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Payday Loans


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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.
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Home » simple loans

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.

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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:

  1. 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.

 

  1. 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.

 

  1. 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.

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