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Payday lenders have become popular over the years especially among borrowers with poor credit. The fact that they are willing to look beyond a person’s credit score and still offer him a loan means that they have become a go-to for borrowers who cannot get a standard loan from traditional lenders.
Online Loan Applications at Home
Over time, these providers have started to offer their services online. Not only does this allow them to serve customers no matter the time of day but it also allows them to streamline their process and shorten the length of time that it would take them to approve a loan and disburse the funds. One of the best things about applying for a payday loan online is that you no longer need to leave the house to submit an application. All you have to do is visit the provider’s website, find out what the requirements for a payday loan are, and then submit them. You’ll be asked to fill out an application form too and supply some supplementary documents. All in all, the application can take about 30 minutes.
Aside from the fast application process, online payday lenders are also known to act fast on loan applications. Once approve, they are able to send the funds to the borrower within the same day. There are even instances when they can get the money sent t the borrower’s bank account within minutes.
Easy Application for Online Loans
Do make sure that you have met all the application requirements of the lenders before you apply. Lenders will require you to be earning a stable income every month to qualify for the loan. Also, be sure to provide proof of your income, proof of employment, as well as other financial and personal records along with the application form.
Before applying for a payday loan online, it is important to remember that while there are plenty of lenders that are available out there, not every single one of them can be trusted to operate legitimately. So choose your lender well.
Part of keeping your property up to date is home improvements. It could be a lounge extension, an attic conversion, a simple redecoration, or a kitchen renovation- anything that will increase the value of your property. Unfortunately, renovations can be costly and most of the time, saving up the funds that you need is not always enough. Taking out a home improvement loan may be a good option to look into.
Home improvement loans
If you need to secure funds for your home improvement project through a loan, there are different types that you can choose from and this includes guarantor, secured, and personal loans. Understanding the pros and cons of each of these loan choices will help you decide which one to take out.
It is possible to use a personal loan and borrow funds as low as £1,000. A loan of this type can be ideal if you only intend to make minor improvements. Instead of having to get the repayments done immediately, you may be given a grace period of a few months. This should allow you the opportunity to spread your payments so they'll be manageable. For a loan of this time, there is no need for you to offer your home as security.
However, your borrowing power may be considerably limited and borrowing large amounts might not be possible. Not only do these loans charge really high interest on smaller loaned amount, you will also need to have a high credit score if you are to get a good deal.
If your credit is bad, you can go for a guarantor loan in order to get funds for your home improvement project. All you need to do is find a person who is willing to pay off the loan in the event that you will default to get approved.
The amount that you can borrow through this type of credit would depend on the credit score o the guarantor so, it may not be possible to take out a really large amount. If you do default on the repayments, it can make your relationship with your guarantor awkward since he will have to take on the debt himself.
It is possible to borrow a large sum, even as much as £100,000 if you will use a security to guarantee a loan, if major renovations are what you are aiming for, this could be ideal. If your credit score is low, you can still get approved since you have a security to offer. Loan tenures can be longer too which means you’ll have a more comfortable time paying it off.
Since the loan is secured against an asset which usually is your home, you run the risk of losing it if you cannot keep up with the payments. Also, what you’ll be allowed to borrow will depend on your asset’s value.