What Features to Look out for in the Best Quick Loans UK
When we are in desperate need for money we are likely to do a very quick search for quick loans UK and then pick the first reasonable looking lender that we come to. Although it is not at all surprising that we might do that so that we get the money quickly, it is not the best way to go about finding a loan. It is wise to go through a process to make sure that we get what we need at the best possible price and therefore have a better chance of getting the loan which offers us the best value for money. Therefore, it is important to think about what features we might want in a good loan and then we can match up the different options to that so that we know we are getting the best value for money.
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).
What Features Are There to Look out For?
- Cost – Most people will think that the cost of the loan is the most important thing to them. It is possible to calculate the cost quite easily as well so that you can compare the loans. For example, many UK based instant loan for bad credit companies will allow you to make calculations on their website. So, if you put in details of how much money you want to borrow and how long for, they will let you know how much you will have to repay. This amount minus the amount that you borrowed will be the cost of the loan. It is pretty easy to work out. However, it is important to think about other features as well as the cost. Despite the fact that cost can be one of the things we worry about most, we should actually be looking to get good value for money. This means that we need to be thinking about whether we think the loan is worth the cost. We might decide, for example, that we think that it will be worth paying a bit more if the repayments are smaller but for a longer period of time and therefore more manageable.
- Value for money – Therefore value for money could be more important to you. This is a measure of whether you think something is worth what it costs. Often with goods this could refer to the quality but with services, such as lending this is likely to refer to things such as the customer service or whether the terms suit you. It is therefore worth aiming for good customer service rather than concentrating just on the cost. If it is really cheap but you cannot manage the repayments or you find that the staff are not nice, then this will not be a good option for you. Therefore you want to think about what other features are also important to you and then see whether the lower cost quick loans UK have those features.
- Term – The term refers to how long the loan will last for. This will vary depending on which lender you decide to go for. It is worth thinking what your preference is. The longer the term; usually the more expensive the loan. This would therefore seem to imply that you want to pay it off as soon as possible and it will also mean that you no longer have to be concerned about repayments. However, paying off quickly, means you need to find the money much more quickly and this can be hard for some people.
- Repayments – For some people it is better to have more repayments of smaller amounts. This can make the loan much more affordable for them and therefore they will be able to manage better. It is worth thinking about what would work best for you. It might be that you get paid weekly and so would like weekly repayments, for example. You may not have much spare money each month so you might like very small repayments. There are many possibilities and you need to think about which will suit you the best based on your situation.
- Well-known lender – Some people like to use a lender that they have heard of. They feel like they can trust them better because they know their name. Some people feel that a well-known lender will be more likely to provide a good service because they have a reputation that they need to uphold or they feel that they are well-known because they are good. Unfortunately, this is not the case. It might be that we have heard of a lender because something negative has been said about them and we may not remember what was said but just recognise the name. Also, a less well-known lender may rely more on reviews than a well-known one that can just sell based on their name and so the less well-known one might perform better. So, think hard about whether this is really something that you should be concerned about.
- Reputation of lender – The reputation of the lender which is something that could be important to you. You need to see whether you can find any information on them which might help you decide whether you think that they will be good or bad for you. A good place to find out is people that you know. Ask them if they have used quick loans and what they thought about the lender that they used and if they would recommend them and why. This should help you decide whether you should go with the same lender that they did. If you did not have anyone to ask, would rather not or did not get enough information then you may have to look elsewhere. Online reviews can be biased but it is also worth taking a look to see what others are saying about the company. The more information you can gather the better, but be aware that it may not all be correct.
- Customer service – It could be that you feel that good customer service is really important. You might want to make sure that the staff are friendly and helpful and that they will be able to assist you if you need it. Some people prefer a call centre based in the UK, for example as they find the phone line to be better and the staff to be easier to understand. It is all a matter of personal taste. It is worth giving it some thought though. If you think that you might need help from the customer service department, perhaps when applying for the loan or when you actually have the fast loan, then it could be a good idea to take this into account.
Which Features Do I Want?
Once you have considered all the possible features of a loan, then you need to figure out what is important to you. Hopefully you will have a pretty good idea of what you like and dislike with regards to financial products so this should help you. Even if you have not yet taken out a loan, you should still be able to have some idea on what you might like.
How to Find the Right Loan
Once you have a good idea of what features of quick loans UK or loans for £2500 that you are looking for, you will be able to start searching loans to see whether they match up. This can be quite tricky and time consuming as there are a lot of lenders out there and finding out about each one is hard work. However, this is where credit brokers such as Boutell can help you out. They will be able to take your details and they supply you with the details of a loan so that you can check it out and see whether you like it or not. This can really speed up the process of searching for a loan compared with having to look yourself at all of the options that are available to you. In fact the whole process can be so daunting that you could end up going for the first loan that you see which may be unsuitable for your needs, so it is much better to get some help with choosing if you can.
So, as you can see there are a lot of features that you might want to think about in quick loans UK. It is easy to think that only the cost of the loan matters, but actually there are many important things that you need to consider. Think about what will be important to you and then you will be able to do the necessary research to make sure that the loan you choose comes as close to what you are looking for as possible. It is worth taking some tome to do this as it can make a significant difference to your experience of the loan, once you take it out.