Dealing with unforeseen bills, dues and expenses can be hard. If you are not keen on spending your savings, you can consolidate the payments with a personal loan. A personal is an unsecured form of advance, with a repayment term of one to five years. Contrary to what many may believe, personal loans are not same as payday loans. The amount you can get with the latter is considerably low and the loan must be repaid on the next payday. Personal loans are more flexible and manageable in that perspective. Below is a list of things you need to know.
As mentioned, personal loans are unsecured loans, and you can get as much as £25,000, subject to a few terms and conditions. In general, the following must be complied to.
- The borrower must be a UK citizen
- The borrower should be 18 years of age or more
- The borrower should have a legal job with a stable income.
- The borrower should have an active UK bank account.
There are websites like www.luckyloans.co.uk/, where you can apply for personal loans in less than five minutes. Decisions are instant, and in most cases, credit check is not required. If the loan is approved, a loan agreement form will be displayed to the borrower, which mentions everything, including loan amount, interest rates, repayment terms and dates. It should be noted that this is a highly regulated industry, and therefore, there are no hidden costs. The lenders must operate as per the norms. Once the borrower agrees, the money will be deposited in his bank account in less than 15 minutes, or usually on the same day.
Knowing all aspects
It must be noted that personal loans are expensive as far as interest rates are concerned, which is partly because the lender is not asking for any collateral. Extensions and delays can increase the cost of the loan, and therefore, experts always recommend paying instalments on time. The money from personal loans can be used for almost any purpose, but it is best to use the option when you require the most.
If you need personal loans, just check online and fill up the application form. Lenders usually don’t charge anything for the online services. It is also advisable that you check the repayment terms and conditions in detail, so as to avoid any confusion related to the repayments.