£10000 Loans Online – Even for Bad Credit
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Representative 277.5% APR 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.
If you need money urgently and simply don't have the time and patience to go through tedious documentation processing and falling into long queues just to explain your reason for obtaining a loan, then taking out a loan online is what you need. You can take out the 10000 loan from reputable sources like us at pickaloan.co.uk and have the money that you need in just a single day. What's more, you don't need to do any printing or scanning paperwork. Simply fill out an application form online and submit it, wait for several minutes for an approval decision and once you are approved, you will have your money in a day or two. It really is that quick and easy!
If you are looking for a large amount of loan like a £10,000 loan, payday loans surely won't be one of your options. While payday loans are quick and convenient, they are normally offered in small amounts from £100 to £1,000. The same can be said with doorstep loans, while extremely convenient forms of quick cash, they can only be availed for smaller amounts. With that being said, the best 10000-pound loan options that you can look into include: Personal loans, guarantor loans and logbook loans.
Personal loans are normally unsecured forms of £10,000 loans where you borrow a fixed amount from a lender and pay it back in an agreed duration of time through fixed monthly repayments. An interest rate will be charged in your 10000 loan as a form of fee for the money that you borrowed. This means that at the end of the duration, you will be paying both the total amount that you owed plus its interest rate. The best thing about the loan is that you can obtain money upfront and pay it back in small chunks making it easy for you to make a budget for your repayment. Aside from this, the other advantages that you can enjoy with personal loans include:
- You can borrow money from £10,000 to as much as £25,000 from a reputable online lender like (website name) with a seamless application and quick money payouts.
- You can borrow money more than your credit card
- Interest rates are usually fixed
- You have the option to choose how long you can repay the loan. The longer the period, the lesser the interest rates normally will be.
- You can consolidate a number of loans into one personal 10000 loan helping you reduce the costs associated with paying out your debts.
- You can pay off your debt early before the agreed period without incurring any penalty whatsoever.
Secured personal loans
While personal loans are generally unsecured, you also have the option to take out a 10k loan through an unsecured personal loan. If you have your own home, car, or any property, you can use it as collateral and enjoy better loan terms in general. Just remember, however, that there is a risk involved in doing so. In the event that you won't be able to payout your loan, the lender has the legal right to take possession of your home or car to cover the money that you owe them.
Guarantor Loans up to £10,000
If its still your first time taking out a 10000 loan or you have a bad credit history, putting in a guarantor could help you sweeten your loan deal. The type of 1000 pound loan is similar to an unsecured personal loan; the only difference is that in a guarantor loan a friend or family member agrees to share the payment responsibility in your loan. It doesn't mean that the person will be contributing in your regular payments but means that in the event that you can't make your repayments, the guarantor will step in and carry the responsibility.
Normally, the cost associated with paying back your guarantor loan 10000 will be determined by several factors including:
- The Amount You Borrow - The amount you can borrow from a guarantor loan normally ranges from £1,000 and £10,000. Your repayments will be divided equally which means you will have to pay the same amount every month until you have completely paid off your loan.
- APR - The APR is basically the interest rate attached to your loan. Guarantor loans normally have lesser APR's compared to other quick loans.
- Loan Term - This tells the period in which you will have to pay back your loan. Many lenders provide terms from 1-5 years, but a shorter term will give you lesser costs overall.
The guarantor loan will give you the money that you need if you are struggling to secure an unsecured 10000 loan because of bad credit.
Anyone can be your guarantor as long as that person holds a close relationship with you and trusts you to be a partner in a loan deal. It can be a friend, family member, or a co-worker. However, they must still meet certain requirements that lenders like (website name) will normally look into a potential guarantor which includes:
- At least 18 years old (some lenders require them to be over 21)
- Fully employed and enjoying a stable income
- Someone other than your spouse
- The guarantor has a separate bank account from the borrower
Your guarantor will be the one to carry the burden of the loan's repayment if you are unable to, so be sure that they understand this crucial responsibility before you make your application.
Logbook loans are 10000 loans secured on your vehicle. This means that the lender will have temporary ownership of your vehicle in the duration of the loan term. The good thing about the 10k loan, though, is that you can keep driving your vehicle as long as you make the repayments of the loan.
How logbook loans work
Logbook loans aren't readily available on the high street so you should look on the internet from renowned lenders, or use a broker to really help. You can borrow as much as £50,000, depending on how much your car is worth - normally lenders will allow you to borrow 50% and sometimes even 70% of your car's value. When you decide to take out the 10000 loan, you will need to surrender your vehicle’s logbook or vehicle registration document. These documents verify that you are the legitimate owner of such vehicle.
- £10000 loans are incredibly fast to get-most lenders release cash advance in as little as 24 hours.
- Customers have an incredible opportunity to borrow large sums of money that could rise to as much as 10000 pounds at a single application.
- There are a variety of loan options to choose from when it comes borrowing £10k from a direct lender.
£10,000 Loan FAQs
How does a £10000 loan work?
This type of loan comes in different forms depending on the preference of the customer and how much is needed. For example, there are unsecured personal loans that offer up to 10000 pounds, then there are logbook loans and Guarantor loans. They are loan options that are designed to cater for everyone regardless of their current credit scores, financial condition, and immediate financial needs. Interest rates for these loans are not fixed and may vary from one lender to the other. Our lenders offer some of the best interest rates in the market, but you can still compare loans to find the specific one that works for you.
Can I get this type of loan with bad credit?
Lenders can make exceptions when it comes to lending money to customers with a poor credit history. Unfortunately, lenders still consider this a high risk so they'll likely charge more interest rates. If you have no problem with paying high-interest rates, then you can go ahead to work with a willing lender. However, we advise that you consider taking up a guarantor loan if you are looking for a £10000 loan. With a guarantor by your side, you stand a better chance of being accepted and given the money that you want. Direct lenders are a lot more comfortable giving out loans to people who can guarantee their ability to pay it back. Guarantors take up your loan responsibilities if you can no longer afford it.
What's the average interest rate for a £10k loan?
There is no fixed interest rate when it comes to loans like this. However, based on current practice, the annual interest rate on a personal loan can sometimes rise to 28%. But specific rates are controlled by the customer's creditworthiness, the loan's duration, the cash amount being requested for, and the lender's practices.
How long does the loan application process take?
Not very long, in fact, the loan amount could be in your account the very day your application was approved. Thanks to the internet, applications can now be completed online. Just fill out the application form, submit it, and await a response. If you meet all of the requirements, and the lender considers you creditworthy, you can get the loan process sorted out in a few hours.
What do I need to become eligible?
The minimum requirements to qualify for a £10000 loan are:
- You must be of an official age (18 is the minimum)
- Have a stable source of income (people living on benefits can also be considered).
- Residency in the UK is essential.
- Proof of identity and residency may also be required.
- A suitable guarantor (if you intend to secure a guarantor loan) unless no guarantor is required.