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How do personal loans work?
Personal loans are usually unsecured loans which do not require borrowers to offer collateral. If you apply for a personal loan, lenders will lend you the money you need on a fixed rate with fixed terms that ranges typically from 2 to 5 years. Personal loan repayments are settled on a monthly basis.
To obtain a personal loan, you must have a good credit score and a stable financial income. In this way, lenders could determine if you can really afford to repay the loan because they are not allowed to accept any of your assets as collateral for your loan.
People with excellent credit scores are the ones who get the best offers of lowest rates by lenders. But, don’t worry because there are lenders who still offer personal loans for people with bad credit. But most likely, if you have a bad credit score, then lenders could offer you a higher rate than the usual.
What is the difference between a personal loan and a short term loan?
Personal loan terms usually range from 3 months to 3 years and do not require an asset for you to get the loan.
If you’re planning to get a large amount of money then opt for personal loans, so the larger amount you get then the longer the terms you’ll have to pay. Short term loans are quicker to repay because you can only loan smaller amounts.
When you apply for personal loans or short term loans, the process are still the same. They will verify your financial information and ask for your credit score before they proceed your application. The only difference is that, short term loans are open for all types of credit score even with bad credit.
When should I get a personal loan?
Personal loan has a wide range of purpose and you can use it for emergency purposes like medical bills, if you need to buy something important, or to settle a bill before it dues. Online personal loan is a good option if you don’t have enough cash and still waiting for your next paycheck.
Here in Miloans, we will connect you to multiple direct lenders who can provide you the loan you need instantly. Once your loan gets approved, you can easily get your funds in just 15 minutes.
Will it still be possible to get a personal loan even with bad credit?
Having a bad credit could be a problem to some people, but don’t worry because there are still lenders in the UK that are willing to lend you the money you need and consider your loan application. Before, it is quite hard to get a loan especially when you have a bad credit, but today there are many loan options you can choose from if you need a personal loan despite of having a bad credit.
Miloans work with various personal loan direct lenders that could help you with your financial needs. Just like with the bank lenders, they also require borrowers to provide their financial details and their credit history so that lenders will know if you have the capability to repay the loan or not. Even people with worst credit history could still be considered by our bad credit personal loan direct lenders.
Is there a credit check for personal loan?
Just like any other lending institutions, our personal loan direct lenders also perform a series of credit check. According to The Financial Conduct Authority, lenders should always run a series of credit check for all the borrowers before they proceed the loan applications.
Here in Miloans, we will connect you to a circle of direct lenders who only perform soft credit check. Soft credit check won’t affect your credit score and can only be seen by you. Once your loan application gets approved, that’s the time where lenders will perform a hard credit check. All loans need to have a credit check; it could be a soft credit check or a hard credit check.
How much personal loan can I borrow from Miloans?
At Miloans, you can apply for personal loans for up to £5,000 and choose to repay it for 3 years. We can connect you to a group of lenders that can help you with your financial needs.
Since personal loan has a wide range of purpose, you can apply for any reason you want and get the loan on the same business day. You can apply your loan with us 24/7 because we are always available and you can get your loan instantly. So you don’t need to go physically on the nearest banking institutions.
Am I qualified to apply for a personal loan?
To be qualified for a personal loan, you must be at a legal age of 18 years old, a stable source of income from employment, a UK resident, and a valid checking account.
Some lenders may require you to have a good credit score and some may not, so your eligibility to get a personal loan may vary from one lender to another.
Our bad credit personal loan lenders will perform a soft credit check which will not affect your credit score, so you don’t have to worry.
How can I get a personal loan with bad credit even if I don’t have a guarantor?
On the past years, if you have a bad credit and you want to get a loan, lenders will only lend you if you have a guarantor. Guarantor on a loan will be the one who’s responsible on your loan repayments if ever you cannot continue to repay it anymore.
But today, you can easily get a loan with bad credit even if you don’t have a guarantor on a loan. Here in UK, we provide bad credit loans which do not require a guarantor. Miloans work with multiple lenders that can provide you the loan you need despite of your bad credit and don’t have a guarantor.
Can I get a personal loan to pay off my other debts?
Getting a personal loan to pay your debts could be the best way to settle it and become debt-free. Debt consolidation loan is the new way to clear off all your debts and merge it into one payment which could make you pay lesser monthly interest.
So if you have credit card debts, small loans, or any other debts, then you can get a personal loan and use it to pay your existing loans and just focus on your repayments with your new personal loan instead.
Moreover, if you have a bad credit score and want to start a debt-free life then getting a debt consolidation loan is the best way to improve your credit score. But before you get a debt consolidation loan, make sure to calculate your remaining balance to repay for your existing loans.
What is more practical way to make a purchase? Is it a personal loan or a credit card?
When you get a credit card is more convenient and popular as mode of payment for purchases However, it has higher interest rates than with personal loans. While in personal loans, you get a certain amount of cash to be paid with a fixed interest rate and terms.
So if you’re planning to make a purchase while waiting for your next paycheck and you just want to settle it as early as possible to avoid charges, then opt for a credit card. But if you want to make a purchase that you can divide your monthly payments and pay lower interest rates, then choose personal loan.
What is the best thing to do if I’m struggling financially?
People nowadays are still finding it hard to sustain their financial needs even if they have a stable job. Sometimes, it is harder to manage debts when you cannot be able to keep up with your repayments. So, if you’re struggling financially then we suggest you to talk to a financial expert or to your lender about your existing loans or debts before you failed to make your repayments.
Lenders are willing to help you and provide a solution to your financial problem. So if you’re having a hard time on thinking of how to clear your debts, then you may visit the websites below and ask for a consultation with no charges.