Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk
A personal loan is a versatile financial tool that offers a quick financial solution for inadvertent events or emergencies. Personal loans even go by the alias of ‘signature loans’ because once your loan is approved, all you need to get the funds is a signature.
The ease of access can be attributed to the fact that personal loans are unsecured – you won’t have to provide collateral to secure this loan. In addition, you can use a personal loan to solve a myriad of purposes.
Unlike mortgages and auto loans which help you finance the purchase of properties and cars, respectively, personal loans aren’t earmarked to serve a specific purpose. Here’s what personal loans can help you with:
Personal loans can help you bridge the gap between your dreams and their fulfilment without disturbing your financial balance. You can conveniently spread the cost of your venture into affordable monthly instalments over a fixed term with a personal loan.
Affordable instalments give you more breathing room and greater control over your spending, especially in the long run. But, it is best to ensure that your budget has room for repayments before opting for a personal loan.
A widespread research enables you to fully explore the lending market and find the best available offers that align with your financial needs and circumstances. You don’t have to limit your search to London, even if you’re based of the city.
With LoanTube, you can compare real-time loan offers from a select panel of FCA-approved lenders across the UK. Enjoy competitive rates and guaranteed APRs on loan offers from our pan-UK lending network while sipping tea at home – yes, it’s that easy!
People often have misconceptions pertaining to postcodes, that they can influence your credit rating. This is based on the idea that lenders would postcodes with higher default rates, consequently, setting higher interest rates for borrowers from such counties.
In reality, lenders only use your personal information to check the legitimacy of your address and credit history. Postcodes have no impact on your application or the interest rates that you are offered, whatsoever, unless you apply with a below-average credit score.
Regardless of the county, lenders primarily review applications factoring in your repayment ability – your credit and financial history. With a healthy history, high credit score and stable income, you’ll have higher chances of securing a loan with lower interest rates.
Starting your life in a new city is like turning over a new leaf, but there’s a lot of paperwork that one needs to go through – especially for change of address. If you’ve moved to Sheffield from another county in the UK, it may not be that cumbersome, since it’s a switch from one county of the UK to another.
You should update personal information as soon as there’s a change in your situation. If you’ve moved to Sheffield from another county in the UK, it’s technically only a switch from one county to another.
If your credit history is established, you can easily find lenders in Sheffield. Although a credit history that doesn’t include defaults or County Court Judgment (CCJs) would be ideal – it’ll boost your chances of qualifying for competitive interest rates and terms.
The only other thing that could potentially affect your application is the status of your electoral registration – the right to vote. If you move to Sheffield from another city or county, you will have to register yourself on the electoral roll again, with your updated address.
So long as the lender is able to verify your credit history and address, getting a personal loan in Sheffield won’t be much of a challenge.
The lending criteria can differ among different lenders, but applicants are usually assessed on a case-by-case basis. Applicants with a well-established credit history and stable income may qualify for competitive interest rates on personal loans in Sheffield.
Conversely, a low credit score could narrow your options. Most lenders set higher interest rates on personal loans for applicants with low credit scores. Thus, you must fully comprehend the terms of an unsecured personal loan before applying for one in Sheffield.
Paying off outstanding balances of prior credit engagements (credit cards, debts, overdrafts, etc.) before applying for an unsecured personal loan can give a considerable boost to your credit score. Further, you could dispute any discrepancies on your credit file (such as unidentified enquiries or incorrect records) to climb up the credit ladder.
In the end, what matters in your borrowing journey is how well you explore the market. Don’t just grab the very first offer you get – explore the market and compare interest rates and APRs on all offers.
The rate you are offered will depend on your individual circumstances.
Representative APR Example: On an assumed loan amount of £2,000.00 over 12 months. Rate of interest 60.18% per annum (fixed). Representative 79.9% APR. Total amount payable £2,684.64 of which £684.64 is interest. 12 monthly repayments of £223.72.
Some of the offered loans might be classed as High Cost Short Term Loans. APR rate starts from 18.22%. The maximum APR rate is 1721%, but you will get a personalised rate tailored to you. The minimum repayment term is 3 months, the maximum repayment term is 7 years. The minimum loan amount is £250 and the maximum loan amount is £35000.
Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.
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