Lots of people would like to make sure their loan is over the shortest time possible so they don’t pay back more than is actually needed, this is a perfectly good idea but most loan companies will only lend you thousand pounds on the basis that it is spread over 2 to 3 years some even go as high as 8 you looking for a short-term loan than that it is still possible but does limit the amount of lenders that will look your application is only a few will offer a product shorter than one year Unsecured installment loans. The reason for this is twofold one it falls within the lines of a payday loan this is something lenders really want to avoid as the payday loan market already causes a lot of problems for the unsecured loan market even though they are separate entities unfortunately for loss of the lenders they get tarnished with the same brush as a lot of the infamous payday loan lenders. The other reason is a lot more straightforward because the lenders do not charge a same rate as a payday loan lender if they were to only have an agreement with yourselves for six months there be no money in the agreement for them once they paid their bank fees processing fees and loan approval fees they would public come out actually owing you money.
That being said there are still lenders that will look at a short-term loan option please bear in mind that your interest rate will not be the same 5% or 6% that you would be expecting from one to 3 year agreement you could be looking more 15% of 16% agreement this is a particular make quite a difference to your monthly instalments so from your point of view you’d be much better off taking agreement over a longer term and making your payments on a monthly basis one suggestion to also lower the interest rate is to pay more on a monthly basis because your interest is loaded onto agreement on a monthly rolling term you will find the more you pay on a monthly basis the less interest you will pay this as the joys of an unsecured loan because it is not frontloaded.
Do I Have To Pay Default Charges Should I Miss A Payment?
Please bear in mind a lot of lenders will charge you a default charge on top of your monthly interest should you miss or are late with your monthly payment so I will suggest that you make sure that your monthly payment falls in line with your paid eight that we can make sure the money comes out the same data wages going in otherwise you run the risk of being late with your payment and incurring extra fees the problem with the extra fees as they go onto the amount payable on your loan which they also then receive interest on top of that said £20 fee on your first month could end up costing you a hundred pounds by the end of your agreement.
What Fees Will I Have To Pay?
This is always a very tricky subject when applying for a loan lender will never ask you a fee upfront to assure you alone this is something that is done via unscrupulous brokers is that you really need to be aware of should you be on the phone to someone who then ask you to pay a £50 upfront fee to confirm your loan please do not do this as no lender in the market will charge a fee to approve a loan this is nothing but the broker trying to make an extra few pounds for their pocket as well as the commission that they will receive for referring there have been many cases of fees being paid and loan is not actually materialising this is because a lot of fee charging brokers aren’t actually interested in whether loan is paid out is all they want is your upfront fee please make sure this doesn’t happen to you.
If this has happened to you how do I go about receive my money back first port of call for me will always be the broker that took the payment from your card always like to call them and advise that loan has been paid out so they need to refund your money. If I was the broker and in that position I would always refund the money instantly as a provide the service and 9/10 brokers will do this for you if you find that you have contact the broker that isn’t so forthcoming with your refund it you are left with a couple of options you can contact your bank directly and asked for a chargeback so that the Monier of was taken without your permission because you were misled I also would put a complaint direct into the FSA so they are made aware of the unscrupulous broker this way you can also stop other people being caught in this trap.
How Can I Apply For The Loan Today?
Coming and applying for a loan is the easiest step of the mole the whole process should take you no longer than five minutes simply go to top this page and click on the apply now button and fill out your details we will require a bit about your monthly earnings and your monthly outgoings this way we can establish what you can afford to pay back come to believe on a monthly basis please make sure these details are accurate as when your loan is paid out we will require proof of your income and expenditures before the monies are transferred.
If you are having any other problems please feel free to contact us directly and we will advise the best way and the most efficient way to get your application in an approved.
Hi There My Names Martin! I’m a huge sports fan fancy myself as the next Lionel Messi.. Ive been writing for the last ten years mainly in the financial niche.