Although I’ve written hundreds of posts here on MonveySavingBlog about saving
money and making the best of what incomings you have, sometimes it seems
impossible to meet your financial requirements each and every time,
especially when it when unexpected bills and expenses. Although there
are some great tips on budgeting to be found Online (go here), unexpected
bills and commitments might be a part of your financial life which
require some additional and ‘off the bat’ research.
You are not alone
Borrowing money is something that millions of people do each day in the
UK, be it in the form of an ‘Over-Draft’ or even a ‘subsidy’ from your
employer or work (if your boss is nice enough to allow this) or even
looking for small personal loan or unsecured loan is something which
thousands of people are doing right now online. If the first two options
here are not open to you, perhaps your are currently unemployed or don’t
have an overdraft facility on your bank account then indeed, looking for
a an unsecured, personal loan is a solid option providing you can meet
the required standards to be accepted by the loan company in question.
Here are my tips for finding and towards dealing with a UK loan
Look for a Direct Loan Lender or loan company in your local area, this
way the company is local to you and you can form a tighter relationship
than with a phone number. Many UK lenders have branches throughout the
UK and in some of the top cities around and about making it easy for you
to go in and sign up for a loan or even pop along to pay cash over the
counters… Brokers traditionally are smaller and more remote than
direct lenders thus by cutting out this middle man you can often secure
a better repayment rate post approval.
Know your credit score
To know who might approve you for your loan you may need to know a
little more detail about your actual credit score or credit reference
that the company will perform post approving you and actually lending
you the money. Some companies use public records to see if you are who
you say you are and to see where you have lived previously. It is
possible for something as small as an unpaid electric bill is negatively
affecting your credit score and causing lenders to either increase your
APR based on the credit check or reduce the loan amount, sometimes both.
By checking out your credit score it is possible to positively affect it
over time by addressing the issues which are marked on your personal
file. Things like you address for the past 3 years, any other or
additional loans you currently have and other financial commitments
shall appear on your credit check. This is then looked at by the loan
company in questions underwriters who appraise your ability to repay the
loan amount successfully. Check out some of the tips ONLINE which can
help you bring back your credit score to a place where you will be
approved in the future.
How quickly do you NEED the money?
In the fast paced UK, getting a loan if you are in a stable financial
position can be achieved in little over a few hours (see here), should
you have a low or poor credit score, your chances and the time it takes
to find a lender may be significantly increased, try to allow enough
time to have a loan company approved you and send you the money before
you desperately need it, the additional stress could be curtailed by
seeking a specialised Bad Credit Loan lender or lender who loans to the
unemployed, with many different rates of APR offered in the UK the
choice is plentiful but Everyday Loans are an expanding UK company who
can approve you the same day if you call into one of their UK branches.