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Representative example: £500 borrowed for 90 days. Total amount repayable is £672.60. Interest charged is £172.60, interest rate 140.0% (variable).
Short-term loans or installment loans are some of the most common types of personal loans available, and they can be invaluable in the case of unexpected emergencies. They also give the recipient the opportunity to split up their payments over a longer period of time than a payday loan would without the headache of looking at a loan that will take several years to pay off. Typically, these loans last for about a 12-month period and are unsecured, meaning it requires no actual collateral.
NowLoan provides a few different options for those needing some temporary financial assistance, including short-term loans. For those situations where a payday loan isn’t quite appropriate (either because of the amount of money required or because of the length of time needed in order to pay the loan back), short-term loans are your best bet. NowLoan will securely search for the loans with the best rate that you are most likely to be approved for, saving you the trouble and frustration of multiple applications (if the first one is not approved) and finding out that your interest rate was absurdly high.
Let’s say you need a £2500 loan. NowLoan will instantaneously find and get you approved for the best option available to you so that you can get the money you need same-day and from the comfort of your own home.
Now, with that £2500 loan, you can actually improve your credit rating in a number of ways. First and foremost, your payment history is a huge factor in your credit rating, so having regular payments to that loan will improve the way creditors and lenders look at you as a potential customer. Additionally, if you wind up using some of that money to pay off other debts like credit cards, you can effectively consolidate some of your smaller debts, increase your available credit, and still have that positive payment activity reflecting in your credit report.
NowLoan will ask you a series of questions when you first start looking for a loan to determine how much money you need, the time frame you will need to pay it back, and which lenders are most likely to approve your application. Once you’ve been given your list of lenders, all it takes is filling out that lender’s application, and you’re on your way to alleviating your financial situation! Let NowLoan help you get the money you need, when you need it, knowing that your information is safe.