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

Unsecured Loans Explored

Unsecured Loans Explored

Loans come in all shapes and sizes and are often marketed and wrapped up under various headings; quick loans, fast loans, short-term loans, the list is endless when it comes to the variety and name given to what is essentially an unsecured loan arrangement between a loan applicant and the direct loan company.

Payday Loans Alternatives

Beginning around 2008, there began a proliferation of payday loan lenders, some of which continue to frequent the marketplace to this day. Whilst there was understandable hostility aimed towards the some would argue predatory payday loan lending operators, there nevertheless continued to be a huge need for short-term credit arrangements, particularly for those people that needed to borrow money quickly during this period.

Over a decade later, a closer look at the online market space would lead us to conclude that there are less payday loan lenders out there and many operators are providing payday loan alternatives. As an example, an instalment loan could be cited as an example to a payday loan alternative; whereas with a payday loan, the loan arrangement would need to be paid back within a very short timeframe, instalment loans offer a longer and more flexible repayment schedule, which is certainly more appealing to those people who do not want to become entrenched within a cycle of debt, due to the fact that they previously had to repay money within a very short timeframe.

With United Kingdom loans you can apply for up to £5000 and have repayment terms up to and including 36 months; this gives the borrower almost 3 years to repay the money borrowed..

Same Day Loans

As detailed throughout our website, the three main criteria are that loan applicants are in employment, they have a valid UK bank account, and they are United Kingdom residents. On top of this, there is additional loan criteria which must be met and the detail of this can be seen through the online application form.

Loans Terminology

It is therefore incredibly important for people do not get confused between the various terminology associated with unsecured lending. Many websites will advertise themselves as same day loan lenders; this is essentially an umbrella term which incorporates most things associated with online unsecured loan operations. A same day loan operation is the same as a short-term loan lender, fast loan lender, quick loan provider and even instant loan service. These are all terms which are attributed to short-term, unsecured lending through online services and there are many benefits attributed to these quick loans

Instant Loans

Loan applications in the main will take between 1 to 2 minutes to process; many of the online loan providers will then connect loan applicants with direct loan lenders who will then consider and process the information which has been passed on to them. Whilst it could be argued this could take place quickly, it may be difficult to provide funding in an instant and therefore the phrase ‘instant loan’ could be argued to always be entirely accurate.

The key thing to take from all of this therefore is to look behind the key phrases which the online loan operators are broadcasting in terms of advertising their services. It is entirely correct for many of the loan operators to show the fact that they can provide money to those people who need to borrow it quickly, but essentially the entire process is connected through an unsecured loan operation service.

Unsecured Loans

With many of the providers in the online market space, the loan market is always essentially an unsecured loan arrangement between loan applicant and lender. 

When considering applying for a loan, in all cases and indeed without exception the first thing to consider is what is the capacity to repay the money that has been borrowed. Any loan arrangement that a person enters is a legally binding contract and therefore the loan which has been borrowed will always need to be repaid.

It important for anybody who needs to borrow a short-term loan, through an unsecured loan provider, that they have given the process some consideration.  Look for online loans guides to help you make an informed decision and ensure you always read the fineprint, or a the very least the frequently asked questions page on any loan provider you choose to use.

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