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In the past, if you wanted to take out a loan to purchase a new car or make some major home improvements, you normally would have to put on your best suit and make your way down to the local bank where you have an appointment to make an application. Today, however, the internet has made things a lot easier and more convenient to borrowers. You can avail for personal loans online at the very comfort of your own home while sipping coffee in your pajamas. What’s more, the options are bountiful with numerous reputable personal loan introducers like Pickaloan who, with their experience can find you the personal finance to meet your needs.
What is a personal loan?
But what is a personal loan anyway? A personal loan is an unsecured type of loan which means that you don’t have to offer any form of collateral or security asset to obtain it. Personal loans are offered by different financial institutions including traditional banks and credit unions although more and more people are relying on personal loans online to satisfy their cash needs because of the ease and convenience that it brings.
How Personal Loans Online Work
The process of taking out a personal loan is fairly simple and straightforward. You make an application online or in-store and once it is approved, you will receive the money that you requested for in a lump sum for as much as £25,000 from a renowned lender with the help of pickaloan.co.uk. You will then have to pay the money that you owe in installments over the agreed term. You can pay it back monthly for a year or longer depending on the terms and agreements that you have signed with the lender.
The interest rate will depend on the amount of money you borrow, the term its over, your personal credit score and the lender. Normally, the bigger the amount the smaller the interest rate and vice versa. Also, the more favorable your credit score and history, the better the interest rates will be. An excellent credit portfolio will normally land you the lowest interest rates available.
Qualifying For a Personal Loan Online
When you apply for personal loanonline, be sure that you are aware of the basic eligibility requirements so you will know whether or not you can qualify for it. Normally, the requirements in taking out personal loansusually include:
- You must be more than 18 years of age and a resident of the UK at the time of your application
- Have a gross annual income that meets the lender’s criteria
- Have an active bank account
- Have not been declared bankrupt, had a CCJ or an IVA within the last 6 years.
You can give yourself the best chance of getting a personal loan by accomplishing these essential steps:
- Ensure that you meet the basic eligibility requirements
- Determine the maximum amount of money that you reasonably need
- Come up with a sensible repayment term
- Review your credit rating and identify viable means to improve it
If you meet the basic borrowing criteria for personal loans, lenders will normally make a credit check to validate the information that you have presented and evaluate your credit history and current financial standing. Once you have passed the quick check, your lender will approve your request on certain terms and agreements.
Why Online Personal Loans are Great for You
There many advantages that come with personal loans especially if you obtain them online with a reputable introducer like Pickaloan, by using an online broker you can get a full view of the financial market in an instant with honest advice. As long as you meet the basic qualifications, taking out a personal loan will help you enjoy certain advantages such as:
1.) Perfect Solution to Emergency Situations
No matter how carefully we plan our finances, sometimes the unexpected happens and it puts us in a tough financial situation. When you need money to cover hospital bills and other urgent and unforeseen expenses, you don’t have the luxury of time to rely on traditional bank loans that could take weeks to materialize. With personal loans, you can have the money that you availed for in just a few days making them perfect solutions to emergency situations.
One of the major reasons why most borrowers favor personal loans over traditional loans is convenience. The entire process of taking out the loan is pretty straightforward and you can accomplish it in the very comfort of your own home with your computer or mobile device.
3.) Easy Access
Banks are quite stringent when it comes personal loan lending. Online lenders, however, are pretty lenient allowing you to obtain the money that you need easier than with traditional financing institutions as long as you meet the basic qualifications. There are even lenders like (website name) who are willing to cater borrowers with bad credit ratings or have no credit history at all.
4.) Lower Rates
In the UK, lenders can charge only certain interest rates as required by the FCA (Financial Conduct Authority) to prevent borrowers from taking out loans that they can’t manage. Reputable lenders will give you all the vital information about your loan so you will know firsthand its costs and the interest that will be charged.
5.) 24/7 Service
You can never know for sure when your need for money will become urgent. Sometimes it happens at the most inappropriate times late at night when banks and other traditional financing institutions are closed. With online personal loans, you can make an application whenever you want as long as you have direct access to the internet.
Get an idea of your Loan Repayments
If you want to know your loan repayments, you can use a personal loan calculator. The online device will compute estimated monthly payments based on the balance, term, and interest rate you provide. The interest rates will vary from lender to lender and on your eligibility. It will not also take into account any fee that may be attached to your loan although personal loans are typically free from any form of hidden fees and charges.
The personal loan calculator will also not help you determine your eligibility for the loan. It will simply provide an estimate on the monthly payments and total interest that will be covered in your loan.
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