Quick loans may be considered an essential component of the financial industry when considering the need many people have to access money.  It is not always possible for people to have large chunks of money sitting in bank accounts for rainy days to cover shortfalls or financial emergencies. Quick loans may, therefore, potentially be one option that people can draw upon if it is that they need to access money quickly to cover the cost of essential purchases or to cover short-term emergencies.

Summer 2023

Now that we have moved into summertime 2023, the clocks have gone forward, and people are experiencing a lack of sleep that often occurs when we lose one hour. Many UK residents are further exhausted by rising inflation and mortgage rates which continue to rise; indeed, when considering mortgage rates, the last increase was as recent as 23rd March 2023, with another .25% added to mortgage interest rates. For those homeowners impacted by this, many people not having as much readily available cash as they previously did.

Consequently, for some UK residents in 2023, a quick loan may be needed to help alleviate short-term financial gaps, particularly when more costly items are quickly required or there is a significant cost implication, such as a major car repair needed or household repairs. Quick loans can therefore be considered to be utilised as a credit option to access funding quickly online.

Rising Interest Rates

The current climate of rising interest rates in 2023 in the United Kingdom has also resulted in many people having reduced disposable income levels. Inflation has continued to grow, and therefore the cost of many everyday items has also increased, and it is envisaged that when considering interest rates, these may not decrease until 2024. Understandably, the UK Government has needed to try and slow inflation and spending, and one way of achieving this is through marginal increases in interest rates. As a consequence of rising interest rates on mortgages, this has hit many homeowners’ pockets, particularly for those on variable rates mortgages and, perhaps most significantly, those coming to the end of their current fixed-rate mortgage deals. As a consequence of the increased interest rates, this directly correlates to reduced disposable income.

Quick Loan Options Moving Forward

So what are the options for people who may be impacted by rising interest rates and the price of inflation increasing, which will further impact disposable income each month? The soundest advice for any significant purchase would be to save money, and then once the amount of money has been accrued, that can then be used to fund any purchases needed. Whilst this is a good solution in an ideal world, this is not always possible, mainly as interest rates are at the highest rate they have been for many years, and it is not envisaged they will decrease until 2024. As we write this post, on the first day of British summertime 2023, there is potentially a long period before interest rates come down. Therefore, a lack of disposable income could culminate in people needing to access unsecured loans.

Here at United Kingdom Loans, we predicted back in 2022 that there would be a difficult road ahead, and as we move into the summer months within the United Kingdom, it is hoped that the clouds will have moved on and there will be sunnier at times ahead. We are, however, confident here at United Kingdom loans that there will be a period before interest rates will be reduced. 

Funds Needed Quickly

Sometimes money is needed quickly. Through a quick loans application form, applicants will be matched with the best possible lender to provide them with a quick loan. Quick loans are a short-term funding option and may be helpful in situations where an individual may not have disposable funds sitting in a bank account but still needs to access funding to cover an essential purchase or short-term emergency.

Although there are worries about interest rates and inflation, and the impact this has on households’ disposable income, it is reassuring to hear that gas prices have potentially plateaued and decreased in some cases. In contrast, inflation is causing the cost of many everyday products to increase and mortgage rates also to rise, impacting household disposable income; fuel reduction and gas prices into 2023 can only have a positive impact.

Loans Provision Continues

United Kingdom Loans will continue to monitor and report on the financial situation of the United Kingdom. We understand there is a difficult financial situation for many residents of the United Kingdom and will continue to provide information and loans guides.  If you have any quick loans-related questions, visit our frequently asked questions page for more information.