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Mini Loans in the UK and how you can obtain them
Mini loans are reliable solutions to different financial needs and emergencies especially if there are urgent costs that need to be covered right away and the money left in your hands is just enough to tide you through until your next payday. The requirements needed to qualify for mini loans are quite few and basic and you don’t generally need to have a strong credit rating to become approved. The entire credit transaction is also swift and seamless and you can expect same day funding features for many types of mini credit loans in the UK.
The types of loans are generally offered in small amounts from £100 to as much as £1,000 with fast processing and lenient requirements. The payment terms are also short, in a few months at the longest, but they are generally tailored to your present financial circumstances.
Obtaining mini loans in the UK
Majority of mini loans are offered by specialist lenders in the UK who operate online and they have designed the short-term financing products to be the perfect solutions to temporary emergency cash situations. With that being said, the best way to obtain the credit products would be through the internet. To apply, all you need to do is fill out an application form that will request some personal and financial information from you.
While having a bad credit rating is not an issue, you will still need to prove to the lender that you are financially capable to pay back the money that you borrowed and stick to your repayment duties according to the agreed terms and conditions. You may be required to provide documents that will verify your income level such as bank statements, tax returns, invoice receipts, salary slips, and the like.
Another way to obtain mini loans is by applying through one of the lender’s physical stores. The process is also quick and easy and there are no hectic and tedious steps involved. And once you are approved, the money will be handed to you immediately after you sign the contract. When you apply online, the money will be deposited into your account and will be ready for use typically in the next business day.
Paying back mini loans
Just like with any other type of credit product, the APR or Annual Percentage Rate for mini loans will differ from one lender to the next. You can find plenty of offers that have 30% APRs with short payment periods from a month to a few months. This means that the type of loans have higher interest rates compared to other options that provide larger borrowing amounts and longer payment periods like personal loans and joint loans.
When you apply for payday loans, one of the more popular mini loans in the UK, you will typically have to pay back the full amount plus the interest rate specified in your credit agreement after 30 days or on your next payday. The lender will be the one to automatically deduct the payment in your bank account or you can issue a post dated check that will mature in the agreed payment date.
Because of its relatively high borrowing cost, it would be best to use mini loans only in emergency situations wherein you are strapped of cash and you need a few extra hundred or a thousand pounds to deal with the problem. Having a reliable income is also crucial so you can pay back the money that you borrowed according to the agreed terms and conditions and avoid incurring possible penalties and charges and blemishing your credit history because of late or missed payment.
With that being said, since mini loans have fixed interest rates and short payment durations, you will always know how much you need to pay and when.
Requirements in taking out mini loans in the UK
One of the primary reasons why countless Britons consistently take out mini loans and rely on the financing option for various needs and reasons is because of its easy and minimal requirements. Compared to larger loans with long payment durations, mini loans will not require you to offer a co-signer or guarantor or secure your credit agreement with an asset like your home or car. You also don’t need to have a stellar credit rating to get approved which is often the primary requirement in taking out banks loans and personal loans.
You don’t necessarily have to be employed and enjoying a consistent salary as well which means you can still avail for mini loans in the UK even if you are jobless. You will need to show affordability and the financial capacity to pay back the loan however, which means having some form of income is needed to get an approval decision from a lender.
Because of the few and easy to satisfy requirements, completing an entire mini loan transaction is generally quick and seamless. In fact, most mini loans can offer same day funding and in some instances, in just a matter of minutes after the application was successfully submitted and approved.
Applying for Mini Loans Online
The beauty about mini loans is that you can easily obtain them online at your own convenient time and location. The process is also quick as online lenders normally utilize advanced technology to evaluate your application and verify your income level and affordability in a matter of seconds. This means that there is no need for any kind of paperwork whatsoever or send documents through fax. Simply fill out an application form in the lender’s website and provide the information that will be requested from you and submit it once your done. It’s that fast and simple!
When you apply for mini loans in the UK, you will need to be at least 18 years of age, a legal resident or citizen of the United Kingdom, have an income that can afford the payment, and possess an active bank account. There are numerous lenders online and finding a responsible and reputable one is easy.
After you have submitted your online application form, the lender will get back to you shortly. Depending on the lender, you can expect the approved loan amount to be deposited into your bank account in a single hour after your application was approved and sometimes even earlier. A lot of this will depend on your bank however and the approved funds may take longer to be deposited into your account if you applied outside of regular banking hours.