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- Bad Credit
Many people these days find it hard to make ends meet. With cost of living continually being on the rise, there is often too little cash to spare to build up some life savings. This is why most people may not have any extra money available whenever an emergency expense comes up like a broken boiler or a mashing machine that needs fixing or even doing a home makeover.
What Loans Can You Apply For?
At some point, you may have to get help with your financial shortage and loans are a good way of addressing this. This is why it is important that you know what kinds of loans are available for you and where you can avail of them. Not only will this help you approach the right people but will also help you take advantage of the right rates.
These loans are usually fixed and should be repaid by set monthly payments over a specific period of time. Interest rates are usually fixed too tough there are lenders that will charge variable rates. This type of loan is offered by a bank, a finance company or a building society. Application is often done in person, over the phone, via post, or online.
Offered by payday lenders, this type of loan is meant to be paid off in the short term, specifically when you get paid next. These types of loan are intended to tide borrowers over until they their next payday. They are also known for their hefty interest charges though which is why they should only be considered as a last and final resort.
Credit brokers help people find credit. They work by comparing the market and then helping you find a company that is willing to offer you a loan. They are different from a lender because they are not the ones actually giving you the loan, but are just helping you matched with a company that will actually do so.
Credit union loans
Credit unions act as a cooperative with members pooling their savings in order to provide low interest credit to each other. Sharing a common bond with the rest of the members is essential in order to be part of the organisation. Members usually belong in the same community and you need to be a part of that community to start enjoying the perks they extend. Loan offers can have terms of five to ten years or even longer. Thanks to their lower interest charges, they are considered to be the cheaper option compared to home credit.
Authorised by the government, these are loans one can get through the SLC or Student Loans Company. Financial help will depend on the course you are studying as well as your present circumstances. They do not usually have to be paid back until you’ve left university or you’ve reached a certain amount of income.
Applying for a loan can be a nerve-wracking experience. But there will be times when you need to borrow money to fund some unexpected expense. If and when you need to, you’d want to know if you have a chance of getting approved for one. If you have looked through all your options and decided that a loan is the best option for you, there are some things that you can do to improve your success.
Apply to the Right Lenders
Different lenders will usually have different approaches to the risks involved when dealing with loan applicants. Some have stringent criteria that borrowers need to meet while there are those that would not mind lending money to low credit score borrowers by just increasing the APR or the annual percentage rate.
Your credit score plays a huge role on getting approved or not. A higher credit score means you will likely get accepted. However, a slightly problematic credit score might mean that you will need to look for lenders that specialise in your kind of situation. Soft searches might help you determine the likelihood of getting accepted. Searches like these will not affect your credit rating but will at least allow you to pick lenders who are likely to accept your application.
Build or Improve Your Credit History
Missed and late payments in the past will always have an impact on your credit score. It pays to take the time to improve your rating first such as getting registered in the electoral poll before you start applying for a loan to improve your chances for an approval.
In the same manner, if you have not yet built a credit history and you have not borrowed from the past, lenders will have a hard time establishing how good or not you are with your finances. So, it helps to start building your credit history early on.
You might be able to benefit more from getting a credit card with interest-free purchase options. This would be most apt if you only plan to borrow smaller amounts like £500-$1,000. Getting a card with 0% interest means being able to borrow what you need without the burden of an added interest charge.
A cost-effective option compared to taking out a loan, just see to it that you get the debt completely cleared before the interest charges kick in. You’ll also need to look for a card that offers a long enough term for interest-free payment. This would give you enough time to get the debt paid off before you start getting charged for interest fees. Use this as another way for you to improve your credit score.
Frequently Asked Questions
Must I Have A Guarantor?
Usually, lenders would require a guarantor for borrowers with poor or no credit history. A guarantor will serve as an added security if in case the borrower defaults on the loan. Since unsecured loans don’t have collateral, it is an added risk for lenders. However, if your credit is in good shape, lenders will often approve you without having a guarantor.
Is there complicated requirements I must provide?
No. The application process is simple and straightforward. All you need to provide is your personal information, proof of income, and employment verification. You also need to provide your checking account information where the money will be sent to. Other than that, you don’t have to provide any complicated documents or requirements to get approved.
How Fast Can I Have The Funds?
The entire process can be completed in as fast as 15 minutes. Getting the results of your application will only take a few minutes. So you don’t have to wait hours or even days to get approved. You can have the funds immediately and we’ll send you a notification once everything is good to go.
What If I Miss My Payment?
We understand that such things could happen. While some lenders may be lenient for one or two months, however, missing your payment could result in serious consequences. It could affect your credit badly and the lender may incur additional charges or fees as penalties for late payments.
You will receive the payment through direct transfers immediately to your checking account. Once approved, the money will reflect on your account within seconds. You will receive a notification once your application results are in.
Got questions? Let us know.