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Simple Loans from online lenders in the UK

In the past, when you’re strapped of cash and needed to borrow money outside your family and friends, you would normally go to a bank to apply for a loan. There are still banks that provide an array of simple loans but nowadays you have the convenience to obtain the financial products online.

Acquiring a simple loan online is a seamless process:

You can shop around and get prequalified for the options that you need, through the internet

You can complete an application process directly to a lender’s website without the need to drive yourself to a bank or lending store

You can enjoy instant approval in a matter of minutes

The online lender will deposit your funds instantly into your bank account after approval

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The advantages and disadvantages of simple loans online

While the overall process and experience in taking out simple loans online will differ from one lender to the next, in most instances, the advantages and disadvantages of the financial products are:

1.) Advantages of simple loans online

Convenience. When it comes to online simple loans, you can accomplish the whole credit transaction – from completing an online application form to signing a digital contract – anywhere and anytime through your computer and even through your smart phone. While there are banks that offer online options for their financing services, you will still have to visit one of their physical branches to complete the transaction.

Credit rating is not important. Online lenders that provide simple loans will consider other areas of your credit worthiness and not just rely purely on your credit score to determine whether or not you are eligible for the type of financing that they offer. In fact, you can get approved even if you have a poor credit history or don’t have a credit history at all.

Apply without any risk or obligations. Majority of online lenders that offer simple loans will give you the freedom to apply and get prequalified so you will know what your credit agreement will look like without any risk or obligations. Banks and brick-and-mortar lending companies on the other hand, do not offer such feature and once you fail to meet the qualifications in your application and become rejected, this will deal a negative blow to your credit history.

Fast, easy shopping. Shopping around and comparing simple loan offers from numerous lenders online is genuinely fast and easy. Getting prequalified will only eat a few minutes of your time and you have the complete freedom to compare as much rates and amounts from reputable lenders.

2.) Disadvantages of simple loans online

More expensive than bank loans. Generally, simple loans from online lenders are more expensive than traditional loans from banks. But because every lender has its own unique rates and fees for their credit offers, it’s crucial to shop around and compare as much offers from different lenders as you can so you can get the right deal for the best price.

For small amounts only. Online simple loans are generally offered in small amounts, usually less than £2,000. The payment period is also short typically no more than a year. However, you do have the option to secure larger amounts of loans but you may need to offer some form of collateral or a guarantor especially if you have bad credit.

Presence of predatory lenders – Legit and trustworthy online simple loan lenders are competing against predatory lenders in the UK. Before you apply for any lender, be sure to check its background and history of doing business first. It also pays to look for an FCA or Financial Conduct Authority license to ensure that the kind of financing you will be enjoying is 100% legal and safe for use.

In the end, the advantages of simple loans from online lenders far outweigh the disadvantages. Also, you can easily offset its inherent drawbacks by simply taking your time to shop around so you can find the kind of loan deal that is ideal to your needs and present circumstances and provides the most affordable rates. Doing some research will also help you pinpoint those lenders that are reputable and licensed to operate in the UK’s lending industry.

How to shop for online simple loans

Before you apply for a simple loan online, there are some things that you might want to consider first to ensure that you will enjoy the best possible credit agreement.

The website must be secured. Applying for simple loans online entails forwarding sensitive personal and financial information through the lender’s website. For this reason, you need to ensure that the website is safe and secured. You can go about this by checking its URL if it begins with “https” and not “http.” A lock symbol before the URL also signifies that the website is secured and encrypted. Majority of trustworthy lenders also display their security badges and certifications in their website.

Evaluate the lender’s lending practices and policies:

Your personal interests should be considered. Predatory lenders don’t care on whether or not the loan deal will become a bane to your finances. They simply want to extract as much money as they can even if means pushing you towards bankruptcy. Reputable online lenders on other hand will make sure that the loan deal is something that is ideal to your needs and present circumstances and won’t put you in a tough financial situation.

Affordable rates. The interest rates for simple loans will vary from lender to lender so be sure to find the ones that provide the most affordable ones. Again, you can go about this by comparing different offers and shopping around online.

And don’t forget, before you search online for simple loans make sure that you know what the basic requirements are. This will guarantee that the application process will run smoothly and efficiently. Generally, the eligibility criteria for online simple loans are easier to satisfy than traditional loans from banks and credit unions.

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