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Apply Today to Borrow up to £25,000
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Representative example: £5,000 over 5 years at 16.9% APR representative. Rate of interest 16.9% fixed. Monthly repayment £120.85. Total charge for credit £2,251.00. Total amount repayable £7,251.00
Representative Example: Borrow £700 @ 12 months at £111.27 per month, total repayment of £1335.24, Interest £635.24, Interest rate 140% p.a.
Representative 277.5% APR (Variable). APR rates range from 45.3% APR. to 1575% Max APR. Your APR rate will be based on your circumstances.
5 loans that you can turn to when you Need Cash Now
Have some car troubles that need immediate attention? Is there an urgent bill that you need to pay in the coming days? Has one of your family members been rushed to the hospital because of a medical emergency? It can often be frustrating and disheartening when you are faced with an emergency situation or unforeseen cost and you don’t have the extra money to deal with them.
Fortunately, there are plenty of loans that you can turn to in the UK today when you need cash now for various reasons. While it would certainly make sense to have an emergency fund in case the unexpected arises to avoid incurring debts, it’s not always the case.
So without further ado, here are 5 loan options that you can consider if you need cash now.
1.) Personal Loans
Personal loans are credit options that you can turn to when you need cash now and want to use the money for different reasons, whether it’s paying off an important bill, funding a home improvement project, or taking out a much needed vacation abroad. The financial products come in two forms:
- Unsecured Personal loans that are not tied on an asset that will serve as collateral
- Secured Personal loans that are tied on an asset that will serve as collateral
When you need cash now and decide to take out a personal loan, there are numerous legit and reputable institutions in the UK that you can turn to from banks to credit unions and even online lenders. The amount, interest rate, and payment term that you can qualify for will depend entirely on your credit worthiness. The better your credit score and the higher your income level, the more favourable your loan deal will be in return.
2.) Payday Loans
If you need cash now in small amounts, anywhere from 50 pounds to a thousand pounds, then payday loans are options that you can consider. The financial products are short-term forms of loans which means that you will need to pay back the money that you borrowed in a matter of months.
Traditionally, payday loans where paid back in full plus interest rates in the borrowers next payday but because of how competitive UK’s lending industry has become, there are now plenty of lenders who allow instalment payments for 3 months and even longer. These payday loans are easier to budget since payments are spread on a longer period.
The loans are very easy to qualify and can provide instant funding in the same day or the next day after your application becomes approved. And if you need cash now but you are concerned that your credit rating won’t land you a personal loan, then payday loans are alternative options that you can look into.
3.) Logbook Loans
Logbook loans are financing options that you can consider if you need cash now and you have a vehicle that you can comfortably offer as security to the money that you borrowed. Just like payday loans, logbook loans will not require you to have a stellar credit rating to become approved of funding. As long as the lender sees that your income level is enough to cover the repayments of your loan, getting approved would be easy.
The amount that you can take out will depend entirely on the value of your vehicle and on your present income as well. Most lenders are willing to lend you more than 50% of your vehicle’s trade in value with payment terms that can range for years. You can also keep driving your vehicle so long as you manage to keep up with your repayments. Keep in mind however, that your vehicle can be seized by the lender legally if you can’t keep up with the repayments according to the agreed terms and conditions.
4.) Guarantor Loans
Taking out a personal loan for large amounts if you have bad credit can be quite difficult especially if you don’t back your loan agreement with an asset like a property or vehicle. But if you can find someone to co-sign your personal loan deal however, you can consider guarantor loans as solutions to your need for cash now.
The guarantor is someone who will basically guarantee that the loan will be paid back in full. This is because in the event that you default from your loan or are unable to keep up with its repayments, the guarantor will be the one to step in and cover them. For this reason, the guarantor must be someone who has a stellar credit rating and a reliable source of income. Other lenders will require guarantors to be homeowners.
The great thing about guarantor loans is that the financial products allow you to take out large amounts of loans for as much as £15,000 with flexible payment terms and competitively low interest rates even if you have bad credit.
5.) Doorstep Loans
When you need cash now but don’t have the time or ability to escape the confines of your home and obtain a loan from a bank or lending store, then doorstep loans are cash loans that you can look into. Because just as its name suggests, the money that you requested for can be delivered right at your very doorsteps making it a very convenient financing option.
Doorstep loans are offered in small amounts from 50 pounds to a couple of thousand pounds and the amount that you can borrow will depend entirely on your monthly earnings and outgoings. Normally, you can apply for a doorstep loan online and via the phone and once you have completed the initial application process, one of the lender’s representatives will visit you at your home to finalize the details of your credit agreement. After you reach an agreement, the representative will hand you the loan in cash right then and there. The same agent will then return to your home every week or bi-weekly to collect the repayments of your loan.
5 most recent personal loan reviews
Great team at credit star. Helped me out a few times with no bother at all! The new expense calculator is a great way to speed up the application too! A quick phone call to confirm some bank details and the money was in my guarantors bank in hours! Brilliant service, thanks you stars!
Review posted by Ian Yeates, Pocklington
Ease Of Use
Value For Money
Loans Hub are seriously good at what they do. I knew I would struggle to get a loan as have poor credit history although I work full time. My sister was happy to be my guarantor as she knows I would never leave her to pick up my debt.. that's the key to loans hub loans and why they work so well. From start to finish the process was professional and easy. I never leave feedback for anything however I felt so strongly that I should share my positive experience.... just go for it, you won't regret it!!
Review posted by Emma Maguire, Darlington
Ease Of Use
Value For Money
Money made simple - M&S complete all the necessary background checks, even though it may seem a lot, it is not. Its made simple by an efficient team of advisers. Money is drawn down by the underwriting team within an acceptable time frame of 2 working days. I spoke with a guy called Michael over the telephone and he was able to discuss my top up loan and within a matter of minutes the loan application was completed. Great service all round.
Review posted by Connor Brewer, Cheltenham
Ease Of Use
Value For Money