Bank Loan AlternativeOften the bank is the first place people consider when trying to arrange a loan, which can be ideal, but banks probably decline many thousands of people every month. The good news is My Sort Of Loan has multiple established approved lenders, who could be able to help even if you have been declined by your bank, or have been offered a loan but it is not big enough for your borrowing requirements. When you choose My Sort of Loan we don`t just look at your credit score & rating, our UK loan team have extensive knowledge of complex loan criteria - this skill can enable you to get the right, affordable loan in place quickly - and at a really competitive rate.
Common Reasons Why Banks Decline Loan Applications
Banks refuse loans for many reasons, these include; having too much existing credit, having a low credit score or missing payments on existing finance (such as credit cards, personal loans or mortgages) or not having any established credit lines in place . Another common reason bank loans may be unsuitable is that most banks have a maximum loan amount of £25,000, with some bank funded lenders only offering up to £15,000.
Many of our clients have taken out secured loans of up to £100,000 and some of My Sort Of Loan`s lender panel offer loans up to £150,000 or more.
Call our team for a confidential conversation about your specific scenario on freephone 0800 0159 018 or dial 0330 053 6001 (mobile friendly). You can also apply on line anytime via our short online enquiry form then one of our dedicated UK team will call you back at your convenience and get to work on your free, no obligation quotation.
Long Term Loan vs Short Term Loan
Loan repayment periods are very important when considering any loan provider. Bank loans tend to cap out their terms at circa 7 years (84 months) or even less. This can make for high monthly repayments, particularly on large loans . Our lenders repayment terms go up to 300 months thus giving you a lot of flexibility, but if you can afford a shorter term the loan repayment periods start at around 3 years (36 months) - so you can match payments to your budget. Bear in mind try to keep the loan period as short as possible whilst ensuring you can afford the repayments, that way you should save some interest.
Your Credit Reports
Credit reports are very important to banks when considering you bank loan application, if you havenít checked your credit report in years, it is a good idea to do so before you apply for a loan from the bank. There are a number of credit bureaus that you can ask for a copy of your credit report without committing to a contract - these include Equifax, Clearscore and Experian.
Once you receive your credit report, check out any inconsistencies on it that might be incorrect and then dispute them . Each credit item listed will impact on your score. It is important to note that all the banks will have their own scoring system and lending criteria and this will differ from the score you will get from the credit agency, but in `general terms` the higher your score the more leverage you have for scoring a low interest rate and favourable lender terms.
When you apply to My Sort Of Loan there is no credit check until we believe we can help and only after we have had a conversion with you and obtained your permission - this technique enables us to have a genuine idea as to which loan lender plan you qualify for before continuing through the loan application.
My Sort Of Loan strives to find you the lowest loan rate for your present credit situation from our very extensive loan plans. Whether you have excellent credit or less than perfect credit, our goal is to find you the lowest interest rate available , ensuring your loan is affordable and so enabling you to achieve your unique finance goals.
My Sort Of Loan has already helped make a difference to the lives of a multitude of UK customers. You could join them, perhaps it is time to;
- consolidate your credit cards & store cards,
- take care of unexpected expenses,
- pay tuition fees or a tax bill,
- buy new lounge or bedroom furniture,
- or take a well-deserved major vacation.
No matter what your financial need, My Sort Of Loan could help with your borrowing needs whilst helping you balance your budget.
Since My Sort Of Loan was founded, our endeavour has been to provide service second to none. Whether you are working on a big home improvement project, refinancing your existing homeowner loans, purchasing a second home or simply looking to obtain a cash injection for a project - We have a wide selection of lending products available from a number of different lenders able to offer loan plans not available from high street banks .
Our lenders provide secured (homeowner / mortgage payer) loans and unsecured (no security required) personal loans. We will discuss the options available to you. Most of our lenders will not deal with the public directly, they rely on you getting the right advice on your loan from intermediaries such as My Sort of Loan. Use the money for holidays, home improvements and repairs or paying off high interest rate credit cards. Complete our simple, short any purpose online enquiry form and get the facts and figures before you decide to go ahead.
Secured Loans To Pay Debt
A Debt Consolidation Loan is used to combine all your existing consumer debt or credit card debt into a single loan, so leaving you with one manageable monthly payment. The advantage of this type of debt loan is that you can free up extra cash on a month to month basis for personal needs because of an improved cash flow - consolidate your high interest credit cards, high interest loans or car loan into one single lower monthly payment. Please bear in mind that by paying stretching credit over a longer term, you will pay more interest back in total. Also secured loans by their nature are secured on property and carry the same risks as any mortgage . So look at the figures carefully and ensure you are going to be in a better position overall before you accept any loan offer.