- Easiest Personal Loan To Get Approved For
- Bpi Personal Loan: A Simple And Easy Guide For You
- Personal Loans Brisbane
- Good Reasons To Consider Taking Out A Personal Loan
Easiest Personal Loan To Get Approved For – If you’re looking for a personal loan but are worried about getting accepted, our guide can help you find out what lenders are looking for and how to find the easiest one to get approved for.
Sometimes unexpected expenses arise that exceed our savings, and borrowing cash through a personal loan may seem like an obvious solution. But how do you know which loan is better to choose? And what happens if your credit history is bad – can you still be accepted? Find out what lenders are looking for, what you should look for and how easy it is to find approved loans.
Easiest Personal Loan To Get Approved For
Personal loans are one way to borrow a lump sum (usually up to £25,000) over a fixed term. These loans are unsecured, meaning they are not secured by assets such as your home or car.
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You determine the amount you want to borrow, the lender calculates how much interest they charge (and adds it to the lump sum), and then you make monthly payments over a fixed period to pay off the debt.
Personal loans can be compared by looking at their annual interest rates. This is the total cost of the loan for the year, including interest and fees. Loan advertisements typically show an extremely low annual interest rate designed to make the loan appear affordable.
However, these low rates are often lenders’ “representative annual percentage rates” – a rate offered to (at least) 51% of applicants. Naturally, these are people with a good credit history.
The other 49% (often with bad credit) will be offered a higher rate if they are offered one at all. So how do you know the rate you are being offered?
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When you apply for a loan, the lender will spend some time looking into your finances and will usually contact one or more of the three main UK credit reference agencies: Experian, Equifax and TransUnion to do this.
The role of these agencies is to collect information about the financial history of individuals. This information is then used to create your personal credit report from which they create a credit score or credit rating.
Lenders want to know how reliable you’ve been in the past with repayments, so when you apply to them, they’ll look at your credit report to determine if they’re willing to lend to you.
Confusingly, there is no standard method used to generate these reports, and each of the three agencies does things differently. After the lender reviews the information provided by the credit agencies and compares it to their own lending criteria, they will decide whether to lend to you.
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If you qualify and have credit cards or other debt that you’ve never missed a payment on, your credit score is likely to be high.
Someone with CCJ who tends to pay their bills late, if at all, will likely have a very low credit score and struggle to get approved for a loan.
Also, if you’ve never borrowed a dime in your life, getting approved for a loan can be difficult – simply because you don’t have a credit history for lenders to look at.
If you’re unlucky enough to get turned down, your first thought will likely be to simply go to another lender. However, every time you apply for a loan, it is recorded as a “hard search” on your credit history. Lenders can see this search the next time you apply for a loan.
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While the odd hard search is okay, too much in a short amount of time can make you look like you’re desperate for credit, which tends to worry potential lenders. This usually means they will offer you a higher rate or decline.
Fortunately, there are a few things you can do to find out how you feel before submitting that important loan application.
To get started, you can apply to three credit bureaus to find out your credit score at each and get a copy of your credit report.
Indeed, whether you want to apply for credit or not, it’s a good habit to regularly check your credit reports – and it’s a lot easier than it sounds.
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Each of the credit bureaus will allow you to check your report for free. After you receive the report, review it to make sure there is no false or misleading information. Before you begin, make sure you have:
Your credit reports will show how much you owe on shopping or credit cards, your mortgage, how many credit accounts you have and whether you share finances with anyone.
It’s important to note that if you find any errors on your report, you can apply to have them corrected or amended, which can improve your credit score and your chances of getting a loan.
You have the right to see a copy of your credit report, but the agencies may charge a small fee for this – and often try to sign you up for a permanent product that will cost you every month.
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There are also services that allow you to see the full report without paying anything, such as ClearScore, although these are usually provided by third parties.
If you want to know how likely you are to qualify for a particular personal loan, a credit check program available from credit bureaus, banks, and other financial websites can help. has inspection authority for secured loans and unsecured loans.
This will allow you to check how likely you are to be accepted for a particular loan deal based on how well your credit information matches the lender’s criteria. Background checks only leave a “soft search” on your credit file that doesn’t affect your credit score and isn’t visible to lenders. A soft search can show whether a lender prefers borrowers:
If you find that your credit score is low, you may feel like you will never get approved for a loan again.
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But the good news is that there are many things you can do to improve your score, and the sooner you start, the better. You need to show how stable and reliable you are in repayment, so:
Your first port of call should be your bank. Because he has first-hand information about your financial history, he can make a decision about whether to give you a loan without having to do a thorough search of your credit file.
Moreover, if you have been working with the same bank for many years or already have some other products, you may even be offered a personal loan at a preferential rate.
If you took the time to apply for a credit report, now you know your credit score. If your score is high, lenders are more likely to lend to you – so take a look at Best Buy’s personal loan charts. With rates currently as low as 2.8% per annum (representative), this is also probably the cheapest way to borrow. Once you’ve found a product you’re interested in, you can use the eligibility check to see how likely you are to be accepted.
Good Reasons To Consider Taking Out A Personal Loan
If you have a less than ideal credit score, lenders are likely to be stricter about the amount they will lend you. They can also charge you an extremely high APR for a bad credit loan – some as high as 99% APR. This is because lenders are concerned that you may default.
That doesn’t mean you can’t get a loan, you just have to accept that you’ll pay a lot more for the loan, so make sure it’s worth it before you apply.
If you have a particularly low credit score and few other options, a guarantor loan should be considered if you have a family member willing to help. Just keep in mind that your family member, who will be named as a guarantor for the loan, must promise to pay back the rest of the loan if you default. Again, you could be looking at staggering annual interest rates (49% is not uncommon), so think carefully before choosing this option.
Secured loans are another alternative, although you’ll need to be able to put up valuable property, such as a house or car, as collateral (which can be returned if you default on the loan). Alternatively, peer-to-peer lending may be worth considering, although this involves more risk.
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There are always unscrupulous lenders who want to take advantage of people who are desperate by offering seemingly great deals that hide really terrible interest rates.
Easy approval often means very high costs. Always ask yourself, “What do you need a loan for?” Can you wait and save? And remember that there are other, often cheaper, alternatives to personal loans, such as a 0% credit card (if you have good credit), which can offer up to 23 months at 0% on new purchases, or an agreed overdraft with your bank.
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