Searching for ‘personal loans UK’, but feeling more lost than ever? Don’t worry–you’re not alone.
UK loan advice can seem like another language if you’re new to the niche. How can you tell your payday loans from your multi month loans? And do you know how to apply for a personal loan? Whatever your answer, you’re in good hands.
We’ve created a guide to the most common loans to help you navigate the financial jargon. Simply scroll down to learn more about getting money ASAP!
1. Payday Loans UK - For the unexpected!
Imagine: Payday is just around the corner–your budget is tight, but you’re going to make it. But suddenly, you need to pay for a home repair! How will you finance yourself until you get your next paycheck? This is where payday loans can come in.
A payday loan helps you make it to your next salary day when you’re short on cash. This is an unsecured loan, and borrowers can take it out for up to 35 days. This short term loan is quick and easy to apply for, saving you from extra stress.
Sounds good? Learn more about payday loans here.
2. Multi Month Loans - AKA instalment loans
Need money ASAP but can’t make the full repayment straightaway? A multi month/instalment loan might be the best route for you.
Unlike quick payday loans, lenders split instalment loans into three individual repayments over three to six months. The total repayment is higher than a payday loan, but you don’t have to pay everything back in one go.
Ready to take the next step? See how an instalment loan could benefit you here.
3. Secured personal loans - For lower credit scores
Secured loans need you to offer an asset as collateral–e.g. your vehicle. These loans are popular as they accept more applicants with lower credit.
However, you risk losing your asset if you fall behind on your payments. The lender can claim your asset and sell it to gain what they’re owed. If you’re unsure, researching some UK loan advice can help you decide if this is your financial route.
4. Debt consolidation loans - A step towards being debt free
Need to pay off some pesky outstanding debt? Look no further. A debt consolidation loan could be for you.
When applying for this type of personal loan, looking for an option with a lower interest rate than your current debts is crucial. A minimal interest rate helps you save interest costs and pay off the debt faster.
Short Term Loans UK - The Verdict
Learning about the different types of loans available before you dive in is essential! This way, you’ll have more confidence and knowledge when working out which one is best for you.
Are you a UK resident and on the fence about a payday loan? Allow our team to help you. With over a decade of professional loan experience and no hidden costs, we’re here to make borrowing simple and stress-free.
Want to find out how to apply for a personal loan? Explore our quick guide here.
OR jump to our contact page online here.
