What Is The Difference between Secured and Unsecured Loans?
The difference between secured and unsecured loans is that unlike secured loans, the lender has no claim to your assets if you are able to repay the loan amount in record time. Unsecured loans come with so many benefits, including:
- They are widely available and acceptable to workers and non-workers across the UK.
- UK lenders do not require the deposit of a collateral before your loan application is approved.
- Unsecured loans from direct lenders come with a flexible repayment plan. Plus, the interest rate is somewhat reasonable.
Is FastPaydayLoans a Direct Lender or a Broker?
FastPaydayLoans is a broker that helps borrowers facilitate their loan application process. The truth is that the loan application process is tedious and cumbersome, except you are being guided by an online loan broker like FastPaydayLoans. Our job is to match you with a reliable direct lender within the UK. We have signed partnerships with a number of reputable lenders.
So, instead of reviewing and researching the loan market in the United Kingdom for the best lender, we can help you do the hard work and heavy lifting.
How much would you like?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
How Can I Get Approved for Unsecured Loans from Direct Lenders?
The process of getting approval for an unsecured loan from a UK direct lender is simple and straightforward. When you send in your application online, the lender will carry out a background check to determine whether or not you are capable of repaying the loan in record time. Once this process is concluded, the money will be transferred to your checking account usually within hours. However, before the money is credited into your checking account, you must satisfy the following requirements:
- You must be at least 18 years and above.
- You must be a resident in the UK.
- You must have a UK bank account that you will use to receive the loan, plus a valid debit card.
- You must also have a regular source of income.
- The regular source of income must be paid into your UK bank account.
While these requirements are a general requirement for all lenders operating in the UK, some lenders might decide to bend the rules depending on your individual credit score and situation.
Advantages of Taking Out an Unsecured Loan from Direct Lenders?
Taking unsecured loans from UK direct lenders usually comes with lots of excitement. This type of loan is a good option if you are looking to improve your home or buy a new car. As you take out the loan, it's important to keep up with the loan repayment terms so that you can have the opportunity to take another loan after repaying the first loan.
The benefit of taking an unsecured loan from a direct lender include:
Flexible repayments
Unsecured quick loans from UK direct lenders are highly flexible in terms of repaying the loan to the lender. In other words, the repayment terms are very flexible.
Fast access to money
An unsecured loan gives you immediate access to money to solve pressing financial challenges. There's no wasting of time checking your credit history or filling out forms.
Rebuild your credit score
Taking an unsecured loan can help you rebuild your damaged credit score, so long as you keep up with your monthly repayment responsibility.
How Can I Choose The Best Unsecured Loans?
Choosing the best unsecured loan is not rocket science. From our experience, the best way to borrow money and enjoy a good deal include:
Research The Loan Market For The Best Deal
Picking a random UK lender is bad practice. It could land you into trouble. Take your time to shop around different lenders and their offers and fees. If you do not have the time to shop around different lenders, you can use a broker like FastPaydayLoans to do the job. We will help you shop for the best deal.
Review Your Credit Rating
Once you have identified a broker that you want to work with, the next step is to check your credit rating for applying for loans for bad credit. Checking your credit score will help you identify and fix any error that may make the lender reject your loan application.
Check The Loan Terms And Repayment Schedule
Failure to check the loan terms and repayment schedule mean that you will be paying more in fees, interest, and other sundry charges. So, it is important that you go through the loan terms of a lender before signing a deal with them.
| Why Trust FastPaydayLoans? | ||
|---|---|---|
| How much can I take out? | £100-£5000 | No obligation quotes |
| Representative APR | 49.7%(variable) | Competitive rates |
| Will bad credit be accepted? | Yes | Lenient requirements |
| What are the repayment periods? | 1-36 months | Flexible loan term options |
| How can I apply? | Apply online | 24/7 available |
What Can I Use an Unsecured Loan for
There are so many reasons to access unsecured loans from direct UK lenders. If you have emergency or unexpected bills to pay, you can reach out to a lender to obtain an unsecured loan to resolve such emergencies. The emergencies can range from hospital bills, electricity bills, heating or cooling equipment repair bills, car repair costs, air conditioning system maintenance, house maintenance, as well as gas replenishment. Most of the lenders that you see online usually give out an unsecured loan that covers these emergencies that we have highlighted.
