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Loan Options – Always Check the APR!
July 18, 2019

What financing options are there available for United Kingdom residents? This is a question that has created lots of discussion here at the United Kingdom loans office. Clearly there are a magnitude of loan options that people who are resident within the United Kingdom can access; what kind of borrowing is actually available currently? The answer to this question is far-reaching and there are many different answers to this question. Clearly, the most readily available form of borrowing is through financial institutions.

Loans have been in existence for hundreds, if not thousands of years and form the backbone of UK financial industry. There are a multitude of loan options available, and it can be confusing and a somewhat veritable minefield when trying to navigate through the different types of lending and loan options out there.

When considering taking on a loan one must consider if the money can be paid back on time, or within the agreed timescale. Some loan companies will offer an early repayment option; however one must be careful with this because there could be additional charges attributed to an early repayment of any borrowings. Once you have considered your own personal finances and have sat down and considered whether or not you can afford to repay the loan, then it will be time to search online for the best lender.

How do you know which lender to choose you may ask. It can be difficult to navigate through all the different lending options that are out there. The first thing to consider would be the annual percentage rate of the loan you are looking to take out. All financial websites have accreditation must display an annual representative example of your percentage rate. If you come across a website that hasn’t got this, then the chances are they are not accredited and you could be getting into some difficulty, if you were to enter into a formal loan agreement which is of course legally binding.

Some of the larger financial institutions will clearly have lower annual percentage rates associated with their lending packages; although this is clearly helpful in that loan applicants will not have to pay back as much money as other types of lenders, sometimes the criteria to access loans through financial institutions with low annual percentage rate is quite high. All lenders will carry out carry out a credit check and will incorporate credit history, prior to the application. If you believe you have poor credit history then this may limit your lending options.

If you are looking at taking out a short-term loan, take your time and research the different lending options available. Compare annual percentage rates and always look at the representative example annual percentage rate, which will always be detailed on the companies website. Carefully consider the fact that you may need to undergo a credit check with many loan providers. This is not only to protect yourself, but will also protect the lender from distributing loans to applicants who may not be able to afford repayments.

United Kingdom Loans does not make credit decisions and is not a lender. United Kingdom Loans introduces customers to Nouveau Finance Limited, who match customer's loan applications with lenders on their panel based on the information you provide. United Kingdom Loans may receive commissions for introductions. This website does not directly endorse a particular product or service. Information on our website should be taken as opinion only. Loans for UK based customers only. Loans are subject to status and satisfactory affordability checks. Over 18's only. Default charges may apply if you do not repay on time. Short term loans are not suitable for longer term borrowing needs.

Consumer Advisory:
United Kingdom Loans is a loan matching service. This website will submit the information you provide to a direct lender. Upon a loan approval, a direct lender may require further information from yourself which will be collected after we transfer you to their website or they may contact you via phone or email or both.

Auto Decisioning
Auto Decisioning allows lenders to make a decision on your loan application without the need for human interaction, for more information please contact your lender or see their privacy policy.

Non Payment Implications
The implications of non-payment of your loan could include adverse details being included in your credit report. This could adversely affect future attempts at securing credit or finance, in additional to further charges potentially being added by the lender. Where you miss a payment entirely, you will often incurr a charge / fee that will be added on to the total amount that you owe. Upon a missed payment, lenders will often try to contact you by telephone or letter in order to recover the funds and they may be able to arrange a new repayment date with you. If you are struggling, or think there is a possibility that you will not be able to meet repayments, Rhumsaa Finance strongly recommends that you contact the lender in the first instance.