I needed a loan an unexpected repair bill and it couldn't have been more simpler. Claire M - Sudbury
Easy to apply
Whole process was really simple and all online, brilliant. Lee K - Bournemouth
A personal loan is usually a loan taken out by an individual from as little £100 to £25,000. The loan is not secured on any of the borrowers property and can vary in interest depending on a number of factors such as the lender and the borrowers credit rating. There are thousands of companies that offer personal loans including the high street banks, private finance companies and perr to peer lending organisations, although these are not regulated.
We all need a little help in our lives which is why may people find a personal loans extremely useful, they can be used for a wide range of things, although they can not generally be used for business purposes including startup capital.
Some examples of what a personal loan could be used for is a new car, instead of entering into a car finance agreement some people choose to take out a personal, loan which gives them more freedom to purchase the car of their choice. A wedding is another popular reason for people taking out personal loans. A brides big day can be costly and a personal loan can help cover all the rising costs and make the day extra special. Some other reasons are holidays, home improvements, which can of course add value to your property. Debt consolidation or an unexpected bill can also be common reasons for a personal loan.
Before deciding to apply for a personal loan you should always be confident of being able to comfortably meet the repayments each month. Also taking into consideration how you would meet the repayment if unexpected event occurred such as sudden repair bill or time off work. Planning for all eventualities and unexpected events will help you comfortable always meet the repayments.
How much can I borrow with a personal loan?
The amount you can borrow through personal loans depend on a number of different criteria although most lenders will realistically lend between £1000 to £15000. The exact amount will of course depend on your salary and your outgoings as well as your credit history. The lender will want to make sure you can afford to pay back the monthly repayment and that you also have kept to previous credit agreements. Different lenders will lend different amounts and the APR may also change depending on how much you borrow.
If you only require a loan up to £1000 then a personal loan may not the best option and you should probably look at a short term loan such as a payday loan. There are hundreds of payday loan providers around that will lend something as small as £100 to £1000, again depending on your salary. Always remember to repay these loans on the date agreed as the interest for late payments can be exceedingly high. As with any loan you should always research providers.
Personal loans providers will look at your credit history via one of the main credit reference agencies as well as time at address and employment details such as salary. Lenders are looking to see a consistent pattern with address history, employment and of course meeting other credit agreements. If you are lacking in any of these areas it doesn't mean that you will not be suitable for a personal loan but it does mean the APR may be higher than normal as the lender may feel the risk is slightly higher. Alternatively if you require a larger longer term loan then a secured loan will be more suitable.
Whats the process for personal loans
To apply for a personal loan the process is simple and quick and all being well the money can be in your account in 48 hours.
First you need to complete our simple form which will take no more than 2 minutes once submitted your personal loan application will be sent live to our partner lender who will immediately begin working on your personal loan application. You should receive a call or email to confirm your application details and as soon as credit score has been completed your loan documents will be ready to sign.
If your circumstances change and you find yourself struggling to repay the agreed monthly repayment you should contact your lender as soon as possible. Most lenders are willing to help and in some cases even consider changing a payment date or splitting a payment over two months to help you get back on your feet. This is of course at the discretion of the actual lender. Never delay reaching out to your provider if left the situation could get worse and may effect your credit rating.
At First Quality Loans our partner lenders have options to suit most people that require personal loans. The whole process is quick and simple and in most cases one of our lenders will have a decision for you in minutes subject to final checks, the money could be in your account within 48 hours. If you feel you have poor credit please visit our bad credit lender page as in most cases we can help find a loan for you.
First Quality Loans is a trading name of First Quality Finance which is Authorised and regulated by the Financial Conduct Authority - Firm registration number 758281
Authorisation can be checked on the Financial Service Register at www.fca.org.uk. Licenced by the Information Commissioners Office, (ZA200642)