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 broader search allows you to fully explore the market and find the best available offers that align with your needs and circumstances. Even if you’re based in Wales, you don’t have to limit your search to the county where you live.
With LoanTube, you can compare real-time loan offers from a network of FCA-approved lenders across the UK. Get access to a variety of offers with competitive rates and guaranteed APRs from our pan-UK lending panel while sipping tea at home – yes, it’s that easy!
It’s a common belief that your postcode can influence your credit rating. This myth is based on the idea that lenders might want to avoid postcodes with higher default rates. Consequently, lenders might set higher interest rates for borrowers from these counties.
However, it’s a baseless myth – lenders use your personal information to check the legitimacy of your address and your credit history. Postcodes do not impact your application or the interest rates that you are offered unless you apply with a below-average credit score.
Regardless of the county, you’re based in, your credit history and financial standing are two primary factors that impact a lender’s decision. With a strong credit history, high credit score and stable income, you’ll have better chances of securing a loan with lower interest rates.
Moving into a new city can be thrilling, but a lot needs to be done before making the shift– changing your official address. If you’ve moved to Wales from another county in the UK with an established financial history, you may not face many challenges while borrowing.
With an existing credit history, you will easily be able to find lenders in Wales. It’ll be ideal if your credit history doesn’t include defaults or County Court Judgment (CCJs) – it’ll give your application an edge and boost your chances of qualifying for competitive interest rates.
The one thing that could potentially affect your application is electoral registration. If you move to Wales from another county, you will have to re-register yourself on the electoral roll with an updated address.
If you live in Wales, England or Scotland, you can visit your local Electoral Registration Office to register again. Make sure that you carry proof of your new address for verification to the Registration Office.
Typically, lending criteria differ among different lenders. Lenders usually assess applicants on a case-by-case basis. Applicants with a decent credit history and stable income may qualify for competitive interest rates on personal loans in London.
Conversely, a low credit score could limit your options. Lenders often set higher interest rates on personal loans for borrowers with below-average credit scores. Therefore, it is vital to factor in these determinants before borrowing an unsecured personal loan.
A proven way to boost your credit score is to pay off all ongoing credit engagements (credit cards, debts, overdrafts, etc.) before applying for an unsecured personal loan. Furthermore, you could dispute credit report discrepancies such as unidentified enquiries or erroneous records to climb up the credit ladder.
It all boils down to the most crucial step in your borrowing journey – how well you explore the market. Rather than grabbing the very first offer you get, shop around 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.
Not all borrowers will qualify for a loan. The operator of this website does not engage in any direct consumer lending, we simply provide you a FREE loan brokering service. This means LoanTube does not charge customers a fee for using its introducer services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with them following an introduction by LoanTube.
LoanTube Business Model: As part of our business operations, we connect customers with partner lenders to help them find suitable loan options. LoanTube receives a commission from lenders for this service, which may, in some cases, affect the cost of the loan to the customer. However, as a responsible broker, we are committed to identifying the best possible loan options for our customers.
