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A personal loan is a type of loan that an individual can avail for short-term and urgent requirements with flexible repayment options and quick cash disbursal.
Therefore, whether you want to consolidate your debt or are looking for urgent loans for marriage, you can apply for short term personal loans.
With QuickLoansPoint, you can rationalise your dream within a blink of an eye. Contact us today to avail of the best and low interest on personal loans. We ensure that you get fast, flexible and feasible borrowing with no cumbersome procedure.
In the UK marketplace, personal loans are available in different formats.
For instance, if an unemployed person looks for quick funding to fulfil a small need like purchasing a gadget, he has specialised personal loan option to choose. It can be short term loans for unemployed or any other.
Not only the financial needs, but the emergencies too have the answer through these loans. If the same jobless person looks for urgent funding, he has another particular alternative to choose like emergency loans for unemployed in the UK.
An unsecured loan is the same as a personal loan. This means the loan is not secured against any collateral like–house, car, or jewellery. The interest rate on unsecured personal loans is higher. Thus, if the borrower cannot pay the sum, the lender has nothing to claim.
In particular circumstances, loans with no guarantor needed are also considered as unsecured ones. It is because applicants do not secure the loan repayment through a person’s guarantee.
Such option becomes more significant for those looking for loans for bad credit with no guarantor on benefits. They can fetch loan approval on their monthly income capacity.
Analyze the following table to learn more about secured and unsecured personal loans.
|Criteria||Secured Personal loan||Unsecured Personal loan|
A secured personal loan requires you to put up collateral. Collateral can be anything, car, home, or jewellery.
In personal unsecured loans, you do not require keeping collateral with the bank to take the loan. And likewise, the bank can’t claim collateral as compensation.
A secured personal loan has a low-interest rate
Have comparatively high-interest rates than a personal secured loan.
The amount to be lent depends on the value of the collateral staked
The lending amount depends on the income and repayment capacity of the borrower.
Loans are available for a longer period
Loans are granted for a short time.
Although the primary loan types are secure and unsecured loans, we as personal loan direct lenders offer other loans as well. Here are some of the personal loans we offer:
A personal loan can be a brilliant solution for securing funds for a wedding you are planning soon. We can customise loans according to your affordability at QuickLoansPoint.
HOME RENOVATION LOAN
If you dream of renovating your house as per your wish and without wasting another moment, then a home renovation loan is just for you. These loans keep track of your buying new material, labour charges, etc.
If you are losing funds to ensure the secured future of your child, then you can take an immediate education loan. You can use it for school fees, tuition fees, etc. Contact us today to get a quote.
Personal loans for the unemployed are available to those who have an unstable job or no other source of income.
NO GUARANTOR LOANS
Personal loans for no guarantor in the UK are loans where a borrower does not need to find a guarantor or someone to keep up with the repayments if one cannot make them.
Best-rate personal loans can be a life saviour in multiple situations. You can use them to deal with past obligations, plan for the future, and everything in between. Thus, before pursuing personal loans, analyze the usage. Here are certain things that you can avail of personal loans for:
If you are filing your first short-term personal loan application, then you need to consider certain things. Here are certain things that you need to be mindful of:
Competitive interest rates
Interest rates on personal loans can be competitive compared to other loans. These loans do not require collateral and get approved quickly.
Variable interest rates
The interest rates on personal loans may differ according to the lender's terms and conditions. No two lenders offer the same interest rates on loans.
Criteria for lending loans
Before granting loans, direct lenders such as QuickLoansPoint evaluate your credit standing and repayment ability.
Late and Missed Payments
Late and missed payments can affect your credit ratings. It is advisable to make timely repayments. Therefore, consider whether you will pay repayments on time before taking a personal loan. Check your account statement carefully to make sure that they are accurate.
Depending on your credit score, you may negotiate terms and conditions. Many direct lenders, like Quick loans, analyze the personal and financial situation and arrange an affordable repayment term for the borrower. It helps the borrower streamline repayments and pay within the repayment tenure.
Analyse your debt-to-income ratio
Debt-to-income ratios measure how much debt a borrower can repay based on their gross monthly income. Direct lenders take this into account when granting personal loans. Basically, it estimates the borrower's ability to pay the monthly payments.
Analyse for hidden fees or arrangement fees
We at QuickLoansPoint provide a clear estimate of the total repayments for personal loans with no hidden charges. We believe in upholding transparency and building long-lasting relationships with customers.
Yes, you can apply for personal loans for bad credit online with QuickLoansPoint. The direct lender offers both secured and unsecured loans.
And many individuals cannot find a suitable loan deal owing to poor credit. In such cases, when an individual needs instant cash to fulfil a need, a personal loan for bad credit in the UKemerges as a promising solution.
Thus, if you need urgent cash with a poor credit score, you will need to walk by the terms and conditions set by the direct lenders in the UK. The conditions may include requiring collateral as well. Thus, before filing personal loans for poor credit ratings, analyze:
Thus, choose the loan wisely by analyzing every aspect. If you pay the sum after the repayment term, it may improve your credit rating or credit score as well.
Yes, you can. A personal loan with no guarantor is an agreement between the lender and the borrower, and the lender’s stakes are high. These loans have been specifically designed for individuals who cannot get the loan otherwise.
Rather than relying on the credit score or history of the borrower, direct lenders provide loans based on their current employment status.
Therefore, if you have a poor or bad credit score, find it difficult to get a loan or negotiate terms with the lender, and need a loan immediately without a guarantor beside you, you can secure personal loans for people with poor credit!
The easiest way to check whether you can get unsecured personal loans for bad credit and no guarantor is to sign up and get in touch with QuickLoansPoint.
Moreover, whether you want to spread your repayments or borrow a large amount, you can discuss your condition and circumstances with the direct lender. Whatever are your reasons for lending quick money, you can seek a stress-free solution from us.
If you are seeking the best deals on personal loans, here is the reason why you should consider our loan offerings for the same:
CHOOSE YOUR REPAYMENT TERM
The minimum loan repayment term is 5 years. With us, you can rationalise the flexibility of choosing your repayment term. The minimum APR for short-term personal loans is 3.4% (approx.) based on individual affordability, and the maximum is 27%.
INCREASE YOUR BORROWING
Are you already on a personal loan and need more funds? Yes, you can extend your borrowing with us.
Apart from that, if you wish to take another loan, you can do so as well. We prioritise customer comfort and needs while lending funds as a direct lender.
REPAY YOUR LOAN EARLY
You can repay your cheap personal loans or best rate personal loans, in part or in full. While the minimum repayment term is 5 years, you can pay early, with no pre-payment penalty.
As responsible personal loan direct lenders in the UK, we act fairly, and, as a part of this, we abide by standard lending practice. Here are some lending responsibilities that we use:
If you are applying for high-risk personal loans with guaranteed approval, you can get it too. It is difficult to approve loans having credit problems, repayment credibility issues, or low credit scores.
Thus, as personal loans direct lenders, we focus on relieving the borrower of the additional trouble by considering the situation, financial stability, and other parameters and providing a flexible repayment plan with the guaranteed loan approval. However, approval of the same is subject to specific criteria. Contact the lenders at QuickLoansPoint, to know more about it.
We consider every customer irrespective of his/her credit standing and arrange bespoke personal loans repayment arrangements that befit their budget.APPLY NOW
The interest rate on a personal loan depends on your credit score and your ability to pay back the loan. Rates vary from lender to lender.
No, loans rejections do not appear on your credit report. Pre-approved loan offers are subject to soft credit checks and do not affect your credit score.
While applying for unsecured loans, follow these simple steps:
You should go for personal loans in the below conditions:
Yes, with QuickLoansPoint, you can top-up your loan plan anytime. However, there are some conditions for the same. Contact the lender to know more about it.