The general consumer is often faced with a dilemma when it comes to choosing the best personal loans. There are several financing options to choose from. Some offer loans at high interest, while others have low-interest rates. Many banks and lending institutions exist today. They bring different loan packages to the table, making it difficult for the borrower to make a decision without research. An alternative to a personal loan which could mean there’s less stringent credit-checking is a short term loan This could be a loan of up to £5,000 paid back usually within 12 months.
The average consumer may possess little to no substantial knowledge about financial products. In most cases, they ask friends and family about personal loans, which directly affects the decision. Here are some of the best personal loans and institutions to help break down the subject.
1. Virgin Money Personal Loans
Virgin Money is a leading personal loans lender. They aim at helping customers find some of the best rates in the market. They focus on bringing an unmatched banking experience by paying attention to all the minor changes that may bring significant changes in the customer’s life. Check out sms lån to know more.
Virgin Money allows customers to apply for loans ranging from £7,500 and £15,000. Once your application has been approved, the loan is awarded in just a few hours – no long waiting periods. You also have up to 5 years to repay the loan, but in some cases, they accept customer payments for up to 7 years. Virgin Money helps its customers make informed decisions by providing finance guides. This way, you can easily manage your money for a better future.
2. RateSetter Personal Loans
RateSetter is a name that spreads far and wide for a good reason. The company offers revolutionary financial products and services to both individuals and investors. The lender also focuses on providing affordable loans stitched with exceptional customer service.
Many people turn to RateSetter because it offers friendly rates. You can apply for a personal loan amount between £1,000 up to £35,000 and payback within 5 years. Even better, you don’t have to worry too much about charges for missed or late payments because there aren’t any. On the downside, you must be over 21 to apply. A missed or late payment may also affect your credit score.
3. Tesco Bank Loans
Tesco Bank offers loans for various purposes. From weddings, home improvements, car loans, and holiday loans, you can borrow amounts ranging between £1,000 to £35,000 and payback within 10 years. However, the repayment period varies according to what you intend to use the loan for.
Tesco Bank loans are only available to UK residents who have attained the legal age. Although their interest rate is quite fair, the institution imposes a £12 charge for late payments. It also conducts a deeper assessment of your current situation to determine how much money they should loan you.
4. Halifax Loans
Different circumstances call for different loans. So, you want a lending institution that understands the right product for you. Halifax offers loans as low as £1,000. However, you’ll have to apply for something between £7,500 and £25,000 if you want to enjoy a 3.5% APR representative.
You can apply for Halifax loans if you’re a UK resident with a minimum age of 18. Other conditions include regular income, good credit score, and you must not be a full-time student. You can easily and quickly apply for the loan online – no documents or long queues at the bank. If, for some reason, you don’t want to make payment for a particular month, the bank allows two repayment holidays. However, you’ll still pay for the interest charged during these periods.
5. NatWest Personal Loans
Are you having your home upgraded, car modified, or having an enhanced financial plan? A financial boost from one of the most respected lending institutions – NatWest – might just be what you need to get started. The application process is simple and takes less than 15 minutes to apply online.
NatWest offers personal loans starting at £1,000 – £7,450 (to be paid between 2-5 years). They also offer other amounts between £7,500 – £50,000 to be paid in 2-8 years. If you’re borrowing £7,500 – £50,000 to make home modifications, the total amount is due in 2-10 years. Simply head to the official website and find out how to apply for a personal loan.
A personal loan can be the ideal lifesaver in times of need. For instance, it can be used to cover vacation costs, emergencies, debt consolidation, and purchases when basic salary and savings aren’t able to do so. But before filling out an application, always remember to apply for what you can afford. The best personal loans come with the least interest. They also provide the much-needed value. For more information about personal loans, please click here.