Whether you’re wanting a whole home renovation, a new boiler, some cosmetic surgery or even your dream wedding, a personal loan is able to help!
Typically, a personal loan is something which is spent on that purchase which is currently out of your budget or too expensive to pay for all at once. So, the loan gives you the amount you might need to make the purchase.
What is a personal loan?
A personal loan is a sum of money up to £35,000 which is borrowed for up to 6 years. It is a loan which is repaid over a number of months with interest, giving you the easiest repayment possible. Personal Loans at Simple Personal Loans are all unsecured, meaning they don’t have any security. So, if you miss a payment, the consequences are not as large. With an unsecured loan, your credit score will be affected, and you will have to pay the repayment fees. But, with a secured loan, you could lose your house, your car, or whatever you secured the loan against.
Am I eligible?
Lenders might have slight variations in their eligibility criteria when it comes to applying for a loan. But, there is never much difference. Perhaps for some lenders and brokers, you might have to be 18, but for others, it might be 21. So you have a clear idea of what they might be like, here is an example of a criterion which fits most UK lenders.
- 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
How do I apply?
Applications can be easy, but that all depends on which lender or broker you use. Many people like to go to the major banks for loans, without realising they take longer and are more expensive. Using independent lenders and brokers will give you a clear, easy application to ensure you get your hands on the loan you need.
With BingoLoans, applying is very straight forward. With their streamlined, online application, you are able to apply for your loan in a few minutes. By clicking here, you will be directed to the application page. Complete the application with the information which is necessary and then submit it. With Simple Personal Loans being a broker, your chances of getting a loan are multiplied due to the numerous lenders seeing your application at once. You will soon after find out whether you have been accepted, if you have, you could get your desired loan in a matter of hours.
What can I use a personal loan for?
As you might know from the name, a personal loan is something which you can use on whatever you want. But, this doesn’t mean they should be used for everything. You should carefully think about whether your purpose is right before you apply. The main uses of personal loans are as followed:
- Holiday Loans
- Wedding Loans
- Home DIY
- Debt Consolidation
- Cosmetic Loans
So, you can see they do vary in purpose. But, none of them holds any dangerous issues with repayment as gambling or addiction would. So, before applying for a loan you should weigh up the pros and cons and ins and outs so you can understand which is the best for you.