Unsecured Loans UKMany unsecured loans are limited by only offering smaller amounts and repayment terms being too short. Our approach is different in that we realise larger personal unsecured loans need more time to pay them back - so that the payments are affordable and that customers want flexibility with the money for them to utilise as they require. These unsecured lenders loan plans can go up £25,000 and they do not need to be secured on property, furthermore the terms can be a little longer, to help keep your repayments down.
The approach to lending is a positive one - we want you to get the money you require and our lenders want to lend you the funds. Some of the homeowner unsecured loan rates start at just 4.9%. Call our friendly, UK loan team for a confidential free quotation on personal loan plans available for your scenario on 0800 0159 295 (free phone from mobile or BT landline), or complete our short no credit check form and we will get working on your enquiry. Our experience has shown anyone can have a blip in their credit history - so we have extended our loan panel to try and help you take out an unsecured loan if you need one and have been unfortunate enough to incur some poor credit (via defaults / CCJ`s / mortgage arrears) or have been let down elsewhere.
Debt Consolidation Unsecured Loans UKDebt consolidation loans may seem like a simple solution to a cash flow problem, however there are lots of things to consider when applying for one. On first sight you may think that consolidating debts makes sense and yes indeed, it can make sense to a number of people, but not all. The idea is simple; you put your mutliple or more expensive unsecured loans & credit into one new lower repayment debt. You may have small payday loans, an overdraft, car loan and store / credit cards, some of which may be charging higher rates of interest and others having repayments taken all over the month, making budgeting difficult.
- By taking out a debt consolidation unsecured loan you could reduce the number of lenders you have to just one, also because best interest rates are normally reserved for bigger loans you could even reduce the interest charges and your total monthly payment into the bargain.
- Bear in mind whilst your cash flow may improve, the downside of combining all your debt into one consolidation loan is that even though you are reducing the overall rate of interest you pay; by extending the loan term means that ultimately you will be repaying more interest as the loan will be in existence for a longer period of time.
- However for most people it's about reducing their monthly outgoings and getting back in control of their finances. It must be remembered that you should only do a debt consolidation loan when you need to and then the key is to keep on top of your expenses and not slip into bad spending habits.
Unsecured Loans for Joint Applicants
If you are married or living with a partner, it can increase your chances of getting a personal loan or credit if you apply for finance in joint names. One reason for this is the loan has two people to pay it, so if one was to lose income or the loan was to go into default the lender has a better chance of recovering the loss from two people rather than one.
The lender will also assess the application based on both of your credit scores, therefore the combined score can be greater than if you had applied by yourself . Another advantage is the lender will take both your joint incomes into account this will help you when they calculate if you can `jointly` afford the loan.
- You should remember that once you have a joint debt with someone else, your credit file will be linked to theirs. This means that if you want to apply for a loan in your own name in the future, the lender would be able to see the other person`s credit history and take that into account as well as your own unless you have agreed with the previous lender to sever from the joint loan or have settled the joint agreement.
- Some people think that when you take out a joint loan with a partner that they are only responsible for your ‘half` or share, but sadly this isn`t the case. It doesn`t matter who spent the money, or who now owns the item or items you bought with the joint loan or overdraft the fact is you both owe the debt therefore are responsible for paying it if the other one doesn`t, this is called joint liability.
Home Renovation LoanYour unsecured loan can be used for that much needed Home Renovation / extension / landscaping. Before you start any work try and get as many estimates as you can from recommended trades people such as; electricians, roofers, timber and damp specialists - these should supply quotes free of charge .Once you are happy with your estimates you need to assess the size of renovation loan that is needed, you then have come up with a figure to apply for, less any savings you have already in place for the renovating project. Remember we suggest you add circa 15% to your calculated figure in case costs of your renovation projects go beyond your original estimate. You`re well advised to apply for the finance you need before you commit to any start date for the work to commence. Here at My Sort of Loan our application process is very simple and we have our UK based staff ready to help support you through the process to get your money released swiftly.
Once you have your loan agreed you can get your preferred trades people to start work. Many people manage the work themselves however if your budget allows employing your own project manager will keep your stress levels lower! The project Manager will liaise with the trade`s person and ensure that work is carried out to the required specification. This could also be a (brave) family member who has experience of project management or is in the trade already.
£20,000 Unsecured LoansHere at My Sort of Loan we aim to arrange unsecured loans for homeowners across the UK for £20,000. The loans that we arrange can be used for many different reasons – in fact virtually any legal borrowing purpose. Some of our clients could use the £20,000 to attend to much needed home improvements / renovations to their property; others use the loan to pay off store cards and other high interest credit cards, consolidating existing debts into one lower monthly repayment. As the loans that we arrange are for virtually any purpose (that is legal of course) the £20,000 can be used for that new car you`ve been promising yourself or treat yourself to a well earned once in a lifetime holiday. The application process for your £20,000 loan is straightforward and our lenders decision process is also timely.
The agreed lending term can be varied by the lender however this is typically between 7 to 10 years for a £20,0000 unsecured loan, it may be shorter subject to affordabilty. If you want longer terms than 10 years or need more than £25,000 then you are going to need to consider homeowner secured loan options or even remortgaging. It`s worth remembering that the longer your loan term is the more interest you will ultimately pay back, but you can usually settle the loan early (subject to any agreed charges) and save on what you would have paid over the term if you have the funds available to do so.
Poor Credit Personal LoansA Poor credit personal loan, as its name advises, is a loan unambiguously designed for people with a poor credit history (past or present). The good news is there are lenders who have designed loan plans to enable you to obtain a loan even with some poor credit. Sometimes our customers can have very good reasons as to why they have a poor credit recorded. However some lenders unfortunately don`t take these reasons into account when deciding if to lend money and most lenders offer higher rates to those with poor credit. The older the adverse you have the better, as some lenders will ignore older defaults, CCJ`s or mortgage arrears.
It`s generally accepted the more adverse credit you have the higher interest rate you will sometimes be offered if you are accepted. Having a County Court Judgement (CCJ) or default against you will count against you for many years and surprisingly if you`ve never had a loan or credit card before it could mean you end up with a poor UK credit rating due to having a low credit score. This is because lenders like to look at the performance of past credit to assess if they are willing to lend to you, therefore they look for evidence to show that you have managed other debt successfully. Unfortunately, if you have significant poor credit you may well find it extremely difficult to borrow money from the high street lenders, but you may be able to borrow from some specialist lenders, subject to status, affordability and terms and other conditions.