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Personal Loans UK Guarantor
Losing a job means losing a source of stable income, and for instances like this, running out of cash is a common scenario. Sadly, not all lenders are willing to accommodate your needs because you cannot provide a proof of income. However, you still have an option when you need a financial assistance.
Looking for a personal loans guarantor can increase your chance of getting approved. Although there are a limited number of lenders who can assist you, it’s still a relief to know that you can get a loan. By providing another person who can guarantee the debt, you are getting yourself closer to the fund you need.
To start your application, all you have to do is fill out an application form online. This requires your personal financial information. Some lenders will ask you to fax documents while others will not. Either way, it’s still more convenient than the traditional way of getting a loan. The amount provided is relatively small compared to mortgage loans, however, it is enough to cover your expenses while you look for a new job. The good thing about this loan is the lender will only ask for the repayment once you’re successfully employed.
The loan is also ideal when you are suffering from a bad credit. Normally, lenders like banks will turn their back on your application. But with personal loans, you can have the money you need regardless of your credit rating. However, having a good or excellent credit remark before getting a loan is still better. Lenders see you as a low risk to their business and in return, they can offer you better rates and bigger loan amount. Nevertheless, getting the loan is quick, easy, and accessible.
Applying For A Personal Loans Direct Lender
Traditionally, getting a loan takes a lot of time – a week or even a month. However, with an online personal loans direct lender, you only need to spend 5 minutes on the application. All you have to do is provide the necessary details like your name, email address, contact number, bank account, and proof of income (if applicable). The information will be used to assess the amount they can lend you. Your credit report also plays a vital role in the success of your application and the loan itself. While some lenders accept bad credit borrowers, they still use the credit remark as the basis of the loan amount and the interest rate.
Every online lender has their own method for the application but usually, it works like this: submission of the application form, verification, and granting the loan. The releasing of the fund depends on the lender’s terms and conditions but it won’t take more than two days. In fact, some lenders can release it in just a matter of minutes.
Personal Loans: Personal Loans Instant
If there’s one thing that makes personal loans popular, that would be its speed. When you’re planning to repair your car, attend to an emergency, or pay for a sudden expense, the loan caters to your needs in the quickest way. Most personal loans won’t require collateral or a guarantor, thus turning the application process into a breeze.
Another unique feature it has is its flexibility. Usually, lenders will require you to use the loan for a specific purpose, such as buying a car. With personal loans, you’re not asked to state your reason. You are free to use the loan for whatever legal purpose you have in mind, no matter what it is.
If there’s one thing that you need to decide about, that is to choose between a secured personal loan and the unsecured type. Both loans are different in many ways and you need to weigh its pros and cons to determine if it’s the right fit according to your needs.
Personal Loans Bad Credit
Personal loans are widely available for people who have bad credit but then again, they have to figure out if they will take the secured or unsecured type. If you’re having second thoughts, you can ask professional assistance from loan brokers. These licensed individuals often offer their service for free and they can help you find a loan that would match your preference.
A secured loan is cheaper by nature. It allows the borrower to acquire cash even with a bad credit. Low-income borrowers can get a bigger loan provided that they will pledge one thing – collateral. From the name itself, it needs a security against the loan and it can be any income-generating asset such as a house, car, bond, jewelry, gadgets, etc. Overall, the loan is beneficial because you’re chance of getting the loan is high. The only downside, perhaps, is that you need to surrender your property in case you defaulted. As part of the agreement, the lender has the right to repossess the collateral to compensate for the loan.
Then there are unsecured loans –the type that doesn’t require anything as a security. It is ideal for people who have no asset to pledge or homeowners who don’t want to risk their property. It is easier to process because it reduces the time spent on verification. The downside, however, is that it carries a high-interest rate, making the loan is too expensive. Borrowers who have failed to assess their capability to settle the loan relies on extensions which eventually trap them in the cycle of debt.
Personal Loans No Guarantor
A personal loans no guarantor is almost everywhere – TV, newspaper, and online. Your job as a loan seeker is to find a credit that carries a low-interest rate, flexible repayment terms, and clear policies. Avoid settling for the first lender you see on the Internet or the one you often hear in the radio; instead, look for the one that will help you resolve your financial dilemma in the fastest and easiest way. Sometimes, all it takes is a little research and comparison. Otherwise, you may ask for referrals from the people you trust.
Representative example: £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)