Are you wanting some extra money to pay off those several debts? To pay for your dream holiday to the Maldives before it goes underwater? To improve your home before you move? But don’t know where to start looking? We understand that finding the perfect loan can be difficult, but a personal loan can be used on whatever you like.
What are personal loans?
A personal loan is a sum of money which is borrowed from a lender and repaid over a fixed course. They tend to be quite a large amount, from around £1,000 to £25,000. But, luckily there are a couple of lenders out there who can offer loans up to £35,000 With borrowing such a large amount, you might be thinking it will take too long to pay off, but most lenders offer a repayment period of up to 6 years. With a personal loan, you repay it in small instalments to give you the easiest and most stress-free experience.
Am I eligible for a personal loan?
The eligibility criteria tend to vary from lender to lender. Although they all offer loans, some lenders and brokers target different audiences and people. Some lenders might want to target people who are in their first job, first home and might be in need of an extra boost. Whereas some lenders might target those who are a little older with a steady, regular income who might have more savings behind them. But no matter who you are, you will always be able to find a personal loan. Most eligibility criteria’s tend to only vary slightly so we managed to get our hands on one which covers the majority of essentials. It is as followed:
- Be aged 18 or over
- Be employed or have a stable source of income
- Live in the UK or be a UK resident
- Have an active bank account
- Have a valid debit card for this account
- Hold a valid email address and phone number
How do I know which lender or broker to use?
It is all down to personal preference. Depending on whether you are wanting a fast personal loan or not, you might choose a lender/broker or the bank. The majority of lenders and brokers both now offer a simple, quick online application process which instantly sends your application for review. Whereas some banks still use the traditional way of only accepting applications through the post, but this might take weeks to get seen and processed. So, we advise that you use a lender or a broker.
But, now you might be wondering what is the difference in a lender and a broker? The biggest difference is that when you apply using a lender, they only offer you their service. So, if you are rejected from them, you will have to do the application process all over again until you find one who decides to accpet you. Whereas with a broker like Simple Personal Loans, you complete and submit an application which is then sent on too a large panel of lenders and they all decide who wants to give you the loan. This way you’re chances of being accepted are multiplied and you have saved yourself plenty of time.
How do I apply for a personal loan?
As mentioned previously, it depends on which lender, broker or bank you apply with. But, all applications tend to be found on the home page of the website. Once you have opened the application form you should truthfully enter all of your details and then submit it. After you have submitted it, you will soon after find out whether you have been accepted.
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