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Finding Guaranteed Loans in the United Kingdom
If you need cash for your home renovation, medical expenses, education, or dream wedding, you can get it easily from banks or traditional lenders. However, the approval of your application depends on many things, such as your credit rating.
Therefore, getting to know your options prior to loan application is important to increase your chances of getting an approved loan. Below are some of the places you can consider when applying for a loan.
Banks are the primary sources of loan and compared to other lenders, they offer the best interest rate and loan programs to borrowers with good financial standing. The downside of banks is that they are strict when it comes to their requirements. Even if you have a stable source of income but you have poor credit or a high debt-to-income ratio, your loan application is less likely to be approved.,
When banks are not your best bet, you can check credit unions. These financial establishments are known for providing great customer service, flexibility, and lower interest rates. The requirements are minimal compared to banks; however, since these non-profit organizations are after providing lower loan costs, they don’t invest much in technology, like mobile banking.
Credit cards are used to purchase items or pay for bills but aside from that, it can help you get a cash advance. Meaning, you can have the money you need without talking to a loan provider. All you have to do is enter the credit card to the ATM, request for a cash advance, and wait for the money to come out. It is super fast and convenient; however, the interest rate charged to this action is often very expensive.
Also known as P2P, this kind of loan offers a way for borrowers to have money in the easiest ways. Rather than business owners, you are getting your money from another individual who charges a lower interest and asks for minimal requirements.
Can I Get a 30000 Guaranteed Loan?
A loan for £30,000 is a huge commitment, one that you will likely have to take a long time to pay back. You do not want to just find a lender who will agree to let you borrow the amount. You want to get the best possible rate and loan terms out there as well, to make it easier to make the repayments later.
Lengthy Repayment Period
Getting £35,000 in lump sum can have such a dramatic effect on your life. As a personal loan, it would be flexible funds for you to use so you have the freedom on how to spend it. But it is the very same nature of this loan that will take you longer to pay it back. For such a huge sum, you have to be prepared to tackle a repayment term that will be significantly longer otherwise the monthly payments may just be way too expensive for you.
Secured or Unsecured
You’ll have a much higher chance of getting approved for this high an amount if you will apply for a secured loan. You’ll get a better term and an even better interest offer as well. But you do get the risk of losing the asset you will use as collateral if you cannot keep up with the payments.
If you do not have a valuable asset that can qualify as security for the loan, you can go the unsecured route. You’ll need to bank on your credit score to get approved as well as on the amount of money you’re regularly earning every month to convince the lender that you can afford the loan. This path will make it harder to get approved but you will get rid of the risk of losing an asset should you fail to repay the loan.
Build Your Credit
Remember that the biggest loans with the best terms and the most affordable interest rates will only be reserved for borrowers with exceptional credit ratings. This is why before you decide to take out such a huge amount, try fixing your credit score first.