Personal Loans From UK Direct Lenders
- Personal loans are defined by lending a fixed amount over a fixed period with a fixed interest rate.
- All credit history is considered, so if you have bad credit you could still be eligible to borrow.
- If looking to borrow a larger amount of over £30,000 you may be asked to provide security for the loan.
Do you need an unsecured personal loan with clear and straight-forward terms? If you want to avoid the usual time-consuming hassle and endless paperwork of banks and credit unions whenever you are applying for a loan, you may need to consider the quicker and easier option.
You can easily apply and get a personal loan from a direct lender without having to queue for hours at the bank. Loans can be applied online from the comfort of your home. If your application is approved the money will be sent to your bank account within a few minutes or hours after the approval.
So, if you are having any form of emergency from car problems to unexpected expenses in between pay checks, getting a quick loan is your best solution.
What are personal loans?
Personal loans are also called unsecured loans. These are loans where you borrow money from a lender and agree to repay the money over a given period of time in fixed monthly instalments. The lender will charge you an interest which is basically the fee you pay for borrowing money.
So eventually you will pay the amount you borrowed and the additional interest. On the other hand, you will get upfront cash to take care of any financial issue you have at the moment and still spread the cost of getting the loan over several months or even years depending on the amount you’ve borrowed.
They are basically short-term loan products designed to help people get quick cash for urgent needs. You can use the loan for unexpected events like car breakdowns, home repairs, and much more.
The amount you can borrow from generally ranges from as little as £150 to as much as £5,000 or more. The loans are normally approved instantly and the money sent to your bank account within hours or minutes.
How much do personal loans typically cost?
Just like other loans that people borrow from banks and other financial institutions, personal loans are also charged interest based on the amount of money you borrow and other personal factors such as your credit score.
The loans come with a fixed annual percentage rate or APR that determines the total cost of the loan over a specified period of time. The interest charged varies from lender to lender. Most lenders will also base their interest rate on your credit score and previous borrowing records.
At Vamoola.co.uk, we provide you with access to reputable lenders with low-interest rates ranging from 4.7% to 278% depending on the type of loan and your personal financial standing.
Can I get a personal loan with a bad credit rating?
You can still get a loan from many online lenders even when you have bad credit. Your poor credit score should not stop you from looking to lend when you need money for an emergency issue.
We have many lenders in our database who are currently providing all types of loans including to people with bad credit. However, we always advise consumers to improve their credit rating so that they can enjoy access to loans with lower interest rates and more flexible terms.
What are the advantages of online loans?
Online loans have many advantages. For instance, they are extremely easy and quick to apply. You don’t need to visit an office or a bank and submit endless paperwork when applying for a personal loan online.
You just need an Internet-connected device such as your mobile phone or laptop to submit your application. You will be informed of the lender’s decision, whether your application has been approved or not, in just a few minutes. Not like banks where you have to wait for days to know if your loan request has been approved.
Another advantage of applying for a personal loan online is the fact that if your request has been approved the money will be sent to your bank account within a few hours or sometimes in minutes depending on the lender you choose to borrow from. The loans are for small amounts and can be disbursed to do the borrower’s bank account within the shortest time possible.
They are also easier to pay because most are repaid in small instalments spread over a few months. You can even opt to pay the loan with your next pay check in one instalment.
How much can you borrow?
Personal loans are for small amounts of money to help you get over a financial emergency. They range from £150 to £25,000 or more depending on the lender and your financial circumstances.
Borrowing such small amounts has the advantage of being easier to repay. You are not likely to be tempted to borrow more than you can pay back or borrow beyond your means.
How can you find loans with the lowest interest rates?
It is important to check the total amount of money you’ll eventually pay before applying. The most effective way of calculating the total cost of a loan is by factoring in interest rates charged on the loan to the principal amount.
The higher the interest charged, the more the loan will cost you in the long run. It is therefore important to compare different lenders and find one who has the lowest interest rates.
How can you compare different online lenders?
At Vamoola.co.uk, we provide you with a helpful platform where you can compare different lenders and make a wise decision before you commit yourself to a personal loan.
When you compare different lenders, you get a good idea of different loan options and find the best lender with the best rates and loan terms. We provide our lenders access and comparison services free of charge.
When you use our platform, you get access to UK direct lenders capable of giving you loans of up to £25,000 with repayment terms of 3 to 36 months.
We have a simple application process, a secure website where your information is safe, and provide our service free of charge. We are a legitimate company authorised by the FCA.