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Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97% Representative APR: 79.5% (variable).
Quick short term loans
WHY DOES ONE NEED A QUICK LOAN?
Need a quick short term loan? There are few things worse in life than having to meet a financial commitment immediately, and you cannot raise the funds. Life’s emergencies are often sprung upon us when we are not prepared for them. This happens all the time to millions of people all over the world. The answer for most is to find a quick loan.
ABOUT FINDING THE BEST QUICK LOAN
You may approach someone you know to help you, for example a family member or friend. But in most cases the answer will be ‘no’ since everybody has their own commitments. Your bank may not be able to assist either. Therefore quick short-term loans are the answer. Finding quick loans has proved to be a real help for many over the years.
WHAT IS A QUICK LOAN?
It is a type of short-term loan that can be found with a little bit of online research, to be granted very quickly. A quick short-term loan can be obtained by dealing with the most professional service providers, such as FCA (Financial Conduct Authority) approved and controlled brokers. These brokers help customers find the best fast loans, since they are connected to lenders. Brokers and lenders differ. The broker acts as introducer between the customer and the lender. It is a short-term loan which has to be paid back over a fairly short period of time with high interest rates.
HOW LONG DOES IT TAKE TO BE GRANTED A SHORT-TERM LOAN?
This will depend. However, if you deal with an experienced, reputable broker, the process can be taken care of really quickly! Many customers will have their money in their bank accounts within a few hours or on the same day that they apply. A broker that has the right contacts and panel of lenders, can help speed up the process for their customers. That is why most customers find a good broker for a quick short-term loan to assist. Good brokers and lenders understand the urgency with which customers sometimes need to get money, therefore they never waste time to get the process going.
HOW DO I GO ABOUT FINDING A QUICK LOAN?
The broker does the initial, the most important research, finds the best lender and introduces him/her to the customer. The broker has a data base of the best, most ethical lenders that all operate within the rules and regulations of the FCA. This means that once the customer has contacted the broker for their quick short-term loan, they can relax in the knowledge that the broker will present their request to the best lenders on their panel. These lenders will consider the request for the short-term quick loan and revert back to the broker. The broker will then give the customer the opportunity to deal with the lender that is suggested, or to refuse. The process is straight-forward and simple.
IN SHORT, HOW DOES THE PROCESS WORK?
You need to be connected to the internet using a computer, and even a smartphone, to connect you to the best broker who will ask you to fill out some basic details for the fast short-term loan you want to apply for. This helps the broker to find you the lender(s) most likely to assist you with a loan, with a competitive interest rate and a repayment period to suit. Some loans, especially small quick loans, are paid back over a short period, while other loans may be paid back over much longer periods, such as over 36 months. Once the broker has presented your request to a panel of lenders, he/she will come back to you with a suggestion as to which lenders are the best for you. You can then decide to accept or refuse the offer for a quick short-term loan. Should you decide to accept, the lender will take you through the rest of the process for the fast loan.
DOES A FAST SHORT-TERM LOAN HAVE TO BE PAID BACK ON MY NEXT PAYDAY?
The short answer is ‘no’, not always. These quick loans are similar tot the traditional payday loan, but they are not always the same. These days loans are structured to suit both parties, i.e. both the customer and lender. That is why some short-term quick loans can be repaid over longer periods of up to 36 months.
WILL A QUICK LOAN COST THE CUSTOMER MUCH MORE THAN ANOTHER LOAN?
Unfortunately the answer is yes, but it is indeed a way out of your current financial position. And, besides, in the UK alone many thousands of customers benefit daily from applying for, and being granted, a fast short-term loan. Customers also enjoy the protection under the provisions of the FCA that make sure customers are protected from unscrupulous lenders . So, even though interest rates are high, customers know that when they apply for their quick loan, they will be protected since the FCA regulates the short-term loans industry. Customers should only deal with brokers and lenders who are reputable and upfront about their dealings. This includes knowing the interest amount even before the customer accepts the short-term quick loan.
WHO IS THE BEST QUICK LOAN LENDER IN THE UK?
There is no one specific ‘best lender’. But there is always a best quick loan lender for every individual customer that applies. Therefore, if you apply via the website of a good, trustworthy broker, you will be introduced to the lender that will be best for you, your circumstances and profile. This will most likely be the one that offers the most reasonable interest rate and the best terms when you need a quick loan.
It is very important when picking a lender that they are FCA approved.
ARE CREDIT CHECKS CONDUCTED?
It is required by the FCA that all customers that need a quick loan be checked before funds are made available. However, when you apply via a broker, your rating will not be affected, as the initial search is a so-called soft search and will not damage your credit rating. Only once you accept an offer, will a full search be done, in which case the customer does not have to worry, since he/she has been offered the loan already.
WHAT ARE THE MAIN RESPONSIBILITIES OF THE BORROWER?
The person that applies for a quick loan should always be sure they meet at least the following criteria:
- Can make the repayments always on time, and to be absolutely confident you will not default, since defaulting is a serious issue and may see you end up before the courts.
- To be sure you apply for a quick loan that covers only what you need, and not more.
- Deal with a broker you trust to introduce you to the best lender that will offer you the quick loan.
WHAT FEES DO BROKERS CHARGE FOR THEIR SERVICES?
Reputable brokers do not charge a fee for the work they do. They have arrangements in place with their lenders. Customers should never be asked to pay any fees upfront. They only pay the lenders as per the agreements they enter into with them.
HOW DO YOU DECIDE WHICH BROKER TO DEAL WITH?
The best brokers are the ones that meet the following criteria when you need a fast loan:
- They do not charge additional fees.
- You are not bombarded with paperwork. Everything happens online.
- Fast loans are tailored to suit your specific circumstances.
- You are under no obligation to accept an offer.
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