Find The Answers to All of Your Questions
Could a personal loan help you? What is a Personal Loan?
If you're in need of credit which allows you to borrow a fixed amount, which can be paid off monthly, then a personal loan could be the solution for whatever money troubles you could be having. If you're interested in getting a personal loan and finding out more about them, then carry on reading to find out everything you need to know about personal loans before you apply.
What is a Personal Loan?
Personal loans are a form of credit designed to cover large purchases such as holidays, cars or home repairs. They allow you to borrow a lump sum that you will be able to pay back in instalments over a set period, which offers more substantial quantities than a credit card alternative.
By using your home or any other item of significant value as collateral, it means that if you fail to make repayments, the lender can repossess your property to regain their losses. As a higher risk choice, this option must be considered carefully.
Who can get a personal loan?
To be considered, you will need to be employed or have enough regular income to be able to afford the repayments. The majority of lenders now recognises almost all professions, but some providers will require you to be earning above the national minimum wage. Some providers offer personal loans for people with bad credit but do be aware they charge very high rates of interest.
Am I suitable? Is a Personal Loan Right for Me?
There are many reasons someone may take out a personal credit. It can range from treating yourself to a new car to consolidating debt, so your payments are easier to manage. You may be worrying whether a personal loan is the right decision for you. If you're thinking about taking out a personal loan, here are some reasons why it could be a good idea.
This is often the number one reason for taking out a loan, and it can make good financial sense for many people. For example, if you are currently repaying other loans with a higher interest rate, by consolidating your debt into one more considerable debt consolidation loan with a lower rate, you'll be paying much less back interest and fees. One payment per month is often a lot easier to manage.
Getting a loan with a fixed rate will also allow you to plan the amount of money coming out of your account each month and stay on top of your payments.
Settling a Credit Card
The frustrating thing about credit cards is that you don't make a dent in your balance if you only pay the minimum repayment amount each month. Often, it is better to take out a personal loan, pay off the credit card and close the account. You'll often be paying less per month with a loan, and it will take you less time to settle the account. This way, you're forced to pay off the money, and you see a significant reduction each month, instead of just paying the interest on a credit card but seeing no difference in your balance. Read More »
This is the number one reason for people to secure a personal loan for other than debt. Unexpected things can happen in the home all the time. If you've unintentionally made a dent in your wooden floor or maybe your carpet is getting old and needs replacing. For many people, home improvements such as conservatories or kitchen extensions can add a lot of value to the property. Getting a personal loan for home improvements are often seen as an investment, rather than expenditure. Therefore, home improvement loans usually pay for themselves.
Car or Vehicle
There aren't many people without their own form of transport these days. Whether you're using it to commute to work or you're the family taxi driver, then a vehicle always comes in handy. It can also make life very difficult when something goes wrong. A personal loan can be taken out for a new car or make repairs on an existing vehicle. For many people, this kind of credit is seen as a necessity, rather than something just for fun. « Show Less
Just remember, if you do pay for your car using finance, in some cases, it won't officially be yours until the loan is paid off.
A holiday isn't an essential purchase, but when you've been working hard all year long, it's definitely well-deserved. If you want to take your family on the holiday of a lifetime, then you may need a little financial help to pay for it all. It's certainly not advisable to do every year, but many people take a loan out for special occasions, such as honeymoons or anniversaries. Read More »
No matter how much you try to scrimp and save, a wedding will always be an expensive occasion. Many aspects of a wedding need to be paid for ahead of the day to secure your services, meaning that you may find that you need more time to come up with the money. A personal loan gives you the option of paying everything at once while repaying the money in small amounts. It's often the best and most frequent choice for newly married couples that have many bills to pay.
Even if you're moving home to downsize and save money, there are still a lot of expenses involved in moving house. You'll be faced with solicitor's fees, stamp duty and removal costs just to name just a few. You'll need to have money available to deal with any unexpected costs that could crop up. If you're downsizing, you'll be able to repay the loan with the money you'll save on your mortgage!
In the UK, we're lucky enough to have the majority of our medical fees paid for us by the NHS. However, there are often times when we'll need to pay our own medical bills. Of course, the NHS can often come with a long waiting list, and some people opt to pay for private healthcare in order to be seen sooner for those emergencies. Getting a personal loan could help you to feel better much sooner, and that's definitely worth the repayments. « Show Less
Get the best Personal Loan deal How to Get a Personal Loan
There is a range of providers to choose from in the personal loan market, so it makes sense to shop around and compare your options before making your final decision. Banks and building societies almost always offer this kind of borrowing option, but recently supermarkets, online companies and other high street businesses have also started to provide personal loans as well.
Compare your Options
Using comparison sites can be a quick and easy way to work out which loan is the best value, they can also tell you how likely you are to be accepted before you apply. It is worth remembering that some providers do not show up on comparison sites, so you may need to visit their website to get the best offer!
How to Search for a Loan
As mentioned previously many sites allow you to compare deals and interest before you approach a provider about a loan. When using search engines and comparison websites to help you find a loan, you could also try using specific search terms that reflect your own needs. A search for a 'bad credit long term personal loan' will provide you with hundreds of pages of results, but if you use a specific term like 'bad credit long term loans no fees' you are more likely to find something that is suitable for you.
How to find the best loan for you
If you have decided that you need a personal loan, then you need to make sure that you get the best offer you possibly can. It can be very tempting to rush into borrowing, especially if you are in a hurry to get credit to solve your money troubles. It is always better to take a considered and careful approach. Aside from looking at comparison websites, you could check with your bank to see if they have any offers for existing or loyal customers. Do be careful, though; your bank may not always be the best option, so make sure you do some research before speaking to them.
Many lenders will provide you with a quote before you apply, this means you can find out how much you will be paying before you commit to anything. Quotation searches do not affect your credit score, but denied applications do, so it makes sense to take advantage of this service if it is offered to you.
Personal Loans with Bad Credit
Applying for a personal loan can be a straightforward process if we've been able to maintain payments to other providers in the past. However, some of us can be tarred with past mistakes, and often find that there are not many avenues to turn down when it comes to finding a personal loan with bad credit. There are those with a blemished credit history who may feel ashamed, so avoid applying for any loan. The thing to remember is that if you have had financial problems in the past, then it's likely that there are a lot more people with the same set of circumstances, which is why there are providers that can help applicants who may have a less-than-perfect credit score.
So, don't worry! Some providers accept that not everyone with past problems is looking to miss payments purposely, it can be due to difficult circumstances. As such, these types of lenders can offer a solution, although there may be a slightly different application process depending on the lender you choose. Read our following tips for the best way to get a personal loan with bad credit. Read More »
Check your Credit Score
The first thing you should do is check our credit score. There are many avenues to do this, with some of the options being completely free to use. Once you have looked at your credit report, you should be able to ascertain as to what's making your score decrease. This allows you to be open with any potential lender from the outset.
It can also help to put together an income and expenditure form, so you are able to see your incomings and outgoings. Not only does this make life easier for you, but it can also show your potential lender that you have made efforts with maintaining a budget.
Don't apply to several Lenders at once
Primarily, you should only be looking to make an application with one lender as opposed to several. Moreover, the reason for this is because each application you make with multiple lenders will show up on your credit file. Many rejected applications or even just many applications made in a short space of time, could be a potential warning sign to lenders.
If you want to make a personal loan application with a lender, but still have some questions, be sure to contact them beforehand to settle any queries you may have. Some lenders will be able to assess whether you fit their criteria before making an application, which means that you're not leaving a series of potentially damaging rejected applications on your credit file.
It is much wiser to check your chances of getting credit by doing a soft search with lenders. Tools such as Money Saving Expert's Eligibility Tool are an excellent place to start.
Be sure to check your interest rate
Those with bad credit will find that they will pay more APR on their loans than those with a healthier credit rating, and it comes down to the risk involved. So, while you can expect to pay more interest, you shouldn't assume you must pay unrealistic amounts. When applying for a loan, you should always ask how much the repayments will be inclusive of interest. This will ensure that you're able to make the repayments, as well as ascertaining how much interest will be applied to the personal loan overall.
Can using a bad credit personal loan help repair my credit?
One popular claim about bad credit personal loans is that they can help rebuild your credit file, you might think that this sounds too good to be true but in part this it is true!
Your credit file is merely a reflection of your credit commitments and will reflect how repayments are made, and whether they are made on time. So, when you take out a bad credit personal loan, and this is your only credit commitment, it should be easy to help rebuild your credit file over time. However, you shouldn't assume that taking out a bad credit loan will instantly give you a better credit score; it's all about ensuring payments are made, regardless of whether it's a loan or a mobile phone contract.
Should I use a broker?
While there are loans available for people with bad credit, some people can be asked to pay a charge when applying for a personal loan. In many instances, this can mean that you're using a loan broker. While this can be fine, it's vital that you are aware of whether it's a broker you're using or a lender. Using the wrong type of broker can mean that many applications are made using your details, making it less likely that you will get a loan. Many may also find that there have been charges made to their debit card.
When cash is in short supply, it's easy for us to panic and apply for a loan anywhere that seems feasible, but you need to keep our wits about us. There will be many lenders who will be able to advise you as to whether you're eligible for a loan or not without having to ask for payment in return. Paying out many fees in your search for a loan can also mean that you're left with less money than before, putting you in a worse financial position. « Show Less
How to avoid any nasty surprises Avoiding Personal Loan Scams
In this section, we'll teach you how to avoid getting caught up in any personal loan scams. This section will ensure that you're fully aware of the way that these scammers operate, meaning that you'll be sure to notice the warning signs and steer clear of any problems.
How to Avoid Personal Loan Scams
When you were to enter the keywords 'personal loan' into Google, you're likely to be met with a lot of different lenders, some of which you may not be familiar with. While the Internet can supply us with a bevvy of lenders all of who are reputable and offer excellent customer service, you should be aware that there are some who may use more deceitful methods to attract their customers. If you want to be mindful of how to avoid these traps, then carry on reading to find out how to prevent becoming a victim of personal loan scams. Read More »
Watch our for upfront costs
Many of will be matched with different lenders depending on our circumstances and credit rating. Those with a less-than-impressive credit score may feel that they have to take what's available, even if they think that it isn't an excellent deal. However, there are many genuine lenders available who will try and offer a loan wherever possible.
With this in mind, you shouldn't assume that paying a processing fee or finder's fee puts you in any better position when it comes to being offered a loan. In fact, in many instances, you may find that you're the only one making payments.
There can be actual fees charged in some instances, such as an origination fee. However, if you have tried suggested lenders without much luck, there's very little chance that those offering a fee will be able to help.
No credit checks? Try elsewhere
Credit checks can seem harsh when you first encounter them, with many stating that they do not give a good reflection of current circumstances and preferably that they are more reflective of those in the past. However, it's important to note that establishing the identity of an applicant and their ability to repay the loan is vital. Can you imagine if everyone was just given a loan and was unable to repay it? Many would be paying more for their personal loans as a result.
If you have fallen short of getting accepted for a loan, then opting for a company that promises 'no credit checks' can be tempting, but it doesn't usually end well. This is because even if you are offered a loan, you could find that the interest rate associated with credit is much higher than that of genuine lenders.
Those who have a blemished credit history will find that they may pay more interest than someone with a healthier credit score, but this doesn't mean that you should be paying extortionate rates each month for the pleasure.
What marketing tactic does the lender use?
Every financial institution will always have a marketing plan, and this will be how it wins over new customers. If marketing schemes are carried out in the right way, there is nothing wrong with this. However, this does change when the information being given is misleading to the applicant.
While a loan should be appealing to the customer, it is essential the terms and conditions of that loan have to be clear. So, if you feel that a loan is being forced upon you without the company giving you a chance to consider the terms and conditions, then it is the time to consider looking elsewhere for your personal loan.
Check the reputation of the lender
The Internet is the platform many turn to when something goes wrong, as it allows them to air their own experiences and views without being censored. While some may rate a company unfairly, you can generally build a picture of how professional a finance company is by the reviews left by others.
There are many ways of establishing a company's reputation. Some may visit the company's social network pages, whereas others may use dedicated review portals such as Trustpilot. Investing a few minutes into researching your potential lender can ensure you don't fall victim to an unsavoury lender.
Have unknown applications shown up on your credit report?
There are companies out there who will portray themselves as a loan company that guarantees to get you the best results. However, this is a bold statement to make if you're not entirely aware of each applicant's details. Often the case is, is that these establishments are nothing more than a broker who will use your personal details you submitted in confidence to apply for several different loans, each leaving a significant impact on your credit file.
If you feel that there have been unauthorised loan applications made in your name, you should contact the police, and also credit reference agencies to ensure that your information is updated, as this could affect your ability to get a proper personal loan later on.
Can you determine the company's location?
A genuine loan company will have no issue in supplying you with their contact details and their location, whereas those trying to reel you in maybe a little hesitant to disclose that information. There's no real reason for a company to withhold their contact details or office location if they've nothing to hide.
Some companies may be nothing more than a flashy website filled with buzzwords, so it's vital that you are able to confirm that they're legitimate before making any financial commitment.
You can also check the Companies House website to ensure that the company has been registered. All the details of the company will be recorded here, so if you can't see them, then it's a good indication that such company doesn't exist
Have you been threatened with legal action for refusing a loan?
If you've taken the time to carry out research on a lender and feel that the loan isn't for you, you have every right to refuse it. More unscrupulous lenders may state that you are either legally obliged to take the loan or have to pay a fee as a result when in fact neither is true! Those who take out a personal loan have a cooling-off period of 14 days, so there's never any legal implications unless you take out the loan and fall behind on payments.
Although there are things to look out for when applying for a personal loan, it shouldn't be overlooked because of the unsavoury companies. Companies that operate in this manner rarely last long, and as advised, the Internet can be used to check the legitimacy of a company within just a matter of minutes. « Show Less
How to use personal loans The Do's and Don'ts
Every form of credit that you can apply for comes with its own set of personal do's and don'ts, and failure to follow these rules can land you in some tricky situations; so its crucial that you're aware of them. Here you'll find out everything you must and mustn't do with personal loans, and if you follow these, you'll have no problems.
What to do and What not to do
Applying for a personal loan can come with its own set of pitfalls, but it can also offer the applicant a lot of benefits if carried out in the right way. Nowadays, people are a little savvier when it comes to applying for a loan and will do some research before committing to a loan. However, if you're new to personal loans, or haven't applied for one in some time, it can be useful to consider some dos and don'ts when making an application. Read More »
Work out how much you need to borrow
While it can be tempting to try and apply for more than you need, you can effectively be creating your own financial hardship. When making an application for a loan, it makes sense only to borrow what you need, as this will reduce the interest you pay, and ensure the loan is paid off sooner rather than later.
Work out your budget beforehand
It can be easy to assume that you will have enough for loan repayments each month, but many are surprised when the amount differs to their estimate. When taking out a loan, you will also have to pay interest in addition to your loan repayments. Depending on much the APR is on your particular loan, your loan repayments are likely to differ from that of other people, so never assume. You can use a simple spreadsheet to work this out or alternatively use helpful tools such as Money Dashboard.
While the interest rate you've been given may be impressive, it doesn't mean that there isn't a better one available. Using a comparison tool can provide you with many different lenders, each with their own APRs. This can mean that you're paying much less in interest, which makes for lower monthly payments.
Make your repayments on time
Missing the odd payment here and there may not seem like a big thing, but it can raise flags with the lender. The ability to repay the loan not only helps keep your credit report clean but also builds a good profile with the lender. While the lender may still offer you a loan following the missed payments, it's likely that the interest rates will be higher.
Of course, things can happen beyond our control, so in this regard, it can be a good idea to contact the lender to discuss your current predicament, if you are having any problems with your repayments.
Review the terms of the loan
Applying for a loan can be a time-consuming and gruelling pursuit, with many of us are keen to sign on the dotted line as soon as possible. However, signing a loan agreement without reading the terms is agreeing to a slew of terms and conditions, which you would not have had sight of. This means that if any discrepancies do arise, it can be more difficult to fight your case because the disparity in question could be due to you not understanding how the loan works. With this in mind, reading the loan agreement for a personal loan is definitely worth just ten minutes of anyone's time.
Rush the application
Nobody likes filling out application forms, but there really is no benefit in rushing to complete it. Rushing through an application means that you may give incorrect information, or completely misunderstand aspects of the loan. In some circumstances, it could mean that your loan is rejected due to the misinformation that was given to them in haste.
Assume that Payment Protection Insurance is for you
Due to the controversy surrounding PPI, many people associate it with being a scam. The insurance itself is entirely legitimate; it was the way that it was sold that caused issue not the product itself and this was why so many people were due for a refund.
The fact is, if you're eligible for a loan, there's no reason you won't be offered it, regardless of whether you choose insurance or not. If PPI is something you're interested in investing, it should be an entirely separate discussion altogether. There's little point in taking out insurance if it doesn't commence until some months later following the change in your circumstances. Just like a personal loan, an applicant should be fully aware of what they're signing for when it comes to PPI.
Rely on borrowing
Taking out a loan to reduce debt or buy a new vehicle is much different to taking out credit because you can. If you're having difficulty with day-to-day expenses, then a personal loan isn't the answer. You would be best looking at your current financial situation and see as to what changes can be made to ensure that you don't have to resort to borrowing more to make ends meet.
What's more, if you rely on this sort of finance, again and again, you are effectively taking on more debt because of the interest you will be paying. « Show Less
Do the following Before You Apply
If you've read all the previous information, and believe that a personal loan could be the solution to your problems, then you're probably wondering what route to take next. Here are some pointers on what you should do before you apply for a personal loan to ensure you're fully prepared to make your application.
Before you apply
Applying for a personal loan can seem relatively straightforward at first, but there is a lot to review before clicking the submit button, so you need to ensure that we're considering all factors before committing to a loan.
Taking a loan for the right reasons can do a lot to get your financial affairs in order. However, if you skip over the small print and just sign the dotted line, you could be subjected to some financial difficulty later on.
Making a few simple checks beforehand will ensure that we're taking out a loan that is right for us, as well as providing that you will be able to make the repayments on time without being left in financial difficulty. Read More »
Do you really need a loan?
The first thing you should ascertain before making an application for a personal loan is whether you actually need to take out a loan. When there's something we want urgently, it can make sense to apply for a loan, and if we're able to make repayments without worrying, then this is fine.
However, if you feel a loan is going to stretch your finances, it can be worth contemplating as to whether you need to take out a loan right now or wait a couple of months until your circumstances are better. Ensuring we're financially comfortable paying a loan before applying will ensure that there are no nasty surprises when it comes to the due date.
How much should you borrow?
When it comes to how much you should borrow, there's no right or wrong answer; it should solely be based on your current financial circumstances. Depending on how much you borrow, the loan could be repaid within a year, or maybe several.
As such, you should only borrow what you need, and ascertain as to whether you can maintain repayments for a set period. If not, then it may be worth reviewing how much you're applying for.
How much interest will you pay?
The amount of interest you pay on a personal loan will differ from lender to lender and from person to person. If you have a good credit history and have made all your repayments on time in the past, then it's likely you will be in a position to scour the market for all the available options to find the perfect deal.
Many will see a 'representative APR' when browsing the websites of some financial institutions. You shouldn't assume that this is the level of APR you will be paying, as the percentage was shown merely an example, and the APR charged to you will be based on your application and financial background.
What happens if you you change your mind?
There can be times when you've completed your loan application, been accepted and the funds have been sent to your account, only for your circumstances to change.
If this happens to you, then it can be worth noting that you have a period of 14 days in which you can cancel the loan should you no longer require it, this will typically begin from the moment when you receive your acceptance correspondence. You should only pay interest on the time that you've been in the receipt of the funds.
What if you're refused a personal loan but you disagree?
There will be times when applicants do everything expected of them, only for them to be refused a personal loan. For some, this can be inevitable, and they accept the decision, whereas others may feel they've been mistreated.
When lenders make a decision, they often do so using your credit score, and the details you've provided, so if you feel the decision is unfair, you should contact the lender to discuss your application, and ensure all the relevant information has been given.
Ensure that you're honest on your application
Many may assume that lenders require a standard set of answers when it comes to applying for a personal loan and may be tempted to give fake answers purely because they believe that it's what the lender wants to hear. However, this will help neither you nor the lender, as the information being used will not reflect your actual circumstances. Another thing to consider is that it is unlawful to give false answers, and it's akin to fraud, so it's not a good route to take.
Each lender has to ensure they lend responsibly, and it can only do this if the questions they ask are answered truthfully. It also provides that you are not putting yourself in financial hardship by taking out the loan.
Carrying out these checks before applying for a loan can ensure that you can locate the best deal while being fully aware of how long the loan will run for and how much needs to be repaid each month. « Show Less
Advantages and Disadvantages
It should be noted that a lender will not be able to give you a definitive reason as to why you've been refused a loan, but if you feel that there has been an error when processing your application, then the lender should be in a position to review your circumstances.
- Most lenders will offer a fixed interest rate that will stay the same over the course of your repayments. Although this is not always the case with every lender, so it is essential to check this before accepting.
Good for large purchases-
- If you need to buy something that costs more than your credit limit on any existing credit cards you may have, then getting a personal loan will allow you to take out a more considerable amount to cover the costs.
Flexible to suit your budget-
- You can choose how much you would like to pay back each month which allows you to budget for alongside essentials like utility bills and rent or mortgage payments.
One payment instead of several-
- Some people use loans to consolidate their existing debts from credit cards or other borrowing debts such as overdrafts. This means that instead of paying a number of smaller payments on different dates; you can turn it into one large amount for each month.
Get your money quickly-
- Almost all lenders offer an online application service, meaning that you can be approved for a loan and have the money in your account within a matter of days, sometimes even within just 24 hours of applying.
Pay off early-
- If you want to make extra payments to pay your loan back sooner, personal loans allow you to do this at any time. (Some companies will charge an additional fee for early repayment, so check in the terms and conditions.) « Show Less
You may borrow more than you need-
- Some lenders will charge higher interest for smaller amounts of money. This means you might be tempted to take out more. However, be sure to borrow only what you can afford to pay back. Read More »
They can be expensive-
- Although it can be a quick and easy way to get money into your account, some lenders will charge higher rates, especially if you want to pay back the loan quicker than expected or borrow less money that they usually give out.
Missed repayments can damage your credit score-
- If you do not keep up with repayments, your loan company can charge a penalty fee, and your credit rating can be affected. Remember to set up a direct debit or standing order to ensure you don't miss any payments. « Show Less
It should be noted that a lender will not be able to give you a definitive reason as to why you've been refused a loan, but if you feel that there has been an error when processing your application, then the lender should be in a position to review your circumstances.
Things to remember before applying
Choosing the best kind of loan doesn't have to be difficult, there is a range of different sites and tools available to you that allow you to compare interest rates and other conditions. However, before you start to look for loan providers, you might want to ask yourself some of the following questions before you apply. Read More »
How long will you need to pay it back?
The amount of time you take to repay the loan will affect the interest the lender offers you. It will usually cost more to borrow over a more extended period. If you choose a longer-term loan and a higher amount, you will often be offered a lower interest rate.
How much interest can you afford to pay?
The interest on your loan will be part of the amount you pay back in each instalment. You need to make sure this is something you can afford based on your income and outgoings. When comparing longer vs short term loans, you will notice a big difference in interest rates. Unsecured loans of a higher amount will often have lower rates than short-term loans, especially those directed at individuals with bad credit.
Do you want a secured or an unsecured loan?
If you are a homeowner, you have a choice between two types of loan. Secured can be a cheaper option but is higher risk whereas unsecured can cost more but does not require any collateral. These loans are usually quite competitive regarding the rates that lenders charge. Most will be cheaper than an average credit card, but this depends on the amount you borrow and the length of time you take to pay it back. « Show Less
- Lenders will often charge arrangement fees which will be added to the amount you wish to lend. Remember to check how much this will be. Be aware that variable interest rates can go up as well as down, meaning your monthly payments may become more than you can afford if you aren't careful.
- You may also want to check your credit score before you start any application. You can do this for free by using companies such as Equifax, Experian and Noddle.
- Be aware of PPI or payment protection insurance, it can be expensive, and some organisations have provided inadequate plans that do not offer any real security against loss of earnings due to sickness or accidents.
- Now that so many different high street and online lenders can offer loans, it can be easy to fall prey to scams or illegal practices. The best way to check if a lender is legitimate is by visiting www.fca.org.uk. Every authorised loan provider must be registered with this organisation.
What is APR?
APR stands for Annual Percentage Rate. APR is how much interest you will have pay back each year. Usually, the amount that the lenders advertise is a 'representative' amount which means that you might not always be quoted the figure that is advertised when you apply. Make sure you check this with the organisation you are dealing with before you agree to accept any offers.
What if I change my mind?
Borrowing a significant amount of money is a decision that you need to be comfortable with making. Never enter into any sort of financial agreement if you are not completely satisfied with the terms and conditions, interest rates and arrangement fees that the lender has outlined for you. If you do decide that you no longer wish to go through with a loan, all lenders are required to offer what is known as a 14 day cooling off period, by law. This means that for up to two weeks after you have agreed to take the loan, you will be allowed to change your mind, providing you notify the lender immediately.
Whether you need money to upgrade items like TVs and microwaves or to pay for a new car or dream holiday, these loans are a relatively simple option that can allow you to get the extra cash you need into your bank account quickly. As long as you remember to follow this guide and check that you are getting the best deal you can, this option can be more straightforward and more comfortable to keep track of than credit cards or overdrafts. Personal loans can be useful if you can afford the repayments. If you ensure that you spend some time researching the different providers of and types of loan that may be available to you, there is no reason that you can't make an informed decision that benefits you in the grand scheme of things. Always remember to check the APR and additional charges with the lender and make sure you take advantage of that 14-day cooling off period if you need to.
Most of all, it's essential to make sure that you can afford the repayments and still afford to pay for other essentials such as groceries, utility bills and rent or mortgage payments!