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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%
How to Get the Best Loan Rates
During the past few decades, loans have become increasingly important not just to small and big businesses, but also to individuals and their families. But as the number of borrowers and the demand for loans have continued to grow, so did the number of those who default on their loans. Because of this, traditional lending institutions such as banks and other similar firms have found it imperative to set up a system that will regulate the incessant influx of applicants hoping to avail of their loan services.
Through the system that they have decided to put in place, borrowers who either had no stable income or had no income at all were automatically given poor credit scores. Borrowers, who, on the other hand, frequently missed out on their payments automatically had their records show bad payment histories. As a result, loan applications from borrowers with poor credit scores and bad payment histories were automatically rejected. With this credit scoring in place, borrowers struggling with their finances were left with very few financial alternatives in times of crises.
And since borrowers with bad credit had very few alternatives, many were often left to choose between equally undesirable options of borrowing from their friends and family, or from lenders operating illegally. For many borrowers, because borrowing from family and friends isn’t always easy, they often opt to procure underground loans from lenders operating illegally. But while these types of loans often provide borrowers the temporary financial relief that they urgently need, the incredibly high interest rates that underground loans typically come with often lead borrowers to even worse financial crises.
As the number of borrowers with bad credit continued to grow in number, however, so did the demands for more flexible financial alternatives. And as these demands continued to increase, the continuously growing number of borrowers with bad credit has eventually paved the way for a whole new market.
In an attempt to address the needs of this whole new market, innovations in the lending industry has resulted to the creation of innovative new loan services for borrowers with bad credit. Through these new types of loan solutions, borrowers now finally have more options. With the emergence of these new financial alternatives, borrowers now have the choice the choose the best loan rates.
Getting the Best Loan Rates in the UK
Because borrowers with poor credit scores and bad payment histories are often precluded from taking any more loans from the standard lending firms and institutions, they are more vulnerable to paying for loan services in much higher interest rates. Due to a simple lack of choices, individuals with poor credit scores and bad payment histories were inclined to settle for whatever loan was available. But with the continuing advancements in technology, and the subsequent evolution of the lending industry — borrowers now have better financial options despite their bad credit scores. With these new better loan solutions, borrowers now have access to more affordable interest rates at more flexible payment term conditions.
Through these innovative new loan services, borrowers now have a means to address pressing financial situations that need immediate action — and without having to suffer the consequences of having to put up with incredibly high interest rates. With the new financial solutions now readily available in the market, borrowers now have a plethora of choices where they can choose what suits their needs best.
And while applying for most of the conventional loan services being offered by traditional lending institutions often entail having to wait in long lines for long hours for the submission of the applications alone — and even longer waiting when it comes to the release of funds for the borrowers’ approved loans, application procedures for these innovative new financial services is by far much easier and much more convenient.
Getting the Best Loan Rates for Borrowers with Bad Credit
While it’s a given that borrowers with poor credit scores and bad payment histories can not secure any more loans from the traditional lending institutions and firms, it no longer goes to say that they no longer have access to the best interest rates. Because of the continuing innovations in the lending industry, borrowers now have better choices in the lending market. Through loans for bad credit, borrowers need not worry about having to submit impossibly hard to secure requirements. With the help of the latest developments in the field of technology and security, applying for loans have now been made easy. In applying for loans for bad credit, borrowers no longer have to find the time that they don’t have only to waste it waiting in long lines trying to submit their loan applications in banks. Through these innovative new financial services, borrowers now have the advantage of being able to complete their entire application online. With loans for bad credit, borrowers can even submit their applications right straight from the comfort of their own homes. And because applications for these loan solutions can be accomplished entirely online, applicants have the convenience of being able to submit their applications anytime. And since applications for these loan solutions are submitted over the internet, their processing commences as soon as they are submitted. Through these types of loans, borrowers can expect not only for their approval to be completed in minutes, they can also expect for the release of their approved loans’ funds just hours after they are submitted.
Financial Solutions with the Best Loan Rates: Instant Loans
Instant loans are one of the most sought after and most useful among the innovative new financial services. With these types of loan services, borrowers now have immediate access to much needed loan solutions in times of urgent financial situations. And because applications for these loans are processed instantly, it’s now highly possible for borrowers to be able to address their financial needs immediately.
Instant loans make the best financial resolutions in times of urgent financial situations, and make the best choices in addressing unexpected expenses. With instant loans, borrowers can now easily address urgent financial needs such as those that involve payment for hospital bills, car repair expenses, accident-related costs, urgent home repairs, and other similar expenses. These types of loans also make great choices in making relatively affordable purchases, such as that of new home furnishings and appliances, new gadgets, new accessories, and other purchases that the borrowers consider necessary expenses. Instant loans can also be used to cover relatively affordable expenses and purchases that borrowers, for some reason, may find simply hard to save up for — such as that of travel and leisure.
But while instant loans make great financial solutions in addressing urgent financial situations and paying for relatively affordable purchases, there are some situations where they don’t really make great financial resolutions. Because instant loans are generally small loans in small amounts that borrowers can pay over short term payment conditions, they don’t make good solutions in situations that require much complicated financial solutions. In financial needs that require amounts much bigger than what small loans are able to provide borrowers, borrowers are best off securing loans in higher amounts that can be paid over in much longer payment term conditions.
Financial Solutions with the Best Loan Rates: Guarantor Loans
Because most of the new financial services created for borrowers with bad credit are typically small loans that are to be paid over in short term loan payment conditions, many individuals with poor credit scores and bad payment histories feel like they have no better option in times of much complicated financial situations. With guarantor loans, however, borrowers are given the convenience and benefits previously only available to the borrowers of conventional loans from traditional lending institutions. Through these types of loan services, borrowers can avail of bigger loans that can be paid over in longer (and often more flexible) payment term conditions.
Guarantor loans are loans that borrowers can easily avail of with the help of guarantors, who are actually either individuals with good credit standing, or third party firms who are able and willing to pay off the borrowers’ loans in case they default on them for any reason. Because these loan options are actually secured loans, lenders are usually more lenient with the borrowers. Through these types of financial services, borrowers can enjoy much lower interest rates and much more convenient payment arrangements.
But while guarantor loans have so much benefits to offer, there are several downsides to these financial services. Because the borrowers’ spouses are generally considered co-borrowers, they’re often not allowed to take on the role of guarantors. And as if it isn’t hard enough to find people willing enough to take on these roles considering the responsibilities attached to the role of a guarantor, borrowers must also ensure that the individuals that they plan to present as guarantors to the lenders are actually individuals with good credit scores. Due to all these difficulties often inherent to finding people willing enough to assume the role of a guarantor, for most borrowers looking for easy-to-procure loan solutions, guarantor loans aren’t always the most plausible resolutions.
Financial Solutions with the Best Loan Rates: No Guarantor Loans
For most borrowers unable to secure the help of a guarantor, no guarantor loans make the best loan solutions. Through these innovative loan services, borrowers need not submit any more additional requirements. And because applications for these loan solutions can be completed entirely online, borrowers have the advantage of being able to submit their applications at their most convenient time. These innovative new financial services do not necessitate the submission of any additional requirements, but borrowers are required to submit basic documents for verification purposes. These documents often include the borrower’s proof of identity (such as ID cards), his or her proof of income (or latest statement of account), his or her social security, residential number, as well as updated contact details (including a working phone number and email address). Because applications for these loan solutions are completed online, borrowers can just upload these documents and submit them during their most convenient time. Through these types of loan services, borrowers need not go through the usually tedious processes entailed in applications for most of the conventional loans that are being offered by the traditional lending firms or institutions.
In submitting their applications, borrowers are strongly encouraged to make sure that their application forms are duly filled up with all the correct and required information, and that the documents that they are to submit are not only verified authentic, but also complete. Failure to comply with any of the application’s requirements will not only lead to unnecessary delays in the processing of the borrowers’ applications — in other cases, they also lead to their outright rejection.
Borrowing from Direct Lenders and Finding the Best Loan Rates
For many borrowers, the common belief is that procuring loans through direct lenders yield the most savings. This is because many borrowers believe that securing loans through loan brokers’ services only leads to the unnecessary payment of their fees —which the borrowers need not pay when they borrow from the the lenders directly. But while it is true that borrowers need not spend money on the brokers’ fees when they secure their loans from the lenders directly — there are so much other advantages that they can only access through the loan brokers’ services.
Because loan brokers have a network of connection to different lenders across different regions, they have extensive access to all the many different deals and promotions that are being offered by the lenders across their different financial services. And since loan brokers often extend extensive assistance to borrowers to ensure that they find the best financial resolution according to their unique financial situations, borrowers are more likely to save by securing loans with the help of loan brokers, than they are by borrowing directly from the lenders.
For borrowers to find the best loan rates available, they’re best off securing their loans with the assistance of loan brokers.
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
Ease Of Use
Value For Money
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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Value For Money
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.