Want to know about the latest insights into unsecured loans in the UK, but only have a couple of minutes to spare? Let the LoanTube team take you on a quick whirlwind tour of the unsecured UK loan market in 2019.
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52. Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52. Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00 Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00 Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56. Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.Maximise your options: Compare and apply for loans below with LoanTube
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Loan Amount
£4000 -
£20000
Norwich Trust
Loan Term
1 -
10 years
4.8/5
Representative APR
31.90%
Minimum Age
21 Years
4.8/5
Norwich Trust
Loan Amount
£4000 -
£20000
Loan Term
1 -
10 years
Representative APR
31.90%
Minimum Age
21 Years
Minimum Income
£2000 per month
Loan Amount
£5000 -
£100000
Evolution Money Loans
Loan Term
1 -
20 years
4.5/5
Representative APR
28.96%
Minimum Age
18 years
4.5/5
Evolution Money Loans
Loan Amount
£5000 -
£100000
Loan Term
1 -
20 years
Representative APR
28.96%
Minimum Age
18 years
Minimum Income
Not mentioned
Loan Amount
£1000 -
£10000
1Plus1 Guarantor Loans
Loan Term
1 -
5 years
4.4/5
Representative APR
39.90%
Minimum Age
18 years
4.4/5
1Plus1 Guarantor Loans
Loan Amount
£1000 -
£10000
Loan Term
1 -
5 years
Representative APR
39.90%
Minimum Age
18 years
Minimum Income
Not mentioned
Security, No Security
First of all, what is the difference between a secured loan and an unsecured loan? With a secured loan, you have to offer the lender something they can take away from you if you can’t make the repayments on your loan. If that happens, they then sell your “security” for as much money as they can to recover the losses they made by lending money to you.
With unsecured loans, you are at risk of losing none of your assets or possessions if you can’t repay your loan. However, if you don’t, that’ll have a terrible effect on your credit rating.
Good Credit, Bad Credit
Your credit rating is a report produced by one of three different agencies in the UK – Experian, Equifax, and CallCredit. Credit ratings are like scorecards which tell lenders how good you are at making repayments and how much debt you’re currently in.
If you keep up to date with your repayments and you don’t max out your credit cards and overdraft, that means that you’re likely to have a better credit score than someone who occasionally misses payments and who has spent near to their limits on their credit cards and overdrafts.
Better credit scores mean more choice of the types of unsecured loans you can take out and it also means that you’ll likely pay a lower rate of interest on your loans, credit cards, and so on.
No Guarantor Loans and Guarantor Loans Online
Loans with no guarantors are the way to go, in the opinion of the management and team members here at LoanTube. A guarantor loan means that from your friends and family members, you have to nominate someone who will pay your loan back if you can’t. You have to persuade someone to put their neck on the line financially. And also to suffer the consequences if things go wrong.
Guarantor loan companies may promise many different things, but there has been a huge rise in complaints about them and that “taking on the risk for a loved one’s loan can cost you dear”.
Plenty of Companies Vying to Lend to Borrowers
What about if your credit rating is not so perfect? Whether you’re searching for loans for bad credit in Wales or payday loans in Birmingham, there are specialist types of lenders who take a different view. They believe that, especially with how tough it’s been for millions of us after the last recession, borrowers should be considered more on how their finances are today rather than how they were a few years ago.
There are fewer lenders for bad credit applicants – that’s true. But there are a lot more than there were 20 years ago means that there’s far more competition for your business.
Let LoanTube Make Sense of it All
What’s the best unsecured loan option for you? We make real rates comparison on loans possible – click here for more.
To apply for Unsecured Loans with LoanTube, click here.
