£50 to £25,000
Paid out by †
£50 - £995
Rates 278% to 1576%
3-12 month repayment
£1,000 - £25,000
Rates 4.7% to 278%
3-36 month repayment
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.
† Not all loan types and amounts are eligible for 20 minute payouts. Your chosen bank may increase the time you receive the funds.
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See How We Compare
Credit £3,250 for 36 months | Interest (fixed at 41.16%): £2,464.57. | Total amount payable of £5,714.67.
Representative 49.9% APR. | 36 repayments of: £158.57.
Monthly repayment of £447.00.
Total repayable is £16092.00. Interest payable is £6092.00.
Fixed APR of 39.9%. Interest rate of 34.05%.
A quick guide to simple loans in the UK
Tired of traditional loans with their hectic applications processes and stringent eligibility requirements? Or financial products that will need you to do piles of paperwork, wait in lengthy queues, and set-up appointments before your application become evaluated? If you are, then simple loans could be the financing solutions that you have been searching for.
What are simple loans?
In today’s modern day and age, people are always looking for the fastest and most convenient options available. The same can be said when it comes to loans and financing. For this reason, there is now an abundance of lenders in the United Kingdom who provide an assortment of simple loans that will help you enjoy the kind of funding that you need without much delay. These lenders also understand that every person has his or her own unique circumstance that’s why they have designed numerous different ways for borrowers to apply for the financial products. And with the advent of the internet coupled with advancements in technology, you can now access simple loans online virtually anywhere and anytime at your convenience.
Simple Loans even made simpler
As smart phones and mobile devices have increasingly become widely used all over the UK, lenders have also designed simple loans that can be accessed through text and even mobile apps. You still have the option to converse with a real person of course, as majority of simple loan companies can also be reached through phone.
With so many options to choose from in obtaining simple loans in the country, it has never been easier to enjoy quick and reliable funding for various financial needs and purposes. And because lenders have maximized the power of the internet and technology in their services, it also means an even faster application processing. Depending on the simple loan that you apply for, you can normally have the money that you availed for ready for use in an hour or two and generally in the same day after approval.
Simple loans for people with bad credit
If you are someone who has a problematic credit history and this has become a major disadvantage in obtaining different loans, especially traditional ones offered by banks and credit unions, then simple loans for bad credit are options that you can consider. The financial products do not follow the same conventional means of evaluating a borrower’s application which rely heavily on credit scores but on an alternative approach that puts a premium on the borrower’s ability to make the proper repayments based on his income, monthly outgoings, and present financial situation. For this reason, many people who were once rejected by traditional forms of financing where able to satisfy their needs for funding through simple loans.
You can find the best deals for bad credit through simple loans
Simply put, you don’t need to have a stellar credit rating to become approved with majority of simple loans in the UK. But in exchange for taking on the risk involved in your bad credit rating, lenders who provide the financial products will have to charge you with higher interest rates for lower amounts and shorter payment durations. This doesn’t mean that you won’t be able to enjoy a credit arrangement that is affordable and ideal to your personal needs and circumstances however, as there are options that you can consider such as:
- Simple loans with a guarantor. By offering a guarantor in your simple loan agreement, you can significantly lower the risk involved in your application due to a bad credit rating and enjoy far lower interest rates and bigger borrowing amounts and longer payment terms as well. The guarantor can be any person but ideally, someone you trust like a family member or best friend and the person will co-sign your loan deal with the agreement that he or she will have to take over the loan and its repayments if you default from them. Simply put, the person guarantees that every single payment stated in the terms and conditions of the loan will be completed.
- Secured simple loans. Secured simple loans also work like those with a guarantor in a way that it mitigates the risk involved in your bad credit rating so you can enjoy better interest rates, borrowing amounts, and payment terms. But instead of offering a guarantor, you will need to put up some form of asset like your home or vehicle as collateral in a secured simple loan. The lender is comfortable in providing you with a favourable loan deal simply because it has a high value asset that it can seize if things go south and you decide to stop paying off your loan.
The simple loan application
In times of dire funding needs, you want a type of loan that provides as minimal inconvenience as possible. And because simple loans are generally designed for emergency funding, the application process it offers is generally quick and seamless, free from any form of hassle whatsoever. Some of the features that you can expect to enjoy with the convenient financial products include:
- No Faxing involved. Simple loans can be completed purely through the internet and this kind of approach will not require you to fax or mail any kind of document whatsoever. Any and all step involved in your application can be accomplished on your smart phone or laptop.
- Brief and straightforward application. All you generally have to do to complete an application for simple loans is to fill out about a couple of pages of basic details such as your name, address, and nature of employment.
- Instant Cash. You will generally receive a decision from your lender in a matter of minutes after you have completed and submitted your application. If your application becomes approved, the loan amount that you requested for will be transferred to your bank account in less than an hour.
So those where the things that you might want to know about simple loans and the exceptionally quick, seamless, and convenient solutions they provide to any urgent funding need. So if ever you find yourself looking for extra funds right away, consider the financial products as viable options that you can consider.
Loanize is a licensed credit broker and not a lender.
We will never charge you for our service and the lender will not increase the rate to cover our fee to them.
We work with over 40 different lenders to bring you the very best rates from across the UK market.
Representative Example: Borrow £200.00 for 60 days. Repay in 2 payments, first payment in 30 days
Each Payment: £147.04. Total Repayment: £294.08, Interest: £94.08.
Interest p.a: 365%(fixed). Representative APR 1058%
Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.
Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.
Any collateral you have against the amount may be at risk of repossession.
Finding the Right Loan for You
There are many kinds of loans that you can get while using a guarantor. We have divided our site to focus on specific kinds to make it far easier for you to make sure you are getting the finance plan you are looking for.
If you are looking for something specific then check to see if our sub-sites cover what your after. If they don’t just get in contact with us and we will definitely be able to help.
5 most recent personal loan reviews
Review of Ikano Bank
Honest, realistic and genuine, I can't say anymore than that. I had problems with credit in my past that were cleared but unfortunately my credit score was very poor but thankfully Ikano loans gave me a chance to rebuild that. High rates, but that's expected when getting a loan with such bad credit. Thanks again for your support.
Review posted by Peter Harrow, Thornbury
Ease Of Use
Value For Money
Review of Money Guru
Excellent communication and a very quick and easy process. Authorisation telephone call was conducted by a friendly and polite lady who explained everything clearly. Would highly recommend this company.
Review posted by Melanie Steele
Ease Of Use
Value For Money
Review of Satsuma
The service was simply amazing. I have never taken loans service seriously, my view point has now changed. I needed the money for flight tickets to attend a funeral and I could have not been dealt with in such an amazing manner. The interest rate was also better than I expected. Certainly will be paying the money back early as this was really an emergency and a life saver.
Review posted by Wayne Crouch, Plymouth
Ease Of Use
Value For Money