Want additional funds for seeping roof, flooded basement or a holiday trip? You can apply for all-purpose personal loans and meet the requisites.
WHAT IS A PERSONAL LOAN?
A personal loan is a loan advanced to you on the basis of your current income and credit history. These loans are unsecured loans and you do not have to provide any collateral against the loan. This is one reason why the interest rates on these unsecured loans are higher than the secured loans. Also, one of the reasons why is it cheaper to avail secured loan against your home or any other asset. However, for small amounts, an unsecured personal loan is one of the preferred credit options.
HOW TO GET A GOOD DEAL ON PERSONAL LOAN?
The best way to get a good deal on personal loans is to begin with a research online for the best loan brokers in the UK. Loan brokers essentially act as mediators between the lending agencies/lenders and the borrowers.
WHY YOU SHOULD OPT FOR LOAN PRINCESS?
We will request you to study our official website thoroughly and conduct a proper research on us. Further, we are an FCA authorised loan broker, which deals with a panel of authorised lenders only. So, all the actions that will be taken by us will be under the guidelines of the Financial Conduct Authority. We can help you to get cheap personal loans for bad credit score that are available with our lenders. We deal with multiple lenders and hence, it increases your chance to be accepted by a lender even if you have a bad credit history. They may be willing to lend you money basis on your current repayment affordability.
Even if you have good credit history, then we can share methods to get the cheapest personal loans from the market. Usually lending agencies or lenders advertise a certain percentage of interest, but according to the law they are liable to provide loans at the advertised rate of interest only to 51% of the actual borrowers. This means that the remaining 49% may have to pay a higher rate of interest. We ensure that you get the loan at the rate of interest that has been advertised only. This way you can get affordable personal loan when you opt for our services.
FIXED RATE AND VARIABLE RATE OF INTEREST
When you opt for personal loans at a fixed rate of interest, it means that throughout the tenure of the loan you would pay a fixed interest, which is usually charged on a monthly basis. This way it is easier to plan your monthly budget because you will know how much money will go towards the repayment of the loan. On the other hand, with a variable rate of interest the monthly repayment will be different from one month to another depending on the market trends.
You can take an informed decision regarding the amount, type, and tenure of the loan. At the same time, we will also help you decide whether a secured loan or unsecured personal loans will be better for you.
Our sole aim is to help you take an informed decision according to your credit situation.
SECURED AND UNSECURED PERSONAL LOAN
If you want to borrow a larger amount of money, an unsecured loan may not be a good option. If you are a homeowner with equity in your property then you can borrow larger sums of money for longer tenure by offering your home as collateral against the loan. Such secured loans are advisable when you need the money for expanding your home, or for consolidating large amounts of debt. They can prove to be cheaper than unsecured loans.
OTHER ALTERNATIVES TO PERSONAL LOANS
Personal loans have a lower interest rate than most credit cards, but nowadays you also get credit cards, which offer 0% interest for a certain period. Such credit cards are a good idea if you need money for a smaller duration.
Remortgaging may be a good idea if you want a larger sum of money and for a longer time. If this option is available to you then you will end up repaying much less than what you will pay for an unsecured personal loan.
We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%.
This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Loan Princess is a credit broker and not a lender