Apply to borrow from 100 to 25000*
- Instant Decision
- 60-Second Application Form
- From £1,000 to £25,000
- Rates from 5.7% APR to 278% APR*
- 3-36 month repayment
Apply to borrow from 100 to 25000*
- Online decision
- Responsible lenders
- Apply to borrow up to £3000*
- Rates From 278% APR – 1576% APR*
- 3-12 month repayment
What Are Unsecured Loans?
Even without collateral to pledge, there are still options to choose when applying for a loan. For loans without security deposits, these types of loans are considered unsecured. Unsecured loans allow borrowers to request for funds without giving up an asset as a security deposit. Personal loans, payday loans, credit cards, and student loans are just some examples of an unsecured loan. It is a very convenient source of funds without having to deal with the complicated approval process. However, these types of loans are often accompanied with higher interest rates.
How will MY
To apply, you don’t have to leave your homes or travel miles. The process is amazingly fast and secure. All you need to do is to fill up a form online. In as fast as two minutes, you can have the result of your application without waiting hours in long lines. Your personal and banking information is safely secured.
Paid Into Your Account
Once approved, the borrowed funds are immediately sent to your checking account. No fuss, no hassle. In just minutes, you get the money that you need without going through complicated requirements and documents. A perfect solution for emergency situations.
Your credit problem is never a problem with us. Even with bad or poor credit, you are still eligible to take advantage of our services. Our lenders offer cash assistance without the need for you to undergo a credit check. If you can pay the loan on the agreed schedule, your credit line will never be a problem.
- WHAT ARE PAYDAY LOANS
- HOW DO I APPLY?
- MUST I HAVE A GUARANTOR?
- WHAT’S IN IT FOR US?
- HOW LONG DOES IT TAKE TO GET PAID OUT?
A PAYDAY LOAN IS A TYPE OF CREDIT THAT IS SUITABLE FOR WHEN EMERGENCIES OCCUR
If you find yourself stuck in the middle of nowhere with no money in the bank and no cash on hand, the best thing that you can do is to apply for a payday loan. Payday loans are easily acquired and don’t require complicated documents, making it the best cash assistance fund during emergency situations.
- WHAT ARE GUARANTOR LOANS?
- WHAT ARE LOGBOOK LOANS?
- WHAT ARE PERSONAL LOANS?
Services We Provide
Long Term Loans
Applying for a loan when you have an emergency regardless of what type can be distressing. The process may seem long and tedious and especially when you are applying from a traditional bank. For a bank, the loan approval process can really take long. Getting a loan from the bank might actually not be the way to go for you when you need money now.
There is usually a lot of paperwork involved when getting money from the bank and so many legalities and red tape that actually makes the loan approval process long. The documents required will include; completely filled personal loan application with photograph sometimes, identification, income tax returns for set duration, bank statements for set duration, residence proof like utility bills, salary slips and so much more depending on lender.
This is why many people look for lenders that can offer instant loan approval. Instant loan approval is the loan approval process that takes only a few minutes for your details to be confirmed and you get feedback on whether you will get the loan or not. This is very important when you have pressing emergencies that cannot really wait.
Even after providing everything that the bank needs and having a good credit score still you are not guaranteed to get a loan. There is no guaranteed loan approval when working with a traditional bank. The requirements for qualifying for a long vary from one lender to the other. Nothing is standardized in the process so there is no given formula for approval.
What do underwriters look for loan approval?
The loan approval process though it may look like a convoluted process is a step by step process that aims at determining the credit worthiness of the borrower. The lender wants to know for sure that they will get their money back which is why you have to be put through the loan approval process. For the banks the process is uptight but for online lenders and other lenders who give loans to borrowers with bad credit the process is a little less easy.
Here is how a typical loan approval process takes place;
Pre-qualification – this is the process through which the lender determines whether you are worthy to get the loan or not. This process is done by superficially looking at your documents and speaking with you. The personnel look at your debt, income, assets and also talk with you on your goals and plans to get an idea of whether you should really get the loan or not. They also look for any red flags in your applications and the documents you have submitted. This is a simple process that takes place quickly and your loan application is passed on to the next process.
Pre-approval – after getting prequalified the lender is certain that you might be a good candidate for a loan but they still do not know a lot about you. This process is meant to learn more financial details about you. At this stage you are given a detailed application to fill out with more information about your credit rating, financial background, employment history, current expenses, debts, assets and so much more.
You are also required to submit your pay slips, bank statements, proof of stocks or bonds, and other collateral. Usually after 3 days of submitting all the information then you receive a loan estimate and a closing disclosure form that indicates all the payment information.
Processing – at this stage the person involved checks your information and looks for any undisclosed debts and other issues that might hamper your ability to repay the loan that you might not have disclosed. If you want to buy a house or a car, they will check your down payment to ensure it is not a loan.
In the case of a home loan, the house has to be appraised and if the appraised amount is not the same with what was pre-approved then your loan estimate has to be changed. This will derail the process further.
Underwriting – finally the loan application gets to the underwriter who is the final decision maker. The underwriter ensures that all the information required of you is in place. Also, they ensure that the loan has followed set guidelines. After the underwriter determines that the lender can offer you the loan then you are in the clear. This is the typical llyods loan approval or any other traditional bank.
Which bank’s personal loan has easy approval?
Personal loans are a big favorite for many borrowers. This is because they are easy to get, they are low interest, you can use the loan for whatever you want, not a lot of documentation is required, easy loan approval and mostly they do not require any collateral.
However not all lenders operate the same and therefore for traditional banks getting a personal loan is still as difficult as any other loan. Actually many big banks in the UK do not offer personal loans which is why many borrowers opt to get these loans from direct online lenders and credit unions that have less stringent measures.
If you want some guaranteed loan approval for your personal loan it is best to check out online lenders rather than banks. With online lenders you can even get a personal loan approved with bad credit. For banks the personal loan only gets approved if you have stellar credit score even when you have to put up collateral.
How long is a loan’s pre approval good for?
Typically, most preapprovals are good for 90 days. However for some lenders a pre-approval is good for 45 to 60 days. It is important to note that during this time, your credit score can change and therefore the loan is not yet guaranteed.
Since the preapproval is given based on the information you have presented it can also change depending on any material changes that may occur. If you are interested in a mortgage loan, preapproval is important as some agents require you to have it before they can show you available houses. This is just a measure to ensure they do not waste time showing you homes you cannot afford.
When you get serious with the loan, the underwriter also gets serious with your information and if they sniff out any undisclosed information then the loan might be denied. It is also possible for the loan to be denied if during the preapproval period your credit score falls below a required threshold.
Getting pre-approved is good for you especially when you want to buy a home because you get an estimate of how much money you can get in your loan. This in turn can act as your budget so you do not make offers you cannot afford.
What is pre approval for home loan?
When you are ready to buy your new home, then you need a preapproval for on your mortgage for your home loan. Preapproval for your home loan means that the lender has given a green light indicating that you are a suitable candidate to get a mortgage with them.
To get the preapproval you must provide all the required information including; credit reports and scores, recent pay slips, recent bank statements, retirement account statements, tax returns for the last two years and other required information.
To get preapproved most lenders will look at your credit score. As a rule of thumb it is best to ensure you have a credit score of 700 or more. There are lenders who accept less than that and there are even bad credit loan lenders guaranteed approval. If you cannot get preapproved by a bank you might consider other lenders.
Besides having a stellar credit score, you also need to have a low debt to income ratio. Usually, if your dent to income ratio is higher than 43% then you will have trouble getting approved by most lenders. This is because with such a high ratio, lenders assume you will be unable to make mortgage payments every month as required and still take care of all your other financial needs.
The recommended debt to income ratio for most lenders is anything less than 36%. The lenders are also keen on seeing how much down payment you are able to put up. The more you can put up the better because it reduces your loan significantly.
Pre-approval for car loan what does it mean?
Getting pre-approved for a car loan means that the lender has given a green light indicating you can get the loan if everything remains as is. You will get an estimated amount of how much you can get which can help you on deciding the budget for your new car and also bargaining for it.
Getting a pre-approval for your car loan however is not a guarantee that you will get the loan. If there are drastic changes on your credit score or the underwriter figures out some undisclosed information that could ruin your chances then you might not get the loan.
Preapproval is good for both home loans and car loans but it is not a guarantee loan approval aspect.