The Places to Find Online Loans UK
You might think that it is really obvious that if you want online loans UK then you just look online. However, you will find that if you type this into a search engine you will get so many results that you could be completely daunted wondering which to go for. This is because there are lots of lenders that offer online loans and you will need to be a bit more specific before you can find one that suits you. Therefore you need to give some thought to a few things before you search.
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).
- How much to borrow? – If you are looking for quick loans with bad credit, you need to start by making sure that you know exactly how much you need to borrow. It is important that you get this right. You pay for everything you borrow in your interest payments and so you want to borrow as little as possible. However, if you do not borrow enough then you could find yourself struggling. Therefore, it is a good idea to make sure that you calculate exactly how much you need. It can always be tempting to borrow a bit extra just in case, but try to resist the temptation to do this as you will end up spending more money if you do.
- How long to borrow for? – The longer that you have a loan for; the more expensive it will be. This is because interest tends to be calculated daily. Therefore, you want it not to last longer than necessary. Some people also do not like the thought of having a loan for too long and will therefore want it to be repaid as quickly as possible. However, the length of time you have the loan for will determine how much you repay and how often.
- How much to repay and how often? – The very shortest term of loan can be a few weeks, when you repay everything that you borrowed and the fees all in one go. This is a great way to clear debt very quickly, but it is something which some people find difficult to do. They find that having to find all of that money in one go is too tricky and they either struggle to find the money or they struggle to manage to cover the costs of everything else that they have to buy. This means that having more repayments over a period of time could be easier to manage. It is a very individual decision though as only you know what your financial situation is like and whether you will be able to manage a large repayment or if smaller payments will work. It can be sensible to take a careful look at some bank statements and work out what you would normally be able to afford so that you can decide on the best level of repayments for you.
- What type of lender? – Some people have specific features that they like to see in lenders that they use. This might not be the case for you, but it is still worth thinking about. It might be that you want a lender that you have already used so that you know what they are like, that you have heard of so you are not taking a risk with a name you do not know or that has a good reputation. You might also be looking for a customer service, a well-established business or something like that. Think about whether these or any other factors will be important to you.
Once you have established this you will be able to cut down your search to something more specific. However, it can still be pretty daunting as you will still get lots of lenders to pick from for your online loans UK. There are ways that you can get help though, with choosing between them.
- Credit broker – A credit broker such as Boutell will make your choice very simple. You will just need to give them information about the quick loans that you are interested in and they will match you up to one. This is very easy and extremely quick as well and means that you will not have to do any research at all yourself if you do not want one. It will be wise though to make sure that you do think about what you want from a loan and make sure that you tell the credit broker so that you are matched to one that works best for you.
- Financial advisor – There are different types of financial advisors and it is important to know the difference. Some financial advisors work for a specific company and so will only be able to recommend products that they sell. However, if you find an independent financial advisor, they will be able to recommend products from any provider. This means that you will know that they have looked at all possibilities and decided which will look to be the best. You will have to pay an independent financial advisor though and so it is worth finding out how much they will cost and thinking about whether you will be able to afford them.
- Friends and family – If you have friends and family that have had online loans UK then they can be really useful to ask. They will be able to tell you about their experience and they may be able to recommend lenders or suggest that you avoid certain ones. This will enable you to think about whether you agree with them or not. It is wise to do some research yourself as well and then you will be able to find out more. You will be wise to make sure that you find out why they like or dislike a particular lender or loan and you will then be able to think about whether those reasons are things which you think are important to you.
- Websites and blogs – There are lots of financial websites and blogs and you will find that some will discuss online loans UK and these could be handy for finding out more about them and using the information to decide which lender or loan might be the best for you. They can be handy, especially if they give details about the loan and payday loan company such as what they are like to deal with, how much they cost, what their customer service is like and how often you have to repay. It is possible though, that these pages might be more tailored towards helping you pick a suitable loan type rather than a specific lender.
- Reviews and ratings – There are also websites where online loans UK are reviews and rated. This will give you specific information about lenders and so can be very useful. They may also score them so that you can easily compare them. It is worth remembering though that these are just the opinion of the author of the site and there is no guarantee that you will agree with them. These sites tend to make money from commission on leads that they generate from their recommendations. This means that they will be more likely to highly rate those lenders that they make the most money from.
Although there are lots of way to find out information about online loans UK it is so important that you do not get overwhelmed. You need to think hard about what you are looking for in a loan so that you can match a loan to what you want. It can be tempting to act too quickly and go for a loan that is not really suitable and so by making sure that you do lots of research this will help. By knowing what you are looking for and where you can go to find out about loans and lenders you will be able to be really well informed when you make your choice. You will be able to be confident that you have made the right loan choice, that not only costs an amount that you are happy with but will provide you with good value for money and that you will be able to repay easily. It will take time and effort to do this but it will be well worth it if you manage to get a loan which really works for you. You may need something quick though, but still try to give it some thought as you do not want to sign up for something that you later regret.