Online Loan Guides
Apply for an Online Loan Today!
Few people have the extra cash sitting around to pay for every deemed necessary expense, whether it is a new car or a new business. And so, for most of us at some point during our lives, taking out Online loans is a normal part of life. Today, getting the money you need couldn’t be any easier. While brick and mortar banks do still provide many useful and beneficial financing services, securing an online loan could be the quickest, most efficient option in some cases. Many online loan companies in the UK will approve unsecured loans, putting same-day cash into your bank account.
Interested in a short-term loan today to cover an upcoming expense or emergency? Or do you need low rate auto lending to purchase your next car or a business loan to make your entrepreneurial dreams come true? Here are some handy tips to get you started.
Before taking out an Online loan:
- Ensure that you can definitely make the repayments, even if your circumstances change and your income decreases
- Try to eliminate or reduce other debts
- If you have had problem debt in the past, try improve your credit worthiness
- Know your credit history – you want an idea of how you appear to lenders so you know what rates you may be eligible for
- Compare rates to make sure you are getting the best deal
- Calculate the potential cost with a loan repayment calculator
- Determine what duration works for you; a longer timeframe means lower monthly payments but paying more money back overall
- Create a repayment plan to ensure you won’t miss a payment and incur fees
- Read the fine print; make sure you are aware of late charges and any other penalties
- Prepare your documentation, such as proof of income
- Only apply to trusted lenders; all the Online loan companies in Monevo’s panel are reputable creditors
First Time Credit
Being a first-time credit applicant doesn’t mean you can’t get a loan today. What it does mean is that you will probably only be able to get a small loan, and you are not going to receive the lowest rates. For first time borrowers, keep in mind that every time you apply for credit and are unsuccessful, that may be recorded on your credit file, and if you have had many such applications in a short space of time, you will seem less credit worthy to lenders and providers. Once you do secure a loan, make your payments on time. That way you will be effectively building up your credit history with your first loan!
Early Repayment Penalties
Paying back your loan early will save you money, right? Not always. Some loans come with early repayment penalties, also known as a redemption charge. If you pay the loan back ahead of time, then you may be charged a penalty fee, usually around the cost of two months of interest.
You can avoid early repayment fees by choosing a flexible lender that won’t penalise you for early repayment. Use Monevo’s award-winning technology to search their panel of top UK lenders and find the best loans online to suit your needs.
Other Useful Links:
DEBT ADVICE ORGANISATIONS
Step Change Debt Charity.
Christians Against Poverty.
CONSUMER ADVICE ORGANISATIONS
Money Advice Service.
The Money Charity.
The Financial Conduct Authority.