Personal Loans

Will Personal Loans be too Expensive?

It is always wise to ask yourself whether things that you are buying will be too expensive. This includes all sorts of loans. You may think that it is a bit odd to say that you ‘buy’ a loan but actually we do pay for the loan as we have to pay fees, charges and/or interest. This means that we are purchasing something and therefore need to make sure that we are not paying more than we can afford for it. We also should make sure that we are not paying more than necessary. There are therefore two things that we have to check out:

Are we Spending more than we can Afford?

So, we need to firstly work out how much the loan will cost and then we can think about whether we can afford this. To find out how much the loan costs could seem tricky. If you try to work it out using the interest rate it can be complex and it might not include all of the costs as loans will often has fees as well. Therefore, it is wise to either use a calculator, which is often included on the lender’s website, to work out the total cost or to ask the lender to calculate it for you. They should be able to let you know what you will have to repay in full and if you take away the amount you have borrowed you will be able to work out the cost of it. This will allow you to think about whether you feel the loan is worth it and if you think you can afford it.

If you are borrowing for an emergency, then you might be prepared to pay a lot more for the loan compared to if you are using it to buy luxury items. It is good to think about what you are using the money for and whether you think that it is worth paying that cost for it. You need to think about that cost and whether you would be prepared to pay that much more for the thing that you are buying. So imagine that the price of it was the price you are buying it for plus the cost of the loan and consider whether you would still buy it.

Are we Paying more than Necessary?

It is also worth making sure that you are not paying more than necessary. This is something that you will need to be able to work out if you compare the costs of different lenders. It is good to look at different personal loans to see how the prices of those compare and work out what the cheapest on is. Do remember that using comparison websites could help you here, but not all loans will be included on them and so if you can, try to look at other loans that are not included in these so that you can be sure that you are comparing all your options. It is also a good idea to look at different types of loans. You will find that there are different options that you can take when you are looking to borrow the money. This means that it is worth making sure that you do not eliminate those options. You will then be able to check whether a personal loan is a good idea compared with other loan types that might be cheaper. Of course, there are more differences between loan types than just the cost and you will need to look and see which you think will give you the best value for money.

Quick Loans

Are Short Term Loans Quick to Arrange?

If you need money in a hurry then it can be frustrating when you apply for loans and they take a long time to arrange. However, some loans are much quicker to arrange than others. Therefore, it is good to know a bit more about different loans and how quick they are to arrange so that you can choose the right one for you. You may have heard a bit about short term loans, bit if you have never used one before you may not know much about them. They do sometimes have a reputation for being quick to arrange though but this is worth looking into. If you do need money in an emergency, you need to be sure that you will get it quickly enough from the loan that you are choosing.

How Quickly Are They Arranged?

It is worth being aware that how long a short term loan takes to arrange will depend on the lender. There are some which will be able to get the money to you within a few hours, but there are others that will take longer. If it is crucial that you get the money really quickly, then you may need to go for one of those that get you the money really fast. This may mean that you will have to check with the lender to find out how long it will take them. It is also worth noting that you will find that some lenders will be open at weekends and overnight, so you will be able to borrow money at any time. This could be extremely useful if you do need money quickly in the night or on the weekend. So, it is worth finding out who offers that in case this is something that will be important to you.

How to Speed Up the Process

You should also be aware that there might be things that you can do which will influence the speed that the loan can be arranged. Firstly, you will want to research the different lenders to see how they compare so you know which will give you good value for money. If you have a think in advance about what features you feel they should have to offer good value that will help. Also, if you find out who offers money really quickly. You will still need to do some research but this will help to speed up the process. Also make sure that you complete the application form properly. Take time to double check it and ensure all the correct information is filled in so that it gets accepted or else you will waste time having to refill it in. You may also need other information and so make sure that you know what that is and that you send it over to them as soon as you can. Without it they will not be able to process your application.

Reasons to Slow it Down a Bit

It could be worth making sure that you do not rush things too much. Even if you feel you need the money desperately it is good to take a bit of time to think it through first. Make sure that you are sure that borrowing the money is a good idea for you. Think about whether you will be able to repay it and also think about whether it is the only option that you have. Also, make sure that you have spent enough time comparing the different lenders so that you are confident that you are with the right one before you sign up to the loan.

Guarantor Loans

Will Guarantor Loans be my Only Option?

If you are looking to borrow money, you may wonder whether a guarantor will be your only option. There are a lot of borrowing possibilities and many different loan types and lenders to pick between. It is really important to make sure that you make the right decision when it comes to borrowing money. This is because it can have a big impact on your experience of borrowing as well as the value for money that you get. Therefore, checking that you have picked the right loan is key. You may feel though, that guarantor loans might be your only option for a number of reasons. However, it is good to check all of your options first to make sure that this is true.

Because I have a Poor Credit Record

If you have a poor credit rating then your borrowing options will be limited. It could be the case that traditional lenders will not let you have any money and therefore you only have no credit loans to choose between. There are a few different no credit loans though and so it is good to find out more about the different types so that you can pick between them. It is really important to make sure that you are choosing the very best loan for you and therefore check all of the options and find out more about them first.

Because I Want to Borrow a Large Amount

If you want to borrow a larger amount of money then there are several loan options. However, with a poor credit record, it is likely that the guarantor loan will be the only one. This is because the lender will not trust you to borrow a large sum of money and make all of the repayments. Therefore, they want you to nominate a guarantor who will make those payments for you if you struggle to make them yourself. This helps them to be able to trust you and it helps you out if you struggle to repay.

Because I Need Help with Repaying

If you feel that you may have times when you will not be able to make your loan repayments then you may feel that having a guarantor will be a good thing to do. Then if there is not enough money available for your loan repayment then they will be asked for the money instead. This can give you peace of mind as you know that you will not always have to find the money to make the payment, that you will get some help with it. However, you do need to consider whether your guarantor will be happy with that. It might be that they are more than happy to help you out and they will be able to easily be able to afford it. However, they may not be that well off themselves and they might need the money for themselves and therefore they may not be happy with helping. It could be better to make sure that you take on a loan when you are more confident that you will be able to make the repayments so that you do not have to rely on a guarantor or can have one but be more confident that you will not be needing to use them very often, if at all.

It is good to make sure that you do look at all of your options and even if you have constraints think widely and make sure that you are considering every single option so that you get the best value for money from your loan. If a guarantor loan is your only option then make sure that you then compare lenders and make sure that you take the loan that works best for you. Do not just compare the cost though, look at the features as well to get an overall impression of it.

No Credit Check Loans

Are no Credit Check Loans Right for me?

There are lots of different types of loans which you can choose from and it can be confusing trying to work out whether particular loans will work for you. This means that you may need to have a good understanding of what loans are available and how they work and then you will be able to choose the one that will suit you the best. It is something that might take some time but it is worth it. It is likely that you are aware of some of the more common loan types, such as mortgages and overdrafts, but there are some less common ones that it could also be wise to learn about. One of these is a no credit check loan. You might think it is not right for you, but until you know all about it, then it is best to stay open minded.

How do the Loans Work?

A no credit check loan is not quite as obvious as it might sound. This is because all lenders do actually do a credit check and this means that the name can be a bit confusing. However, there are different types of credit check and these lenders will only check it to look at your identity and confirm that you are who you say you are. They will not be concerned by your actual credit record and whether you are a risk to lend to. They are happy to lend to anyone as long as they are over 18, have a UK bank account and live in the UK and have an income. This means that they are suitable for most people. The loans tend to be short-term and lend amounts up to £1,000. They can also be arranged very quickly. They might be able to be arranged within a few hours and possible outside of normal working hours as well. This means that you could get your money extremely quickly. They are repaid quickly too as you will need to set up a direct debit so that you repay the full amount that you borrowed, plus the interest and charges on the next day that you get paid. This means that you will only have the money for a few weeks in most cases so you will not be in debt for very long.

Who are They For?

The loans are therefore most suitable for a few specific situations. Firstly, if you want to borrow some money and your credit record is so poor that you cannot use a traditional loan, then these loans are an option for you to consider. They were actually set up to help those people that have poor credit records and cannot get money elsewhere. However, they may also be useful for those that need money really quickly. There are some traditional loans where you can get money quickly once it is arranged, such as an overdraft or credit card but you have to already have them available to you and you need to have some credit available and not already used up. So, in some circumstances, these loans can be really handy for anyone that need money fast. They can also be worth considering if you do not like being in debt. There are some people that find the idea of borrowing stressful and do not like idea of being in debt for long. As these loans have to be repaid really quickly, it means that they could be really suitable for this sort of person. It will mean that they will able to repay the debt in a short time and not have to worry about it for long.

Payday Loans

Where to get Payday Loans

If you are thinking of taking out a payday loan, then you may wonder where to get them from. You might be looking at the lenders that you have heard of, perhaps those high street banks to see if they do this sort of loan and you will find that they do not do them. So where will you get them from?

Online Lenders

Most payday lenders operate online. So, you will be able to find them if you search for payday lenders in a search engine. You will then be able to find your way to their website and this will help you to take a look at what they have to offer. You will also be able to find web pages that compare different online lenders and this will enable you to choose the one that you feel will be the most suitable for you. It is unlikely that you will know any of lenders or very many of them. This is because unless you use these loans regularly you will not have had reason to find out more about them. Some of the larger companies will advertise but the smaller ones will not and actually going with one that you know will not always help you as you could find that you will pay more for them because you will be paying towards the costs of them advertising and they may not provide a better service in return. So, make sure that you do a lot of research so that you are able to find out more about who is available to borrow from and what they are like by examining their websites and reading reviews about them. It is well worth doing research about a lender, whoever they are and even if you have heard of them, so that you can be sure that they will be the right choice for you. Also, it is important to realise that prices will change between them at times and so you will need to judge which you think will give you the best value for money.

There are numerous ways to get access to payday loans.

High Street Lenders

There are some payday lenders that have high street shops. They will not be all called the same things but should be fairly simple to spot as they will be advertising that they are able to lend money on the outside of the shop. It is possible that they will offer other things as well such as perhaps a pawn brokers service.  It is wise to do as much research about these companies that the online ones. They are no more likely to be better, in fact, as they have to pay high street rent, it could mean that they will be more expensive so watch out for that. It can be good to go in a cha t to them and find out about how they work, what they charge etc and just get an overall feel for them so that you can decide whether you think they will work for you. It can be easier to get a feel for a company in person like this, but it does not mean that they will be better as you need to bear in mind things like the cost, repayment requirements and customer service.

These are really the only two main options that you will have available to you. This means that you will need to contemplate whether you would prefer to go online or on the high street or whether you are happy to compare both and just pick the lender that you think will be the best for you. Make sure that you are considering things that are important to you. Think about the cost, which is probably the main factor for most people but also think about whether you will be able to afford the repayments and if you are happy with the lender as well.