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How to get the best online loans in the UK

Are you looking to take out a loan but are not considering your bank as a primary option? It’s quite understandable as you will have to undergo a long, hectic, and stringent process to get a loan from a bank. It’s certainly is a lot quicker and easier to borrow money online from numerous reputable lenders in the UK. What’s more, there is an abundance of online loans that can cater your need for funding even if you don’t possess that stellar credit rating that banks and other traditional lenders are looking for from their borrowers.

But just like any other type of product or service, you want to enjoy the best available deal possible. When it comes to online loans, getting the best deal would mean enjoying the most affordable rates with instant processing.

Applying for the best online loans

When you apply for the best online loans, all you need to do is to fill out an application form in the lender’s website and you will receive an instant response on whether your financing request is accepted or not in a matter of minutes. And depending on the online loan that you apply for, you could get the loan proceeds an hour after approval or in the same day. When it comes to short-term online loans you can expect the money to be deposited into your bank account within 24-48 hours. If they are larger loans with longer payment terms like personal loans and home loans, it may take several days for your transaction to be completed. Overall however, expect the application process and fund transfers to be significantly faster and easier than bank loans when it comes to online loans.

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Workout what you need

So it would be easier for you to pinpoint the best online loans available, it might be best to determine what you need first:

  • The amount of funding that you need – The most important thing to bear in mind always when you are searching for the best online loans is to borrow only what you need. This will help you avoid taking out unnecessary debt and will also lessen the overall cost of your loan deal.


  • The ideal loan term – Are you looking for the best online loans that you can pay back for a year or more than seven years? Or perhaps you’re looking for shorter payment terms like a month or several months. It’s worth pointing out however, that a shorter term will be a lot less costly in the end. However, they will demand bigger payments as opposed to spreading it for a longer period of time.


Find the best deals online

After you have worked out what you need, the next step would be to shop around and look for the online loans that provide the best deals. So you can make your search more accurate and efficient, try to consider these key features:

  • Interest Rates – You want to find online loans that provide the most affordable interest rates possible. This can be extremely crucial if you are looking to borrow large amounts of credit for a long period of time as a single percent can mean a lot once you begin paying off your loan.


  • Minimal to no Fees and Charges – Aside from the interest rates, you might also want to keep an eye on online loans that have minimal to no fees and charges. A loan deal that has plenty of extra fees and charges can be very expensive even if it has a competitively low interest rate.


  • Tailored Payment Terms – Finally, look for online loans with payment terms that are tailored to your personal needs and circumstances. This will make it easier for you to keep up with the repayments on time.

Majority of lenders providing online loans will let you know firsthand what the interest rates are for their financial products and how much a particular loan deal will cost you overall prior to your submission of an application.

What is the ideal option for you and your needs?

There is a variety of online loans in the UK and it would be difficult to determine which one is ideal to your needs and current situation if you don’t know what available options are. Each option also has its own set of eligibility requirements that you need to meet to become approved. Some of the popular online loans in the country include:

  1. Short-term online loans – The financial products are one of the most widely used online credit products in the UK. The borrowing amounts are small, from 50 pounds to as much as a thousand or two thousand pounds. The payment terms are also short and will generally be no longer than a year. There are short-term online loans that allow instalment payments and there are those that will require you to make a single lump sum payment like payday loans.


  1. Personal Online Loans – The loans are just like unsecured bank loans in a way that credit rating is an important factor in getting qualified. Generally, the better your credit rating the bigger the amount you can borrow and the longer the duration in which you can pay it back. A high credit score will also land you the lowest interest rate available.


  1. Secured Online Loans – The online loans are secured on an asset like your property or vehicle which makes it very risky in your part. This is because when you default from your loan, the lender can seize your asset as a form of payment for the money that you still owe them. The reward you will enjoy for such a risk however is an interest rate that is lower than any online loan option and access to large borrowing amounts for very long payment terms.


  1. Bad Credit Online Loans – As its name suggests, the online loans are designed for those people who poor credit histories. So if you have been rejected from other types of loans because of a problematic credit history, you can rely on bad credit online loans to give you the extra funding that you are looking for. The interest rates for the loans however, are higher than most other options and this is something that you might want to consider before you apply for them.


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