Maybe you’re in need of some emergency cash to get you through the month. Perhaps the boiler has just broken mid-winter or your car is flashing signals which you should get checked out. We all have these problems we want to ignore due to the cost, but why don’t you consider the help of personal loans?
What are Personal Loans?
Personal Loans are there to offer you financial help for up to 6 years. With personal loans, you can borrow from £1,000 to £35,000 and repay it in smaller monthly instalments so you don’t have to break the bank all at once on that huge purchase you’re needing to make.
What can I use personal loans for?
Personal Loans can be used on whatever you want to use them on, hence the name. But, we believe you should use them within reason. There are multiple things out there that you shouldn’t use personal loans for as they can lead to unfortunate difficult financial trouble in the future. Although, there are endless things to use them on, here are a few examples:
- Debt Consolidation
They are perfect for those things which cost more than you can afford at the moment. But, you should ensure that you are able to repay the loan monthly. If you are unsure, feel free to use the loan calculators which are found on the websites of certain lenders and brokers, click here to see. You should remember that the loan calculators are only a rough estimate of how much you would have to repay as the specific amount varies from person to person. This is because of lenders and brokers reading each application individually and taking the borrowers financial situation into consideration. If you want to know about each of those examples in more depth, visit Simple Personal Loans here.
If you are now wondering what personal loans cannot be spent on, here are a few ideas:
- Any form of gambling (including investment)
- For a deposit on a property
- Taking the loan out for someone you know
- Any addictions
The last thing that lenders and brokers like Simple Personal Loans who offers unsecured, personal loans wants to do is give out a loan which results in the borrower being in debt or struggling. Therefore they take careful consideration when choosing who they lend to and whether or not a personal loan is a right answer to their financial position.
Am I eligible?
Most lenders and brokers follow the same criteria, but they might all slightly vary. The basic structure in which they follow is:
- Be aged 18 or over
- Be employed or have a stable source of income
- Live in the UK or be a UK resident
- Have an active bank account
- Have a valid debit card for this account
- Hold a valid email address and phone number
Please note that this isn’t the same for every lender or broker. You will tend to find each criterion on the specific websites.
How do I apply?
Applying for a loan with a lender or broker is easy. Lenders and brokers such as Simple Personal Loans make the application as straightforward and streamlined as they could possibly get. With their new, online application process, all you are required to do is fill in your application and submit it. After this they will do all the work for you, if they cannot offer you a loan, they have access to the UK’s largest panel of lenders so they are more than likely able to. Therefore you can just sit back and relax.
Although, we do advise that you try saving up for specific things if you believe you have the time. Loans shouldn’t be something which you use every time you want something new. If you’re in need of any saving tips, read our latest blog post.