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Representative example: Borrowing: £1,200 Interest: 0.34% per day for up to 75 days (124% per annum, variable) Representative: 49.7% APR (variable)
With online lenders offering a wide array of personal loans, traditional banks and credit card companies are finding it harder and harder to compete in the small loans market. Gone are the days when having bad credit automatically meant no chance of getting any credit.
The lending process is more streamlined and transparent with a majority of borrowers going online to look for loan options.
At NowLoan.co.uk, we help borrowers find the most suitable lenders for them. We take loan applications and match them with the requirements of a good number of lenders to find the perfect fit. This is done to ensure that both the lender and the borrower are satisfied at the end of the day. It also simplifies the entire process for borrowers who would otherwise spend too much time trying to figure out the best options for them.
Although small personal loans are not officially defined, they range from £100 to £1,000 in the UK. Different lenders have different policies as far as interest rates, loan terms and fees are concerned. If you can, you may want to shop around before you decide which lender offers the best deal.
In most cases, you don’t need any collateral to take out a small loan. if you meet all the requirements, your application will be approved within the same day. Lenders understand that most people who take out these loans are facing emergencies. That is why they make the approval process so quick.
If you have good credit, you have a greater chance to get a small loan on more favourable terms than a person with bad credit. In fact, many lenders don’t give loans to people with poor credit scores and when they do, the interest rates are significantly higher.
If you have bad credit, you may still be able to get a small loan. Small loans for bad credit offer relief to borrowers whose borrowing options are limited due to their low credit scores. A small loan for bad credit works in the same way as a personal loan.
If you have excellent credit, lenders will likely have absolutely no problem approving your loan application. At the same time, you will be getting the loans on very attractive terms. These facts apply whether you are looking for a small or bigger loan. Of course, the lender will try to ascertain how much you can be able to repay within the specified period.
In most cases, small loans are unsecured. The fact that no assets are attached to the loan means that you can work on repaying it without worrying too much about the possibility of losing any assets. The interest rate will be smaller meaning that you are unlikely to get into deeper financial trouble.
A small loan helps you fix any pressing need and still be able to repay it within the agreed period. The payment plans can be simple and predictable and there is minimal risk of the interest accumulating to unmanageable levels.
When you pay your small loans in good time over an extended period of time, you could see a significant improvement on your credit score. The most important thing is to always ensure that you repay within the agreed period consistently. This is certainly a huge boost for people who are unable to get their loans approved due to bad credit.
One of the best things about small loans is that they are very easy to arrange. This makes them very suitable when you need cash very urgently. However, it is important to be careful about how you manage these loans because poor management can get you into an even bigger financial hole.