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Short Term Loans
£50 - £995
Rates from 278% to 1576%
3-12 month repayment
£1k - £25k
Rates from 4.7% to 287%
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.
† Subject to lender's requirements and approval. Not all loan amounts are eligible for 20 minute payouts. Your bank may increase the time you receive the money considerably.
A short guide to Compare Loans in the UK
- Comparing loans in the UK puts you in the right position to choose the best lender for you.
- When you compare loans, you increase your chance of securing a loan regardless of your current financial situation.
- When you explore loans, it exposes you to new possibilities that you may not have been aware of before.
Today, let’s compare loans. Applying for a loan might seem like a complex ordeal. You know you need extra funding but there is just an assortment of options that you can choose from and it can be quite daunting to decide which one is ideal to your needs and present circumstances. And how do you even begin? Below is a short guide on how you can compare loans and the different options available in the UK as well as the lender’s providing them so you can get the best decision for you and your finances.
Compare Loans from a direct Lender online
First, let’s compare loans right from its source: the lenders. When you take out a loan online, there are normally two ways in which you can about it – through a direct lender or a broker. Direct lenders are typically the first choice for borrowers in the UK when it comes to applying for a loan. Direct lenders are those that will process your loan and fund your application directly with no brokers involved which means:
- You will know exactly who you are applying and sharing your personal details with.
- Your personal and financial information will be kept safe and confidential
- You will not be bombarded with emails, phone calls and text messages from third parties and different loan companies
Finding the best direct deal
To get the best loan deal available, you will need to obtain quotes from as many direct lenders as you can. Once you have a list of quotes in your hand, simply compare each one of them based on the total costs that you will need to pay back on the amount you intend to borrow. Then try to compare the loan offer that meets your needs, by checking:
- How much you can apply for. Does it satisfy the amount that you are looking for?
- How much interest you get charged. Is it the lowest rate available?
- The payment term. Is it something that is suited to your present financial circumstances?
Benefits of a direct loan
Applying for a direct loan is generally better than using a broker because:
- You don’t need to pay a broker with a type of fee for helping you land a suitable loan
- You can compare quotes from as many lenders as you like, rather than just a chosen few
- You can avoid a number of searches on your credit record, which can occur with some brokers
Most importantly, always opt with a lender that is licensed by the FCA (Financial Conduct Authority). The FCA is the legal regulating body in the UK’s loan industry which means if a direct lender is not licensed by it, then there is a big chance that it’s a loan shark or a fraudulent lender.
Compare loans in the UK and Compare loans with instant funding
Now that you know the type of lenders to compare, the next step would be to compare loans that provide the fastest time to process. This can be especially helpful if you are faced with an emergency situation and you need to take out a loan right away. Here are three essential points that can guide in you in choosing the ideal loan option that provides instant funding:
- Choose the lowest APR. The Annual Percentage Rate (APR) is the interest rate that you will be repaying on top of your loan. Aside from helping you save more money in interest rate payments, choosing the lowest APR available can also help you build your credit rating as they would be easier for you to repay. Low APR rates however, can be challenging to find which is why you need to do some research on the internet to land the cheapest rate possible.
- How long you can receive your loan. You want to know how long it will take for your loan proceeds to be deposited into your account or handed to you in cash. There are loans that can provide you with the funding that you requested instantly on the same day as the application, while there are those that can take at least two business days to process. If you are in dire need of money, you should opt with a loan that can be processed in the quickest time possible.
Comparing instant loans consolidation loans online is something that you should consider doing in your free time. After all, you, the borrower, are the most powerful individual in the finance industry. And because you have the power, you should use it to find the right loan that meets your lifestyle and requirements. Always check the details of each loan before making an application and make sure you know full well what the interest rate payments are. Comparing loans puts you in control of your personal finances by giving you credit and connecting you with the direct lender who suits you there’s even options for no guarantor loans.
When applying for instant loans in the UK
Now that you know how to compare loans with instant funding, the next thing would be to arm yourself with the right knowledge before you apply. This ensures that you will have the best chance of getting approved for a particular loan product that suits your needs.
- Determine the amount that you need. The amount that you apply for will be crucial in a lender’s approval decision. If the lender sees that your present income is not enough to make the proper repayments for the loan amount that you are requesting, then you might not be approved in the process. That’s why it’s important that you determine the exact amount that you can genuinely afford to enjoy the best chances of getting approved.
- Check eligibility. Every instant loan and lender providing it will come with its unique eligibility criteria. The criteria can include basic aspects such as your age and the type of job that you have. There are loans like personal loans that will require you to have a solid credit rating. Make sure that you read the small print when you are applying for a loan to see if you are eligible for it or not.
- Look at the payment terms. There are loans that require a single lump-sum payment and there are those that require multiple monthly installments. Multiple repayments make it easier for you to pay off your debt and also eases the financial burden that you have to carry. However, you will need to make numerous payments over an extensive period of time like a year or longer. A longer repayment period will also cost you more in interest rate payments overall. With that being said, be sure that the payment term you choose is something that is ideal to your budget.
Compare Loans for Bad Credit
If you have bad credit, you will find that your options for a loan are quite limited and more expensive. This is why it’s important to compare loans for bad credit when you are considering taking them out so you can get the one that provides lowest rates. Here are some of the popular options that you can look into in the UK today:
- Payday loans. The financial products allow you to access small amounts of loans anywhere from £50 to as much as £2000 subject to affordability. While lenders may still look at your credit history in evaluating your application, they will focus more on your current financial circumstances and your ability to repay the loan on time. If you are employed and are enjoying a stable source of income, getting approved is normally easy.
- Secured personal loans. The loan requires you to offer some form of collateral (which could come in the form of equity in your home, a term deposit, or a vehicle) in exchange for large amounts of credit with some of the lowest rates in the market. Repayment terms can be several years, and the interest rate can be variable or fixed. The lender, however, has the legal right to seize your collateral in the event that you default from your loan and this is something that you need to consider seriously before you apply for a secured personal loan.
- Unsecured personal loans. If you are not comfortable offering any form of collateral in your personal loan deal, you can consider applying for a variable or fixed rate unsecured personal loan. The type of loan normally comes with slightly higher rates but will require less paperwork and have fewer restrictions in the way you can use your loan money.
- Doorstep Loans – The loans are convenient cash loans that can be arranged right at your door by a friendly local agent working for your lender. Once you are approved and agree on the terms and conditions, the money will be handed to your right at your very home. The same agent will then come back to your home every week to collect the loan’s small repayments.
- Bad credit installment loans. If you think that it would be difficult for you to pay a short-term loan in one lump sum, which is the case of a payday loan, consider an installment loan instead rather than an instant cash loans. The loans are paid over the course of months, and while they have higher fees than other types of loans, you can still get approved even if you have bad credit.
- Logbook loans. If you have your own car, then you can consider applying for a logbook loan in the UK. The loan is a secured type of credit product because it will require your car to be put up as collateral. The amount of loan that you can access will be based on your car’s worth – the more expensive it is the higher the amount you can borrow. The best thing about this bad credit loan is that you get to keep using your car as long as you make the proper repayments on time and on the agreed terms and conditions.
Comparing bad credit loan options
How you will compare bad credit loans will depend heavily on whether your applying for a payday loan, a personal loan or any type of loan option. Below, we have broken down what you need to know in weighing down your options.
- What is the interest rate? Interest rates can vary from one lender to the next and will depend largely on whether its tied to a collateral or not. With that being said, it’s always best to compare to determine if the interest rate is competitive.
- What is the loan’s payment term? For payday loans, terms can extend up to a year while personal loans have terms that can last for 7 years. Secured loans have the longest terms and can extend up to 25 years or longer in the case of mortgage loans
- Are there any fees and charges? There are loans that will require you to pay for additional fees on top of interest rate payments. Most loans with the exception of doorstep loans and a few others, can charge you with late/missed payments and fees if you default from them. If you think that you will find it problematic to repay your loan on the agreed terms and conditions, then you may want to think long and hard before you apply.
Compare Loans with a guarantor
If you have a poor credit history or a non-existent one, a great alternative to bad credit loans that you can look into are guarantor loans. If you have a family member, a relative or close friend who is willing to enter into a loan agreement with you as a co-signer, then the loans would be a viable option that you can consider.
To compare guarantor loans, here is a step-by-step guide that you can use:
- Determine what you can afford per month. Before you start searching for a guarantor loan, it is worth working out what you can afford to pay every month. Because if you can only genuinely afford 100 pound month of payment, then a £12,000 loan is never going to be a viable option.
- Find out if your guarantor is a homeowner. Before you begin comparing the loan options available, try to find out if your guarantor is homeowner or not. This is because the lowest interest rates are normally reserved for applicants whose guarantors are homeowners, so knowing this beforehand will make a big difference when comparing the different options.
- Sort by APR. Obviously, you want to find the loan deal that offers the lowest interest rate and this can be done by comparing different loan offers and their corresponding APR’s (Annual Percentage Rates) from various lenders. Normally, the lower the APR, the less you will pay out over the course of the loan.
- Compare lenders. Once you have sort out the APR’s, you will normally have a list of lenders with you. The next best thing to do would be to conduct a background check on every lender in your list. Make sure that they are legit and licensed by the FCA and are also responsible and helpful to their customers. Checking out the FCA’s website and going over customer testimonials and reviews will help you in this quest.
- Request quotes from three lenders. After you have made your background checks on the lenders that provide the most competitive APR’s, the next thing would be to request a quote on the three best on your list. This way, you will know exactly what the current rates of interest, fees and costs of each lender are. And by requesting up to just three quotes, you will be able to seamlessly compare real costs, but not have too many to look at, which could be confusing.
Compare loans with no guarantor
If you don’t have a guarantor, you can compare loans with no guarantor by answering these several key questions:
- What is your purpose for taking out a loan? The answer to this question can help you narrow down your search. If you’re looking to secure funding for the purchase of a car or home for instance, then you can look for a secured loan. If you need to borrow money to cover an emergency situation, like a bill that is due in the next day, then quick loans like payday loans and doorstep loans could be the better options.
- Do you have bad credit? The kind of no guarantor loan options that you can access will depend if you have good or bad credit. If you have good credit, you can consider almost any type of unsecured loan like personal loans from different lenders. If you have bad credit, you’re likely to have limited options.
- What repayments can you afford? The interest rate and fees in your loan will directly impact your repayments, as will the term you opt in your deal. For example, a loan with a shorter term can help you save money in paying extra interest, but your repayments will be bigger. Payday loans have very short terms, normally 3 months at the longest. Try to determine which kind of repayment that suites your present situation best.
Finally, you might want to check the eligibility requirements regarding employment and affordability. Some loans will require their borrowers to be employed and earning a certain income to become approved.
Comparing Loan FAQ’s
Why must I compare loans?
There are different lenders in the UK who are are willing to borrow you money if you meet their requirements. While this may be confusing for you especially when it comes to choosing one, it certainly helps breed a healthy competition between lenders that you can advantage of.
Lenders are aware of the competition they face so they will be willing to offer favorable terms just to stay competitive. When you compare loans, you put yourself in a position to the lender with the best loans terms.
Also, you get to identify scam lenders and equally spot the legitimate ones.
What do I need to compare loans?
Once you contact us and give us a brief information about yourself and how much you want to borrow, we’ll show you all the lenders available to help you.
If you choose to compare loans with us, which will be obligated to show you:
- Provider details
- Products and various services
- Representative annual percentage rate (APR)
- Monthly Repayments
- The total amount you will be required to pay.
Can I complete a loan application without hurting my credit ratings?
For the first 30 days, inquires from lenders do not show up in your credit history. Your credit won’t be affected because of a loan application or inquiry that you made. It also won’t reduce your chances of getting a loan approved.
After the first 30 days, if you wish to search for more loans then documentations will be made. Each time you search for credits, a note will go into your report that a business has looked into it. If you go ahead to make multiple searches because the previous ones weren’t successful, it could be interpreted as a sign of desperation to get a loan. Sometimes it might be interpreted as a sign that you are looking to take up a loan that you can’t afford.
What does it mean to carry out a soft search?
You conduct a soft search when you wish to know where you stand in terms of being successful at getting a loan without records being taken to account in your credit report.
With this technique, you can easily find loan that you are eligible for without hurting your chances of being accepted.
Do I have to pay to compare loans?
In most cases, no one will charge you for comparing loans. Usually this is encouraged so that customers can find the loan that is best for them. Charges and interest rates come into effect when you have found the loan you are looking for, applied for it, and received it.
Brokers who charge customers for comparing loans are most times scammers, or those who have included such amounts in their company’s terms and conditions.
See What Other Kinds of Loans We Do
- Other Loan Varieties
- £100 Loan
- 6 Month Loans
- Car Loans
- Cash Cow Loans
- High Risk Loans
- Cash Loans
- Mini-credit Loans
- Mobile Loans
It doesn’t matter how much you are looking for or what your credit history is like, we will be able to find you the best rates possible.
This type of loan is designed specifically for those that have an extremely bad credit score and are very likely to be refused by any normal lender due to their high risk. A Guaranteed High Risk Loan means that anyone that has been refused multiple times in the past or those that have been blacklisted will still have the chance to get the money they need.
An Instant Cash Loan is for those that are in a hurry to get the finance now. By using this sort of loan you will find that you get the funds in no time at all. Once approved you will get the cash straight into your account within 15 minutes. Fast Loans is one of the fastest ways to gain access to money on the loan market. Even those that have been blacklisted will be able to apply.