Which Are the Best Instant Loans UK?
If you are looking for instant loans UK, you may wonder how to discover which the best ones are. If you start searching you will find that there are a lot on offer form a selection of different lenders and so it can be rather confusing knowing who to pick. They will all advertise that they are the best as well, so it is very tricky to know. There are things that you can do which could help you to find the best lender for you though.
How much would you like to borrow?
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
Identify Your Criteria
It is wise to start by thinking about what criteria you have with regards to the lender. You may initially think that you do not care but it is very likely that you will. Of course, you could just pick the first instant loans UK that pops up when you put it in a search engine, but it is likely that you will want to check out some other things first.
- Cost of the Loan – It is easy to forget about the cost of the no credit check loan when you are just focussing on getting some money quickly. However, the costs can vary and it is important to know how much they will be. You will need to decide whether you think that the loan is worth the cost or whether you think that you do not think that it will give you good value for money. It is not always that easy to compare costs like this but the customer service department should be able to let you know. It can be wise to find out what extra fees might be charged if you are late with payments or things like this as well. This is because you may find that the general fees are quite similar between lenders but these charges might differ more significantly and so this might help you choose between lenders more easily. With some instant loans UK you can easily find out the charge by putting in the amount that you want to borrow and how long for and the calculator will work it out how much you will have to repay in total. If you take away the amount that you borrowed from the figure the rest will be the charge for the loan. The cost will depend on a number of factors, not only how much the administration charges are foe the lender and their interest rate but also the repayment schedule.
- Repayment Schedule – Repayment schedule refers to how much you have to repay and how often. With some loans this will be a lump sum repayment when you next get paid. However, it could also be monthly repayments or weekly repayments. It is worth doing some calculations to see what you can afford to repay and when and see whether there is a loan that will fit in with this. If you can do this then you will have a far higher chance of being able to repay the loan and therefore your lending experience will not only be cheaper (as you will not get charged for late or missed payments) but it will be a lot less stressful and generally more positive. To find out how much you can afford, it is wise to look at your financial situation including checking bank statements and you will be able to note how much you normally pay out and how much you normally have left each month so that you can see what you will be able to afford.
- Length of The Loan – The number of repayments will determine how long the £500 loan lasts and partly the cost. Most people would rather not have a loan for longer than necessary but there are some people that find being in debt really stressful and it is more vital for them to have it paid off really quickly. However, if the loan lasts for longer the repayments will be smaller and therefore it will be more manageable and you will be less likely to struggle financially. Therefore, it will be a case of considering how you feel about it and getting a balance to make sure that you can cope with it.
- Reputation of The Lender – Some people feel that it is important to go with a lender that they trust. They might want to make sure that they will act fairly or that they have been good to customers. It can be good to therefore speak to other people about their experience of lenders who offer instant loans UK so that you get an idea of who might be good or bad. You can also look online at reviews and ratings if you wish, although you need to be careful with this to make sure that the reviewer is interested in the same features that you are form a lender.
- If The Lender is Well-known – Some people would rather go with a well-known lender. This could be for a variety of reasons, but one of the main ones is probably because they feel that they will give better customer service if they are well-known. It is a common belief that a well-known lender will want to keep a good reputation and therefore will treat their customers well. However, a well-known lender will not need to do this as they will get lost of customers based on the fact that they know their name and so they will not need to provide an outstanding service to get custom. It tends to be the less well-known companies that have to provide the best service as they need to retain their customers and spread their reputation by word of mouth as they will not have a very high advertising budget.
- If the Lender Has Good Customer Service – Customer service is important to a lot of people and there is a way that you an find out what it is like for yourself. If you get in touch with the customer service department, perhaps to ask them a question about their loans, you will be able to judge the response that you get. You will be able to see how fast they are to get back to you as well as how polite, helpful and friendly they are. This can be the best way to judge as you will know what your standards and expectations are.
Decide How to Search for Lenders
You will then need to think about how you will search for the lender that you want. There are various places that you can try which all have pros and cons.
- Comparison Websites – A comparison website will compare lots of lenders and you will be able to see which instant loans UK lender will be the cheapest for you. This can help to narrow down your search but it will mean that you will only be comparing loans on price and nothing else, which might not be the only factor that you are interested in. It is also worth noting that comparison websites will not compare all lenders so it might be wise to look at more than one and possibly do some research yourself as well.
- Credit Brokers – Credit brokers such a Boutell can help you to get instant loans UK really easily. They will just require some of your details and they will then match you to a lender. This is an extremely quick way to get a loan and will mean that you will not have to spend time doing any research. It may mean that you do not get matched to the perfect loan but if you are in a real hurry then it can be very handy.
- Financial Advisors – Financial advisors will be able to tell you about lending and then suggest loans that they think will serve you the best. They may be affiliated with a company and so only be able to recommend cheap payday loans that they offer. However, they might be independent and will look at all of the market, but if this is the case you will have to pay for their services.
- Friends and Family – It can be worthwhile finding out from friends and family whether they have ever used instant loans UK and if they are able to recommend any lenders to you. They will be unbiased and therefore only recommend a lender if they genuinely think that they will be worth using. It is good to ask them why they recommend them though and think about whether you agree with them on their reasoning for liking that particular lender.
- Search Engines – You can plug in the search term instant loans UK into a search engine and see what comes up. This will allow you to see a long list of potential lenders that you will be able to choose form. This is probably the method that will give you the broadest range of lenders to look at. This has its advantages in that you will have plenty to choose from and should be able to find the perfect lender for you but there will be so many that you may just not have the time to even look in detail at a small fraction of them.