Are you in need of a boost to help you afford that one expensive thing you’ve wanted for ages but you’ve been putting of buying it because of the price? Undoubtedly, in this case, personal loans could be perfect for you.
What are Personal Loans?
Personal Loans are unsecured loans which you borrow and pay back over the course of multiple years. With lenders/brokers like Simple Personal Loans, you will see that you can borrow up to £35,000 to spend on whatever you like.
What can I use a personal loan for?
Hence the name, personal loans can be used on anything and everything, in moderation. We advise that you only spend them on important things which will help you or bring a good impact. This could be things including and beyond:
- Home Improvements
- Debt Consolidation
Whatever you are considering spending your loan on, it’s important to remember that you should only ever borrow money if you are confident you can comfortably afford the monthly repayments, not just now but for the entire duration of the loan. This is because there are further penalties and costs if you are unable to repay. Different lenders and broker have different policies on these situations.
Getting a loan for unnecessary, risky things can cause you problems too. If you are wanting to borrow for things like building a business, your best bet is going to the bank. They offer business loans which are better for you. On the other hand, if you’re wanting to borrow for gambling or anything similar, you should visit a gambling charity. We want to help you avoid gambling debt loans and get back on the path of financial health.
Can anybody apply for personal loans?
Lenders/Brokers like Simple Personal Loans offer loans to suit most borrowers. This means that they offer loans for anything, including bad credit loans. Although, just like all lenders and brokers and even banks, there is a criterion you have to fit.
The criteria can vary and switch about but overall it follows along the similar lines to this:
- Be over 18 years old & a UK resident
- Have a bank account and an active debit card
- Be in permanent employment or receiving various allowances
- Meet our credit and affordability criteria.
- Agree to provide accurate information about yourself and your financial situation
Should I use a lender or a broker?
Along lenders are direct and they might seem easier unless your credit score is perfect your chances of getting accepted might not be as high as you think. This means that every time you get rejected you need to take the time to find another lender and fill in a whole application again. Whereas, with a broker, all you have to do is fill in one application and then you are able to sit back and relax. They will do the rest of the work for you by sending your application to multiple lenders, increasing your chances of getting a match.
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