Finding the right loan for you can be difficult, but have you considered looking at personal loans? From buying a new car, getting cosmetic surgery or even paying off unexpected bills, we understand that they might all be out of your current budget at the moment. Maybe it is the best choice for you.
Personal Loans are types of credit where you borrow a payment of cash and it goes into your account. You then make a single fixed repayment each month, with interest, for the lifetime of the loan to pay it back. As a borrower, you can choose both the amount you wish to borrow and the period of how long you will repay it for. In the UK, the minimum amount you can borrow is £1,000, and the maximum is usually £25,000. But, with certain brokers like Simple Personal Loans, they like to stand out from the crowd and offer you up to £35,000.
Some lenders and broker have a loan calculator on their websites. This allows you to get a rough idea of the interest rate at which you will pay. Although, this is just an estimate as there are plenty of factors which can impact this.
People usually use them for larger, more costly purchases. These are the most common things which people use personal loans for:
Although, these aren’t the only things which they can be used on (click here for more). In general, personal loans can be used for anything, hence the name. But, we advise that you borrow wisely and ensure that a loan is the best idea for you before you apply as you don’t want to place yourself in a difficult position in the future.
One of the essential checks you must complete before applying for a loan is to find the perfect lender for you. This could consist of finding lenders and checking that they are legitimate or even just reading some reviews. After you have made your mind up, the application process should be simple, especially if it is online. Once you have completed and submitted it, if accepted, you could receive your loan within as little as a few hours. After this date, you will be required to start repaying the fixed amount in smaller monthly instalments of your choice. Usually, lenders have a similar repayment period of up to 6 years (72 months). This is to give you plenty of time and reduce the amount of stress a shorter loan could cause you if you’re struggling to repay.
On the other hand, if you’re struggling to repay your personal loan you should contact your lender immediately. You should be aware of the risks of missing payments before you apply for your loan. Your missed payments could result in you:
Click here to find out more about the things which you need to consider when looking for a loan.