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How to obtain Low Cost Loans in the UK

There is no telling when you will need to secure extra funding from someone or somewhere. Life is full of surprises and sometimes an unexpected situation can compel us to borrow money or use credit. Fortunately for borrowers in the UK, banks and mainstream lenders are not the only institutions that they can turn to when they are looking to borrow money. The internet has made it possible for people all over the country to use different kinds of credit products from numerous reputable lenders with ease. What’s more, a lot of the financial products available online are low cost loans that provide affordable rates and customer tailored payment terms. All you need to know is how to obtain them and below we will help you how.

The process in obtaining low cost loans

Obtaining low cost loans in the UK involves applying for options that provide the least APR or Annual Percentage Rate available and getting approved by the lender providing them. It’s important to not however, that getting qualified for such affordable credit options might not be available to everyone. To be more precise, low cost loans are generally reserved for people with stellar credit rating and strong credit worthiness.

Now if you are someone who has bad credit rating or don’t have any credit history because you haven’t have the opportunity to use credit before, there are steps you can follow to ensure that you can enjoy the most affordable loan deal possible.

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1.) Rebuild your credit rating

Rebuilding your credit rating is the most effective measure you can do to obtain low cost loans from reputable lenders in the UK. Obviously, repairing a damaged credit rating will take some time but you can begin by following positive steps like paying your bills on time and clearing off any debt.

2.) Secure your loan agreement with an asset

If you urgently need to access low cost loans but your credit rating is not that good, you can try opting with a secured loan. The type of credit is much affordable because of the presence of collateral that lenders can turn to in case you are unable to maintain your repayments. This kind of security will make it easier for lenders to grant you the cheapest interest rate possible. You can even avail for larger borrowing amounts for longer payment terms even with a bad credit through this approach.

3.) Use a guarantor

Aside from securing your loan agreement with collateral, you can also try offering a guarantor so you can access low cost loans for bad credit like guarantor loans. The guarantor will also serve as security to the lender as the person is legally obliged to take over the payment responsibilities of the loan if you decide to default from them.

4.) Make a comparison List

When you search for low cost loans in the market, don’t immediately accept the first offer that you can find. Instead, make a list of the available options and compare each one carefully. Evaluate every option that you find based on the interest rates that they offer, the payment terms, and the extra fees and charges attached to them. You can also use a loan calculator to make it easier for you to determine how much each loan deal will cost you in the end.

Obtaining low cost loans online

Fortunately for you, it has never been quicker and easier to obtain low cost loans in the UK thanks to the internet. You don’t have to stress yourself in applying from one bank or brick and mortar lender to another as you can find plenty of offers and lenders online through your smart phone or laptop. And the best part is you can make an application online in just a matter of minutes. And once you are approved, you can expect the funding that you requested for to be transferred to your bank account in an hour or two after. It’s that quick and easy!

Low cost short-term loans

Now if you find yourself in need of small amount of extra funding in an urgent manner, then you can rely on low cost short-term loans to satisfy it. While short-term loans tend to have higher interest rates compared to other low cost loans, they are a lot faster and easier to obtain. There is also no need to offer any form of collateral and security and the eligibility requirements are generally easy to meet. You can even become approved even if you have bad credit as long as your income is enough to cover the required payments.

Doing some appropriate research and asking around will help you identify those types of short-term low cost loans that you need and the lenders providing them as well. So you can enjoy the ideal option that is perfectly suited to your needs and present circumstances, you might want to determine:

  1. How much you need to borrow. It should be enough to satisfy your present cash urgencies and something that you can genuinely afford.


  1. The amount of months or days that you can comfortably pay it back based on your present financial circumstances

Applying for low cost loans in the UK

While the application for low cost loans has now been a whole lot faster and easier, the best thing to do before you apply is to determine what the eligibility requirements are first. After all, you don’t want to waste your time applying for a loan that you are not qualified for in the first place. The eligibility requirements for low cost loans will differ from one option to the next and from the lender providing it as well.

Generally however, you will have to be:

  1. More than 18 years old in the start of the application
  2. A legal citizen or resident of the United Kingdom
  3. Enjoying a stable source of income
  4. Have an active UK bank account

If you meet the said requirements, getting approved for numerous kinds of low cost loans in the UK would be easy especially if you have a strong credit rating.

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