Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk
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Which payday loan is best for people with bad credit?

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The Important Parts

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Note: Loanago is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Loans subject to status. Over 18s only. Minimum loan amount may apply.

Rates from 4.5% APRC to 500% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable

Lenders Facts

Loan amount
£50 - £2,000
Loan term
3 Months Only
CUSTOMERSCORES
Good
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Loan amount
£200 - £1,000
Loan term
3 - 6 Months
CUSTOMERSCORES
Excellent
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Compare Loans

There is an abundance of loan choices open to people. Banks, private lenders, and other financial institutions are more than willing to offer you options of whichever way to borrow. However, as a borrower, borrowing options may not be easy to know. It might take some time for you to find out which one costs you less and is most efficient. It is why important to compare loans.

How to Compare Loans?

You need to be cautious in choosing your loan because the loan that might seem to be the cheapest is not always the lowest cost. Applying for a loan can be a challenge so better compare loans. You know you need the extra cash, but there are so many to choose from. It can be difficult to understand all of the terms like APR, secured or unsecured. It is important that you know and understand all the jargons and loan details. Annual Percentage Rate APR or annual percentage rate is the interest rate for a whole year rather than just a monthly fee or rate. This is one of the most important factors to consider when determining which loan is best. It includes other kinds of lending fees along with the basic interest rate to provide the borrower with a total interest obligation annually. why you should compare loans Comparing interest rates is appropriate for some loan types, but the APR is a better number to review. While APR includes points and origination fees, the interest rate is just the basic interest charged. Total Loan Cost The total amount payable is your full loan amount that includes fees and interest over the period of time the loan is taken out for. If the APR your lender provides changes, this will change as well. This is another way to compare loans. Repayment Period Compare loans and its products. As much as possible, choose the shortest loan term available to you. A short loan term may increase your monthly payments, but you will find yourself paying a lower amount of overall interest. You may consider taking the longer-term loan if for some reason the shorter loan term comes with a higher rate. Another way to compare loans. Monthly Cost Finally, look at the monthly payments. This is for you to see the amount you’ll need to pay each month. Some loans with variable interest rates or balloon payments may provide a lower monthly payment than other loans. Evaluate your current financial situation, and opt for what you can afford to pay on top of your monthly expenses. Take the loan with the lowest interest rate or APR and loan term as long as you can afford the monthly payment.

Compare Loans in the UK

If you have multiple loan options, shopping for the best loan can be complex.  You’ll have to consider many different factors. There are some basic things to consider and analyze before choosing the perfect loan for you. Furthermore, you’ll find many types of loans in the UK that you can choose from. Be familiar with each of them, so you can get the loan that best suits your financial need. Personal loan, also known as an unsecured loan, are the most common forms of loan in the UK. It is based only on your personal circumstances, such as your income and your monthly expenditures. You can use an unsecured personal loan to consolidate debt, make a large purchase, take a holiday or for home renovations. These loans do not require a guarantee and you can borrow for as much as £50,000 or more with some lenders. Loan terms are between six months and seven years, and you may choose between fixed or variable interest rates. Homeowner loan is secured against your property that is why you must be a homeowner to be qualified for this sort of loan. With this type of loan however, your property may be at risk if you fail to make repayments. Other secured loans require an asset to be a guarantee to the loan. Either you use the loan to purchase this asset or use an asset you already own. The most common forms of security are vehicles, jewelry, equity you hold in your property, a term deposit or other valuables. Because the lender is taking on less of a risk, you’ll receive a more competitive rate with a secured loan, but the lender can sell the guaranteed asset if you default on the loan. This is why you need to compare loans. There are also short term loans available in the UK. They are also known as payday loans or cash advances. These loans are for any amount between £100 and £2,000, which are designed to be repaid within two weeks to one year, or your next pay check. Car loans or auto loans are specifically designed for the purchase of a new or used vehicle and come with much lower rates because they are secured. You can get a car loan from a bank, credit union, standalone car lender or dealer in the form of dealership finance. Lines of credit or overdrafts are flexible forms of financing that give you access to credit as and when you need it. A line of credit is a revolving form of finance, where you can draw up to and including a specified limit and only pay interest on the amount you use. Personal overdrafts are attached to your transaction or savings account and give you additional funds up to a specified limit when your account goes into a negative amount. Other forms of loans in the UK cater to those who need emergency funds, student funds, those with bad credit rating and for those with no credit at all. These loans include guarantor loans, logbook loans, doorstep loans, and much more.

Bottom Line

Looking around for a good deal of a loan is definitely different from shopping for consumer goods. If you want to get a good deal, it’s just as important to do so. Those who are taking out loans and incurring debt really need to look at the agreements that they sign to make sure they are not getting into a situation that they don’t understand or can’t afford. If you will compare loans, take a look at what’s available in your area and make informed decisions about the types of loan agreements in which you participate. Always shop around for loan interest rates. Consider fixed versus variable interest rates, and assess the annual percentage rate for a loan. Understanding loan jargons, rates, fees, loan terms, and all other facts is the key to get the best loan deals in the market. This way, you can make a good comparison of the different loan options available for you. If you will compare loans online you can find a loan to suit your needs and your budget. By using online tools and calculators you can understand what you’ll be paying over the life of the loan. This way, you may even find ways to save and be efficient. why you should compare loans    

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Applications Accepted

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Return Customers

5 most recent personal loan reviews

Review of Funding Circle

Very quick response and good safety features. Speak to real people once the application has been logged. Very simple to fill out. Would definitely recommend Funding Circle to anyone.

Review posted by Gary Craigs, Dumfries

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Savvy

Really Great Service! Thoroughly recommend! Have dealt with several loan companies & Savvy is definitely the best, easiest, professional & they do exactly what they say unlike many other financial companies that lead you up the garden path!

Review posted by Helen Stern, Sheffield

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Capital One

I have poor credit and really needed the money to pay a court fine or be up against the magistrate again. Really helped me out and I found the charges for the credit very reasonable. Would highly recommend if your in a pinch. Great customer service and went out of their way to help get the loan out the same night I applied. Started 6pm and had money in the bank before 10pm. Great service.

Review posted by Blake Harrington, Margate

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot to ensure the authenticity of accounts.