you should check how much interest you’ll have to pay. You should also take a look at the monthly payments and determine whether you can afford them. If you can, and you’re accepted for the loan, there is something you can do to to make it cheaper for you.
The cheapest way to take out a loan is to make sure you pay it off as soon as you can. Some lenders charge early repayment fees which could make it all a bit more expensive than you thought. However, if you always make the payment each month, you should find that your credit score is not affected. You should also find that you won’t be charged as much interest on your loan as you would if you missed a payment.
When you are looking for loans compare their rates, their early payment charges and any other charges that they have. If you really need to borrow cash, check how reputable the lender is and how good the customer service is before you’re accepted. You’ll feel better about having to repay a loan to a lender that has a good reputation than one who doesn’t treat its customers well.
Where can I borrow loans?
You can typically borrow cash from financial institutions such as banks and building societies. There are also websites dedicated to lending people money. Some of these sites compare loans so you can find the best deal for you. Sites such as these mean you’re less likely to be offered a contract that you’re unhappy with.
Choose a loan that offers a good interest rate and one that asks for repayments that you can afford every 4 weeks. If you cannot find a loan you like the look of, be prepared to search again. You’ll find that different businesses have different rates of interest, different payment conditions, and different rates of APR. This is why it makes sense for you to do your research.
You should also be aware that some loans come with fixed rates and they can be quite high. In some cases, the loan could even get you further into debt if you’re unable to make the repayments. This is why you have to be careful. Always make sure you know exactly what you’re getting into and how much you’ll be charged over the lifetime of the loan. It’s likely that you will have to fill out a form and send the prospective lender some identification documents. You might also need to send proof of your income so they can see you get paid every so often.
Need a Loan
If your credit score is not what it could be but you still need to borrow cash, check the wide range of lenders out there that are happy to give bad credit loans. This type of loan usually comes with high fixed charges and strict instructions as to how and when you should pay back the debt. They tend to charge more because they will consider the borrower to be a higher risk than someone who has a better credit history.
If you need a loan and you have good credit, you could find that it’s much easier to get a loan than you anticipated. There are a number of different websites out there that will happily give you a loan, and some of them even have tips that will help you to get the most out of it. It’s likely that you will have to fill out a form and send some identification documents. You might also need to send proof of your income too.
If you are accepted for a loan, please make sure that you repay it in full and on time. Failure to do so could cause you to get further into debt. Please make sure that being lent cash does not cause you or your family further hardship.
How to Get a Loan
These days, getting a loan is easier than it has ever been. There are many different websites out there that will happily lend you the funds you need. However, some of them will expect you to repay much more than you might have anticipated. They might also come with a lot of fixed rates that are quite high and an interest rate that means you could pay back up an extra 50%
However, there are some good loan companies out there that are more than happy to offer you a loan. Make sure you read all the small print so you’re aware of the conditions surrounding the loan. You’ll also need to work out:
- How much you would like to borrow – do you need £100 or £10,000? You might even need more. Some companies will only offer a specific amount, others are happy to lend you as much as you need.
- Who the best lender is – this will depend on your situation, how much cash you need, and when you need it. It will also depend on how much interest you’re willing to pay back.
- How long you want to borrow the cash for – do you have another debt that you want to clear?
- How much you can afford to pay every 4 weeks – check this so you know you much you’ll need to put aside.
- How much interest you will be charged – if you have to pay a lot, it could make borrowing too expensive.
- What the APR is – if it’s high, you might have to pay back more than you bargained for, so make sure you fully understand what you’re getting into.
- How much you’ll have to pay back in total – when you know this figure you’ll know whether you’re going to get a good deal.
- How good is their customer service? – some have great customer service, others are not so good. Would you like your lender to offer you the best service out there or are you happy with a lender who won’t answer your questions? do your research and try to find a lender who has a good reputation, it can make all the difference.
Once you’ve worked out all of the above figures, you should then make the decision as to whether you can afford to get cash. If you are satisfied that you can repay everything, you can make an application on a website or in person. Some finance companies will let you apply over the phone. It’s likely that you will have to fill out a form and send some identification documents. You might also need to send proof of your income.
You might have to wait up to a week to find out if your request has been accepted. If it has been accepted, please make sure you know when to make your first repayment and how much it is.
Please note, you should only take out a loan if you know you can afford to make pay the cash back on time and in full. Making payments should not cause any further hardship to you or your family.
Where Can I Get a Loan?
You might be able to borrow cash from financial institutions (banks and building societies). There are also many different websites out there that let you borrow money online. Some of these websites even compare loans, helping you to find the best deal for you. You can choose a loan that offers you a good/better interest rate and asks for repayments you can afford. If you cannot find a loan compare it with others by searching some more. There is likely to be a deal out there that works for you.
Some of these deals might involve taking out a loan for a longer period of time. For example, you might wish to be lent £5,000 over a 5 year period rather than 2 years. While this will mean you’ll pay back less every 4 weeks, the interest will result in you having to pay back much more. Please make sure you know exactly how much you will have to pay back. Go over the small print again if you’re not sure. That £5,000 you hoped would make life easier could cost so much more. It’s likely that you will have to fill out a form and send some identification documents to the prospective lender. You might also need to send proof of your income so they know you’ll have wages coming in.
Please note, a few loans may come with fixed rates and these rates can be high. In some cases, the loan could even get you further into debt if you’re unable to make the repayments. This is why it’s important you do your research and find a solution that works for you.