Looking for the best possible loan to suit you and your needs? A personal loan can give you exactly what you want, for exactly what you want. As well as this, you can easily apply for personal loans, it only takes a few clicks. Find out more here.
What Are Personal Loans?
Personal loans are a sum of money you can borrow from a lender or a broker. They usually range from £1,000 to £25,000 and you are able to borrow them for up to 6 years with monthly repayments. Hence the name, personal loans can be spent on anything you feel is necessary. Whether this be for a holiday, cosmetic surgery or even debt consolidation. Although they are for personal use, we advise you don’t use your loan for anything which could potentially impact the chances of your repayment or damage your financial position for example, gambling or addiction.
Am I Eligible?
Within the UK there at multiple personal loan lenders and brokers who are willing to help you get the loan you want. Not every lender and broker have the same eligibility requirements when t comes down to borrowing, therefore, we cannot give you an example which will fit every company. But, due to them all doing similar roles, the criteria doesn’t differ majorly. As followed is an example which covers what most lenders and brokers will ask for when you are applying for a loan.
- Be aged 18 or over
- Be employed or have a stable source of income
- Live in the UK or be a UK resident
- Have an active bank account
- Have a valid debit card for this account
- Hold a valid email address and phone number
Best Personal Loans Lenders
Personal loan lenders tend to offer a very fast service so you can get your loan as quickly as possible, especially if you are borrowing for an emergency. Deciding which lender or broker to use can be a difficult, time-consuming task. You have to find the best one for you, whether it be a lender with the best loan amounts and loan range or just a lender who you feel has a good feel.
Firstly, the difference between a lender and a broker is that a lender can give you a loan directly, whereas a broker sends your information to a lender who tend is able to lend to you. Although a lender is a great option as they can act faster, you still have the chance of being rejected. This means you will have to then go on and find another lender who suits you. This could take days, creating more stress and worry. Therefore, unless you have a good credit score, a broker might be a better option for you. Brokers such as Simple Personal Loans can offer you a faster service. One you have filled in a single application, they send it to multiple direct lenders who can then choose if they want to accept you. Therefore, you have saved time looking for a lender.
How Do I Apply?
Applying for a loan is easy. Most lenders and brokers have modernised technology meaning that their application process is all online. Simple Personal Loans have a streamlined application which can be found by visiting their home page and then clicking ‘Apply Now‘. Once you have completed this form, submit your information and then soon after you will be informed if you have been accepted.
Loan don’t suit the lifestyle of everyone, but have you tried saving? Find out about how to save here.