WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

The Answer To Your Cash Needs

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.

Home » Bank Loan

Are Personal Bank Loans an Option?

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 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 debtors who will be paying off their loans responsibly without any interruptions or problems — from those who will likely be unable to pay off their loans. 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.

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Cash 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 rating. 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 rating, as well as those whose records reflected bad financial records were consequently precluded from acquiring any financial aid such as loans or cash products from any of the established money lending businesses and institutions, such as banks and other similar establishments. And because of this problem, 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 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 relatives isn’t always relaxed, many borrowers are left to procure underground loan agreements from lenders operating illegally. And while this solution, in most cases, does provide people 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 unregulated lending solutions often result to much higher payment interests, 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.

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Cash Loans and Loans for Bad Credit: The Difference

For people living with poor credit rating and poor payment record, procuring loans from conventional money lending establishments such as credit union, banks, and other financial businesses has always been a problem. Because of this, many resorts 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 payday loans that are being offered by traditional lending institutions and firms, the innovative financial solutions for people with bad credit are much easier to procure. While applying for conventional loans often entail long hours of falling in lines to submit applications, and longer for the approval and release of the funds they have requested — applications and approvals for these new lending solutions are much faster and far easier. With these innovative financial services, people have the option 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 financial benefits, borrowers can assume for the instantaneous facilitating of their credit applications upon submission, and their approval in just a few minutes. The release of the borrowers’ approved loan funds, instead, it 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.

Getting a bank loan is often the first choice for many looking to lend money. At Knight Finance we only work with UK direct lenders who can offer alternative lending options to mainstream banks. It’s well worth applying to see what your options are.
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