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*Borrow up to £995
*Rates from 278% to 1576%
*3-12 month repayment
*60-Second Application Form
*From £1,000 to £25,000
*Rates from 4.7% to 278%
*3-36 month repayment
Representative 305.9% APR. Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable)
Bank Loans UK: Finding the Best Loan Options
While in the ancient past, finding loans has never been a problem, the incessantly increasing demands for loans and other loan services — which can partly be attributed to its continued rise in popularity, as well as the relentless surge of men’s population in the society— has since brought about growing problems not only to the lenders, but most especially for the borrowers. As the number of borrowers taking advantage of loans continued to increase, so did the number of those with unpaid debts, it appears.
In an effort address what was, at that time, a growing problem, traditional lending institutions such as banks and other lending firms have decided to come up with a credit scoring system, designed especially towards the same end. Under this credit scoring system, lending firms and institutions were easily able to classify borrowers according to their finances. Borrowers whom the lenders believe were well capable of paying off their future debts were easily segregated from those whom the lending institutions suspected to be unlikely capable of paying off their loans at all. Individuals with income levels that do not meet what the lending firms have decided as the minimum were automatically given poor credit scores, while those who repeatedly missed out on their payments, regardless of their reasons, had their records automatically indicate their bad payment histories.
As a consequence, borrowers with poor credit scores and bad payment histories were consequently disqualified from availing any more loans from any of the standard lending institutions. And although the credit scoring system that the lending firms had in place proved to be highly helpful in lowering the number of unpaid debts, its long-term effects to the finances of the borrowers with bad credit proved to be extremely harmful. Since borrowers with poor credit scores and bad payment histories were already precluded from taking loans from legitimate lending firms, they were often left with very little and often uncomfortable or downright impractical alternatives. And because borrowing money from family and friends and selling personal properties were not always easy, borrowers with bad credit were often left no other choice but to take underground loans from illegally operating lending institutions. While this latter option did provide borrowers with temporary monetary relief that they urgently needed, the long-term repercussions associated with their excessively high interest rates left many borrowers in perpetuated financial predicaments.
Getting Bank Loans for Bad Credit
As more and more borrowers found themselves with poor credit scores and bad payment histories, however, a whole new market made up entirely of borrowers with bad credit was consequently created. And with the continued rise in demands for more secure and more affordable financial options continued to increase in what was then a newly created market, lending firms and institutions have decided to come up with innovative new loan solutions. Compared to bank loans and other conventional loans that are being offered by the traditional lending institutions, these innovative new loan solutions provide borrowers with much needed financial relief without them being subjected to the usual hassle entailed in applying for loans from conventional lending institutions. Unlike application procedures for most of the conventional loans such as bank loans that are being offered by most traditional lending institutions, applications for these innovative new loan services do not necessitate having to wait in long lines for long hours, nor do they entail even longer waiting when it comes to approvals as well as release of approved loans’ funds. Through these innovative new loan services, borrowers need not have to settle for bank loans and other conventional loans that are being offered by many standard lending firms.
Comparing Bank Loans and Instant Loans for Bad Credit
With innovative new loan solutions such as instant loans for bad credit, bank loans are not the only option for borrowers especially in times of urgent financial situations. Unlike many of the bank loans that are being offered by standard lending firms, applications for innovative new loan solutions such as instant loans for bad credit may now easily be accomplished entirely over the internet. And because applications for these loan solutions may now be done online, borrowers now have the comfort of being able to send in their loan applications even right straight from the comfort of their own homes — a feature that’s not always available to applicants of bank loans from traditional lending institutions.
Since applications for innovative loan services such as instant loans for bad credit may now be completed entirely online, borrowers can now expect for their applications to be processed in much shorter time. Unlike applications for bank loans and other conventional loans being offered by traditional lending firms, applications for instant loans and other innovative loan solutions can be processed and approved in as little as mere minutes after the applications have been submitted. The release of funds for approved loans, on the other hand, can now be completed even on the same day that the applications were submitted — a feature that borrowers can never expect of bank loans and other conventional loan solutions.
Comparing Bank Loans, Loans from Direct Lenders, and Loans from Loan Brokers
For many borrowers, the next best alternative to bank loans are loans taken directly from the lenders — simply because they do not entail having to pay for the loan brokers’ fees. What many seem to be unaware of, however, is the fact that because loan brokers have extensive connections to various lenders across various regions, it only follows that they also have comprehensive access to all the many deals and discounts that the lenders are offering across their numerous lending services. Consequently, borrowers who decide on securing loans with the help of loan brokers have, accordingly, enjoy far more benefits and much more savings in the long term. And since loan brokers do provide their borrowers with expert financial advise, borrowers who opt to avail of their services are ensured the best loan options that best suit their unique financial conditions.