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Borrow £500 for 4 Months, Four Monthly Repayments of £215.81 Total repayment £863.24 Interest Rate PA (fixed) 270.10% Representative APR 997%
Bank Loans and Innovative New Loans Solutions: Knowing the Difference
As individuals and businesses big and small continue to rely on loans and loan solutions in addressing their ongoing financial needs and situations — the demand for loans has, throughout the years, only continued to grow. And with the increasing number of individuals hoping to secure loans from the traditional lending institutions such as banks and other similar firms, the number of borrowers who default on their loans has also only steadily grown. As the number of those who default on their accounts continue to increase, as a consequence, so did the deficits of many of the lending firms and other similar establishments.
In an attempt to address the seemingly endless problem concerning borrowers who default on their loan accounts — banks, together with other lending firms, have decided to devise a system designed to help lending institutions address what appeared to be a worsening situation involving delinquent accounts. The system that the lending institutions came up with, which applies to all potential and existing debtors — was designed not only to easily identify borrowers who are more in risk of being unable to pay off their loans in the long term. In essence, this system was also tasked to segregate or separate the borrowers who are likely to get bad credit from those who are more inclined to pay off their debts without any problems.
Because the credit scoring system was designed not only to curb the uncontrollably increasing number of delinquent accounts in and among the lending firms, but also to help easily identify borrowers who will likely be paying off their loans without any interruptions or problems — from those who will likely be unable to pay off their loans in the future.
And although this system was largely effective and has brought many lenders tremendous advantages, the harsh reality consequent of having such system in place has pushed many borrowers to undesirable financial situations.
Bank Loans in the UK: Who Can Get Them?
As soon as the lending firms placed a credit scoring system in place, borrowers who either had incomes that were deemed insufficient by the lenders or had no stable income source at all, were automatically assigned poor credit scores. Borrowers who, on the other hand, have been frequently lagging behind their bill payments automatically had their payment histories reflect their late payments. As a result, those who were given poor credit scores, as well as those whose records reflected bad payment histories were consequently precluded from procuring any more loans or loan products from any of the traditional lending firms and institutions, such as banks and other similar establishments. Due to this, borrowers with bad credit often had a hard time finding resolutions in times of difficult financial situations. In times of financial crises, they often had to choose between solutions that were either downright deplorable, implausible, or just extremely harmful options. Most of time, borrowers being hindered by their bad credit often had to choose between swallowing their pride by borrowing from friends and family, or suffer from the consequences of borrowing from illegally operating lenders. And because borrowing money from friends and family isn’t always easy, many borrowers are left to procure underground loan agreements from lenders operating illegally. And while this option, in most cases, does provide borrowers the temporary relief they often need in times of urgent financial situations — there are often long-term repercussions consequent of the unjustifiably high interest rates that come with these financial options . The high interest rates that normally accompany underground loan solutions often result to much higher payment increments, which are much heavier a burden to borrowers compared to that of other loan solutions. For this reason, borrowers are often left in perpetuated financial situations.
Bank Loans and Loans for Bad Credit: The Difference
For people living with poor credit scores and bad payment histories, procuring loans from traditional lending institutions such as banks and other similar firms has always been a problem. Because of this, many resort either to just borrowing from friends and family or borrowing from lenders operating illegally. But with the innovative new loan solutions that have now been made easily available to borrowers in the market, people now have far better alternatives — even with their bad credit.
Compared to most of the conventional loans that are being offered by traditional lending institutions and firms, the innovative new financial solutions for borrowers with bad credit are much easier to procure. While applying for conventional loans often entail long hours of waiting in long lines just to submit applications, and even longer waiting when it comes to the approval and release of approved loans’ funds — applications and approvals for these new loan solutions are much faster and far easier. With these innovative financial services, borrowers have the convenience of completing the entire loan transactions online. And since applications can be completed over the internet, applicants have can secure, fill up, and submit their applications right straight from the comfort of their own homes.
Through these innovative new financial services, borrowers can expect for the instantaneous processing of their loan applications upon submission, and their approval in as little as just a few minutes. The release of the borrowers’ approved loan funds, on the other hand, can be completed in as little as hours, or at least on the very day that their applications has been submitted.
The innovative new loan services that have now been made available to borrowers in the market have a lot of benefits, even compared to the conventional loans being offered by the traditional lending institutions — but they don’t come without some disadvantages. Because most loans for bad credit are generally small loans intended for borrowers to pay over short term payment conditions, financial needs that require amounts much higher than what can be taken from small loan solutions can not be addressed with loans for bad credit. And since lenders are taking much higher risks by providing loans to borrowers despite their bad credit — interest rates in these types of loans are typically much higher than that of most of the conventional loans that are being offered by traditional lending institutions.
Bank Loans and Instant Loans: A Comparison
For many individuals hoping to secure loans, many hope to get conventional loans that are being offered by traditional lending institutions. But since borrowers with bad credit are often precluded or disqualified from taking any more loans from the standard lending institutions, this is no longer an option. And because applications for conventional loans often take long, borrowers in urgent financial situations are best off securing loans that can address their immediate financial needs. Through innovative new loan services like instant loans, borrowers now have immediate access to much-needed financial resolutions. Through instant loans, borrowers can submit their applications from anywhere at any given time because transactions can be done entirely online. Application forms can be completed in as little as two minutes, and applications are processed immediately after they are submitted. For these types of loans, borrowers have the convenience of getting approval for their applications in just mere minutes, as well as their approved loans’ funds’ release in the same day that their applications were submitted. Because these types of loans provide borrowers faster financial solutions, they make great options in situations that call for immediate financial resolutions.
In times of financial emergencies that involve unexpected expenses such as hospital bills, accident-related costs, car repairs, urgent home repairs, as well as all other unforeseen costs, borrowers are best off securing instant loans rather than those from traditional lending institutions. With these types of financial services, borrowers can also make relatively affordable purchases that may at times be hard to save up for — such as that of new gadgets, appliances, clothing and other similar purchases. Instant loans also make good solutions in paying for miscellaneous expenses such as that of travel and others. But while these loan solutions have numerous advantages, the amount that borrowers can take out of these financial services aren’t as big as those that can be provided by financial solutions on long term payment conditions, such as bank loans and other traditional loan services.
Bank Loans and Loans from Direct Lenders: What to Expect
With most loans from banks and other traditional lending firms, applications usually entail long and tedious processes that often take weeks or even months to complete. Through flexible new loan solutions such as those being offered by direct lenders, on the other hand, borrowers now have immediate access to financial services in times of pressing financial crises. But while most borrowers believe that they have more chances of saving by procuring loans directly from the lenders, securing loans from loan brokers actually provide more benefits especially for individuals with credit. Through these types of loan solution services, borrowers have access to broader choices. With the help of loan brokers’ services, not only do borrowers have a wide array of choices of different types of financial services, they also have a wide variety of choices when it comes to the lenders offering their services. Because loan brokers have a network of connections with different lenders from all across different regions, they have access to many different discounts and promotions being offered by these lenders across their many of their financial services. And while borrowers may save while procuring loans directly from the lenders because of not having to pay for loan brokers’ services, borrowers securing loans with through loan brokers are likely to save more in the long term.
With the proliferation of fraudulent lending firms and brokers, however, borrowers are advised to always take precautionary measures in securing loan services — be they directly from the lenders, or through the help of loan brokers.
Bank Loans and Guarantor Loans: Which Make Better Financial Solutions?
For borrowers in financial situations that need more elaborate, possibly complicated financial resolutions, small loans on short term payment conditions are not the best solutions. But because most borrowers are hindered from securing conventional loans from most standard lending firms due to their poor credit scores, many are led to believe that they are left with no other better alternatives. With guarantor loans, however, borrowers have the convenience of enjoying the same benefits as those being offered by most conventional loans of standard lending institutions. Through these types of loan solutions, borrowers have the benefit of enjoying low interest rates and longer payment term conditions.
Guarantor loans are basically loans that are easily available to borrowers with the help of guarantors. Guarantors can be anyone aside from the borrower’s spouse, who are of good credit standing and willing and able to repay the borrowers’ loans, in case they default on them for any reason. But while these loan solutions make great options especially for borrowers with poor credit scores, the sheer difficulty associated in finding willing guarantors often makes them highly implausible.
Bank Loans and No Guarantor Loans: What to Expect During Applications.
While the processing of applications for loans in most traditional lending institutions such as banks and other similar firms often take incredibly long, applications for these innovative loan solutions can be accomplished in as little as just a few minutes. Because applications for these loan solutions can be done completely online, borrowers can submit their applications from anywhere, anytime. With these types of loan solutions, borrowers need not submit any more additional requirements aside from a number of basic documents — which the lenders usually require to verify the borrower’s identity, as well as his or her financial capacity. In submitting their applications, borrowers are urged to ensure that their application forms are duly filled up with all the correct and complete information, and that the documents that they are to submit are not only complete, but also verified authentic. Failure to do any of these may result not only to unnecessary delays in the processing of their applications, but in many cases, can also lead to their outright rejection.
5 most recent personal loan reviews
I love CSC loans I have been with them nearly three years, need a top up as my son is getting married. They where brilliant as usual, no problems, done so quick - they were my life savers when needed most, thank you.
Review posted by Mary Hartnoll, Canterbury
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As guarantor for my daughters, loan the service we got was quick and efficient, did checks, asked questions and all was sorted very quickly, would definitely recommend Together loans to all.
Review posted by Susan Mills, Darlington
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Brilliant service. The application process was a doddle, the Shawbrook representative who called me was polite, understanding and cheerful. The whole thing (from starting the application process to receiving the money) took around 3 or 4 hours. Very quick and efficient and no long or silly forms to fill out. Just what was necessary. Am very pleased I chose Shawbrook.
Review posted by John Marcus, Surrey
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Representative 277.5% APR
Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances
Non-payment could have a negative impact on your credit rating and have increased charges and interest rates.