So the big vote has been cast and the British public have decided to leave the European Union. But what impact does this have on British budgets and what will be the effect in the UK’s loans sector? Well, the initial hysteria about leaving the EU is still in full flight and it is therefore unclear on what the longer term impact will be. Initial fears around the price of sterling dropping have ow subsided; although the price of sterling dropped against the dollar initially, it subsequently rallied and is now stabilised. The price of the pound against the Euro also fell initially and although currently low (as of 26.06.16), it has also marginally recovered. Some sources are however stating the cost of holidays will rise, and this will be based on medium term projections of the Euro rate vs Sterling.
People throughout the United Kingdom will still have a need for installment loans and short term, small loans regardless of the outcome of the referendum, the cost of the dollar or indeed, the price of the holiday. As long as people have a need for short term, unsecured loans there will always be a market for them. United Kingdom Loans are an established, British loans brokerage, with no sway to remain in or out of the European Union. We do however value the diversity of our clients. If you need a small loan from United Kingdom Loans, one of our essential criteria is that you are a British resident and this is regardless of your country of origin!
Lending money has been around for hundreds of years. There has always been people who have a need for extra funding, for a variety of reasons. Borrowing money can certainly help people when there are difficult times, it is ever however essential that entering into a loan arrangement with an instalment loan lender, the person borrowing the money has made the necessary arrangement to pay the funds back. We’ve decided to explore the Euro’s to help unpick this concept more!
Currently their are thousands of English, Northern Irish and Welsh (sorry our Scottish friends out there!) enjoying the sun in France watching their respective teams in the 2016 European football championships in France. Many of the fans have probably saved hard to cover the costs of a few weeks away, and budgeted sensibly to incorporate finances to cover the cost the ‘cost of living’ during their stay. Taking on loans for holidays have a number of negative issues attributed to them; although the adventure of being away with friends and family in far flung countries seems an thought, one should be careful as it could distort the decision making process around the cost of the holiday.
Although a loan would clearly cover the cost of the holiday, there are additional expenses which would also need to be factored in. Spending money, insurances and gifts are just some of the additional costs that are associated with holidays which would need to be factored into the cost of the holiday. If a loan is taken on just for the cost of the holiday, this will need to be repaid upon your return. Care is therefore needed when considering using a short term loan for the sole purposes of a holiday.
It is evident the online market place is saturated with a variety of lenders of all shapes and sizes. A simple search of payday loans reveals a number of different options of companies touting their wares. Installment loans are different to payday loans in that they have an extended period of time in which you have to repay the money you have entered into the loan agreement to pay off. Put simply, a payday loan may typically be expected to be paid back over 30-31 day period. This can be useful if you can guarantee you will have the money to repay the debt at the end of the month. A key thing to consider however is how much you would be left with once the loan has been repaid; this is crucial as putting yourself further into debt at months end may culminate in you reapplying for another loan and consequently beginning what can be classed as a ‘cycle of debt’.
Instalment loans differ to payday loans in that the repayment period far exceeds that of short term lending. A loan with United Kingdom Loans could, for example, be repaid over 18 months. This reduces the overall APR, lowers the monthly repayment amount and allows for more breathing space at the month end. There is also the opportunity (with some instalment loan lenders) of overpaying on the loan borrowed, and this reduces the length of time the loan is repaid considerably.
United Kingdom Loans enables people to apply for installment loans online and includes installment loans for bad credit. If you need £50 – £2500 apply online, submit your details and (in some cases) you may have money paid within 15 minutes!
United Kingdom loans has finally arrived. We have been working tirelessly, behind the scenes to get our site ready. So who the heck are we and what are we going to be doing. United Kingdom Loans are an insalment loan brokerage. You will be able to lend sums of money up to £2000 and have the option to repay the money up to 18 months. Although there are still an abundance of short term, payday loan style operations prevalent throughout the UK, over time, there will be a move away from this high cost, short term loan models. Google has already laid down its marker with a ban on sponsored listing for 30 day loans and it other major search engines may also follow suit.
The key difference between instalment loans and payday loans are the length of time a lender will seek to recoup the finance. A typical timescale for installment loans can be 18 months and consequently, this can lower the APR in comparison to that of a loan that would be expected to be repaid over 30 days. There is however still a high demand for short term loans. United Kingdom Loans has options for both loan types and with the option for us to automatically draw upon a panel of 40 leading instalment loan lenders the chance of being accepted for a loan up to £2500 can be good. We have an loan eligibility checker you can tap your details into that will instantly give you a percentage chance of what loan you could be expected to be accepted for. Once you have run the check, apply for your instalment loan, complete your details an submit your application. You will have an answer quickly and the lender who you are most suitably matched with will contact you in the first instance.
This is early days in the life of United Kingdom Loans. Our aim is to provide a service whereby people will have the opportunity to access funding expediently online. The site is in its infancy , but we have a wealth of experience to make sure our customers journey is seamless. Enjoy!