Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk

Online Loans

Online Loans

There can be many situations for people when money is needed quickly and having disposable income to cover life’s emergencies is often simply not possible. Many people draw upon all their salary or income from other resources to meet the often-escalating running costs of daily lives. There can be situations whereby money is needed quickly and, at times such as this, an option to get access to money quickly is through applying for online loans.


What are Online Loans?

An online loan is a sum of money which can be applied for online and is deposited into a bank account once an application has been submitted. It is called an ‘online loan’ because the entirety of the loan application is processed online. Whereas historically, the majority of loan applications would be made with form filling and potential visits to high street lenders, the advent of modern technology has culminated in a proliferation of online lending services which has been of huge benefit to those people who need to borrow money. As with many specialist forms of lending, online loans come with many advantages and disadvantages, some of which we have incorporated within this online loan guide .

One thing to consider when applying for a loan online is to ensure that you have thoroughly checked the company you may potentially use and ensure they meet the requisite security clearance on their websites. As with any online facility, there could potentially be the risk of data breach, and therefore always ensure that any online loan company has an up to date SSL (Secure Sockets Layer) certificate. For the less technically minded out there, simply look to the side of the web address and you will see a padlock – click on this and it will give you information on that individual sites security setting. A simple question to ask is, do they have SSL and if not, we would not recommend you proceed with an online loan application with a site with no SSL.

Online Loans UK

There are a multitude of websites operating within the online loan market space within the United Kingdom. The UK has had a strong presence within the online loan lending sector, and this has created a wide range of companies who can all provide online loans within the UK quickly and easily. 

If you live within the United Kingdom and you are looking to apply for an online loan, the process is generally quick and simple. There is information that you will need to have at hand to complete the application, for your online loan application. The main information you will need will be your name and address and you will also need to provide a short breakdown of your income and outgoings, as this will determine the amount of money you will be able to borrow and which particular company you would be able to be matched with in order to access your money.

Within the UK there are online loan direct lenders and online loan brokers. Online loan direct lenders will typically have more stringent application criteria when considering loan applications because they will be providing funds directly from their own resources. Online loan brokers have a slightly different operational functionality whereby they automatically send the information you provide through the online application form to a panel of lenders, who will then make a decision based on the information you provided. 

Online Loans for Bad Credit

One of the advantages of utilising online loan companies to borrow money is the fact that they may have a less rigid eligibility criteria for loan applications, in comparison to that of traditional lenders. Some people may be in the unfortunate position whereby they have bad credit, and therefore struggle to find suitable online loan companies that can provide them with the money that they may desperately need. One of the advantages therefore when looking at online loan companies, particularly when considering people who have bad credit, is the fact that they have the capability to be able to use a multitude of direct lenders and this subsequently ‘widens’ the net when searching for an unsecured online loan provider. Bad credit may impact on successful loan applications and indeed subsequent loan applications may be declined which could further negate the opportunity to access future funding, as a failed application can often impact on credit rating. Many online loan companies within the United Kingdom will not however implement a credit check early in the application process, and this will lessen the negative impact of applying for an online loan, particularly if you have bad credit.

Can I get an Online Loan?

 There is an online application form which once completed and submitted to a panel of lenders will then make the decision on whether you have been successful in applying for a loan online. Factors to consider when looking at the potential for being successful in getting an online loan approved, is what income and outgoings you have; have you paid off previous loan applications successfully; why are you applying for an online loan and the most significant factor in determining whether or not a loan application can be made is, can the loan applicant repay the money that has been borrowed.

Online loans can be applied for quickly and you will have a decision on your loan application within around 90 seconds of submitting your details. If the online loan application is approved, money can be deposited in your bank account the same day and this is clearly a huge benefit to those people who need to borrow money quickly, particularly for those short-term emergencies where access to quick online loan funding is needed. The online loan borrowed will always need to be paid back. This will be at an agreed rate, which is set by the individual lender at the beginning of the loan arrangement. The loan will be repaid at an agreed amount each month from your bank account to the online loan lender. The length of the online loan arrangement will always be agreed at the beginning of the loan being applied for. 

United Kingdom Loans and Online Loans

 Applications can be made 24 hours per day, 7 days per week and the fully automated system means that your online loan application can be submitted and a decision will be given, whatever time of the day your loan application has been submitted. Online loans therefore have many benefits, particularly when money is needed quickly. You can submit an online loan application using a laptop or smart phone.

We hope you have found this guide on online loans useful. If you need more information then visit our FAQ’s page or our How it Works page for more information and guidance on online loans.

Representative Example: Amount of credit: £1000 for 12 months at £116.52 per month. Total amount repayable of £1392.63 Interest: £392.63. Interest rate: 79.5% pa (variable). 79.5% APR (variable). Representative Rates from 9.0% APR to 1721% APR – we provide a no obligation quote; your APR will be based on your personal circumstances. Loans between £100 and £5000 over a 3 month to 36-month term.

 
United Kingdom Loans is not a lender, we provide access to a loan matching service. This site will submit the information you
provide to Nouveau Finance’s panel of lenders

Representative Example: Amount of credit: £1000 for 12 months at £116.52 per month. Total amount repayable of £1392.63 Interest: £392.63. Interest rate: 79.5% pa (variable). 79.5% APR (variable). Representative Rates from 9.0% APR to 1721% APR – we provide a no obligation quote; your APR will be based on your personal circumstances. Loans between £100 and £5000 over a 3 month to 36-month term.

United Kingdom Loans is not a lender, we provide access to a loan matching service. This site will submit the information you provide to Nouveau Finance’s panel of lenders

United Kingdom Loans is a registered trading name of Rhumsaa Finance Limited, which is an Introducer Appointed Representative of
Nouveau Finance Limited, registered with the Financial Conduct Authority  under FRN 843158. Nouveau Finance are authorised and regulated by the Financial Conduct Authority
under reference number 727348. Nouveau Finance Limited are a credit broker, not a lender.

United Kingdom Loans will not charge you a fee for the introduction to a potential lender however may receive a commission
or fee from Nouveau Finance Limited following an introduction through this website.

We provide access to a loan matching service. This site will submit the information you provide to Nouveau Finance’s panel
of lenders. We  do not retain applicant data.  All applicants will be subject to credit checks and affordability assessments.
United Kingdom Loans and Nouveau finance will not perform a credit check, lenders to whom you may be referred to will complete a soft search when
assessing your eligibility for a loan. If you accept a lender’s offer, they may subsequently perform a hard credit search to register the loan to your credit file.

Please note that United Kingdom Loans are unable to influence any lending decisions or deal with any dispute that you may have directly with any particular lender with whom you may have entered into an agreement with and in the unlikely event that this may occur you should contact the lender directly in respect of any concerns.

United Kingdom Loans is registered in England and Wales Company number 11508489  with a registered office located at
128 City Road, London EC1V 2NX Company. 

If you are struggling with debt then you may want to contact Step Change National Debt Line or Citizens Advice for help and support:
Step Change , National Debt Line and Citizens Advice

United Kingdom Loans is a registered trading name of Rhumsaa Finance Limited, which is an Introducer Appointed Representative of Nouveau Finance Limited, registered with the Financial Conduct Authority under FRN 843158. Nouveau Finance are authorised and regulated by the Financial Conduct Authority under reference number 727348. Nouveau Finance Limited are a credit broker, not a lender.

United Kingdom Loans will not charge you a fee for the introduction to a potential lender however may receive a commission or fee from Nouveau Finance Limited following an introduction through this website.

We provide access to a loan matching service. This site will submit the information you provide to Nouveau Finance’s panel of lenders.  We do not retain applicant data.  All applicants will be subject to credit checks and affordability assessments. United Kingdom Loans and Nouveau finance will not perform a credit check, lenders to whom you may be referred to will complete a soft search when assessing your eligibility for a loan. If you accept a lender’s offer, they may subsequently perform a hard credit search to register the loan to your credit file.

United Kingdom Loans is registered in England and Wales Company number 11508489  with a registered office located at 128 City Road, London EC1V 2NX Company. 

If you are struggling with debt then you may want to contact Step Change National Debt Line or Citizens Advice for help and support:
Step Change , National Debt Line and Citizens Advice

Footnotes

United Kingdom Loans does not make credit decisions and is not a lender. This website does not directly endorse a particular product or service. Information on our website should be taken as opinion only.

Footnotes

United Kingdom Loans does not make credit decisions and is not a lender. This website does not directly endorse a particular product or service. Information on our website

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk