Warning:

Late repayment can cause you serious money problems. For help go to moneyadviceservice.org.uk

Representative Example:

Installment Loan
Borrow £1000 and pay £103.06
per month for 12 months. The total charge for credit is £236.72.
The total repayable is £1236.72. REPRESENTATIVE APR: 49.9%

All applicants must be employed, and be between the ages of 18 to 69

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Basic Loan Info:

Borrow between: £100 to £15,000

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Repayment Period:

1 - 60 Months

We Can Work With

  • Bad Credit
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  • Blacklisted
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Loans We Provide

  • Unsecured Loan
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  • Car Loan
  • Second Charge Loan
  • Collateral Loan

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By applying with

LoanGoGo

for an

unsecured loan

, using our state-of-the-art online matching system we use real lenders criteria to find all the UK lenders that you match. Applying for an Unsecured Personal Loan will take only a few minutes to complete.


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Unsecured Loan Advice For The UK The spending capacity of an individual or home and the ability to take care of
unexpected financial needs depends on their financial situation. In most cases, a need may arise to seek additional
financial assistance either in the middle of the month or towards the end of the month. You may need to pay fees or
meet increased bills or unexpected medical expenses. After understanding these needs and urgency, many UK lending
institutions came up with

What is an Unsecured Loan?

Unsecured personal loans are loans that require no collateral, security deposit or down payment. It is a short-term cash advance that should not exceed a particular predetermined amount. It is designed to assist the borrowers in meeting their urgent financial needs.

The application process

The application and sanctioning process of this loan is very simple. Most lending institutions offer online application, while others opt for mediums such as fax or telephone. When the lender receives the application for the loan, the sanctioning process would begin immediately. The sanctioning process is often completed after a couple of hours, thanks to the modern technology. The lending institution would contact the applicant's employer first to verify his identity, employment status and periodic income. After the sanctioning process, the transaction details are then communicated to the borrower. The total amount of money borrowed is deposited into the applicant's bank account. The money can then be withdrawn from the applicant's ATM, or transferred with a cheque. Some lending institutions hand over quick loans to the borrowers in cash. If the applicant requires urgent medical attention, then the sanctioning process of the loan would be quicker.

Requirements

Although the amount of money that can be borrowed through this loan is small, lenders often expect the applicant to fulfill certain requirements to make them eligible for quick loans. The first condition is that the applicant must be above 18 years of age. He/she must be in a job that's over three months old or must have a constant periodic earning, and a promising income projection. For self-employed people, a proof of reliable income projection would be required, such as a list of promising debtors or a contract with the payment date. If you meet these requirements and conditions, you can easily get these loans. Just like other loans, the unsecured loan comes with its own implications. If the borrower fails to repay the amount in person, the lending institution is allowed to withdraw the money from the account of the borrower. But if the borrower's bank account has insufficient funds, the lending institution has the authority to charge the borrower the fee of a bounced check as well as loan fees. In this case, the borrower foots any additional fees and increased interest rate.

Benefits of an Unsecured Loan

Easy application and qualification: To apply and qualify for a personal loan is extremely easy, because you just need to have sufficient periodic income and you should not have a history of loan default. Information security: If you apply for this loan, your banking and personal information is safe and secure, because the money lenders cannot pass it to other people or companies. Fast: Filling out the application form of the loan just takes a couple of minutes, and most lenders would approve and deposit the money in your account after a few hours. Flexible: The loan is often short-term, meaning that you may repay them easily whenever you get the next check. No Additional Collateral: Bank loans often require additional collateral, such as a house or a car, but unsecured loans are often sanctioned against the postdated check to favor a particular loan company. The loans are usually meant for those who are not able to offer additional collateral that is demanded by the banks. Small Amounts: These companies offer people low loans. Even though banks offer some overdraft facility, the overdraft fee is often really high, and is meant for only business purposes. Amount: The amount of money you may borrow at a given time is limited and determined by your income, making it easier to repay the loan on the due date. This helps in preventing the debt cycle. Use the loan for anything: This loan usually has no restrictions, meaning that you may spend the money on anything you want. Convenient: Personal loan providers are usually open beyond the normal banking hours, allowing you to get the emergency cash at any time. Moreover, the lenders operate online, which allow borrowers to apply for the loan online from the comfort zone of their home.

How to find unsecured loans

You can either look for local unsecured loan companies or browse online for lenders. Check the yellow pages to get an unsecured debt loan provider in your locality. If you choose an online Unsecured debt lender, you will be able to apply online from the comfort of your office or house. The money would be directly deposited into your account. Ask your family, friends and colleagues if they have applied for personal loans before. Word-of-mouth is one of the best ways to find an honest and reliable company; hence you will certainly find many good companies. Do research on the laws that regulate lending in the UK. Before choosing the right lender, ensure it has met all the legal requirements. Check if any complaints have ever been filed against the lending company you are considering. On the same note, search for the company online to find out if there are complaints about their services on blogs, forums or other websites. Go through the fine print. Ensure you read and understand all the terms and conditions of the loans before you apply. Lenders may sometimes renew a loan on payday, which may attract substantial fees. If you are not aware of this, you might be unable to pay the unexpected fees. Check the re-payment terms and penalties. Find out when the loan should be paid back. Look for contact of the company on their website. This will enable you to easily and quickly contact the support team in case you run into any problem. Some of the contact information you need to look for include an email address, phone number and even physical mailing address. Ensure you have all relevant information before contacting the lender. This includes photo ID, an active account number, and proof of income. If you follow the aforementioned tips, then you will be able to find UK companies that offer cheap unsecured loans. But ensure you get interest quotes from several lenders. The interest rates vary from one lender to another. Remember that quick loans can prove useful and helpful, only when they are used properly. Moreover, frequent borrowing of this loan is not healthy for your borrowing record, hence should be applied for only when an important financial need arises. Back To Top