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

Late repayment problems. For help go to: moneyadviceservice.org.uk

Online Loans observations

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.

United Kingdom Loans have been at the forefront of providing quick loans for residents of the United Kingdom for several years now and during this time we have seen a proliferation of loan companies come and go, and this has given us a unique opportunity to be able to comment on the various loan operations which have frequented the online loan sector market space.

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.

United Kingdom Loans has provided an alternative to payday loans for some time. With United Kingdom loans you can borrow 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 and provides loan applicants with more breathing space around repayment frequency, as opposed to the once prominent incredibly short-term, loan arrangements.

Same Day Loans

Providing access to same day loans is at the forefront of everything that United Kingdom Loans strives for, and this provides people with the opportunity to have same day loans paid into their accounts. Clearly, as with all lenders, there is a set criterion which must be met in terms of borrowing money through United Kingdom 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 our 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. United Kingdom loans would however take exception to the fact that money can be provided instantly, as clearly this may not be possible, given the eligibility criteria which has to be met on all loan applications.

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. The amount borrowed would typically be less in comparison to that of a secured loan arrangement and many loan operators, including United Kingdom Loans provide loan applicants access to money up to £5000.

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.

Whilst it can clearly be argued that online loans are incredibly easy to apply for, the eligibility criteria and acceptance rates for loan applicants moving into 2021 and through to 2022 is becoming more rigid and United Kingdom Loans would argue this is certainly a step in the right direction. It is therefore important for anybody who needs to borrow a short-term loan, through an unsecured loan provider, that they can evidence the capacity to build to repay the money they have borrowed. 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.