If you’re looking to borrow money online then we can certainly show you how to do that and find the best deals but before we do, we would like to go through some of the alternatives to borrowing money online. There are so many options that don’t involve borrowing money and it can be easy to lose sight of them if you get into a singular mindset so just in case that’s happened, here’s a quick run down of things you can do before you borrow money online or take up a short term loan.
Why not sell some old unwanted possessions? It’s never been easier to pop a picture online into a Facebook group and get flogging; eBay was famously quoted as saying the average home has about £2000 of unwanted and unused items and possessions that other families and people could be using. Not only does this solve the quick financial problem, it’s a great way of minimising and recycling too which is great all round. You could set your mind to completely decluttering before looking for a loan. If you only want to borrow £50 or something small then it seems really sensible to take this approach rather than a loan with interest.
Alternatively there are more sensible options. A £100 loan could probably be earn’t in a matter of a couple of days, so why bother with a loan at all? Get to the job centre or any contacts that you have who would be willing to give you extra work and get stuck in. Not only will you feel better about not having debt hanging over you. It’s always an opportunity to learn more skills and develop friendships. This is far more intuitive and productive than merely taking a loan that you’ll need to work for a repay in the near future anyway.
How much money you can borrow right now largely depends on your personal circumstances. While to some people a £500 loan may seem like a serious amount of money, to another, £5000 may be a small amount of money. The amount of money you can borrow will generally boil down to how much money you earn and what your fixed costs are that eat into that total amount. Then a calculation can be done to workout how much money you have remaining and then if your credit check is OK then a loan can potentially be calculated and determined from this figure.
It’s always worth remembering that stretching yourself financially isn’t always the best thing to do. So make sure that nay money you attempt to borrow is entirely within your ability to repay comfortably. The last thing you want to do is borrow money and end up in a situation whereby you have financial difficulties. Generally speaking, lenders that are authorised and regulated by the FCA, which can be found here, will always look to protect your finances and help you avoid costly mistakes with regards to credit lines.
If you’re looking to borrow money with bad credit then it may be possible but of course adds a layer of complication. While bad credit loans are a little ambiguous because perceptions of bad credit are different from person to person, it means that they may well be possible. Given many people search for payday loans with bad credit, and so many are connected with a relatively useful result, that there is some hope here. This is all done through the internet.
Given how easy it is to search and make applications online through a computer or smartphone, it’s taken over the short-term credit market as a means of borrowing money. One should always keep an eye on the terms imposed by lenders though. Remember bad credit is risky and almost certainly will not attract the same healthy interest rate and APR of someone that has a clear history and past. To give you an example of a typical short term £400 loan. Perhaps even a £1000 loan, the interest rate could be something like the comparison table below will show.
Compare borrowing money |
||||
|---|---|---|---|---|
Total Amount |
Length borrowed for |
Monthly APR example Representative 1266% |
Loan total |
Monthly repayment |
£400 loan |
3 months | 24% | £605.66 | £201.89 |
£1000 loan |
6 months | 12% | £1986.44 | £331.07 |
Notice the interest is quite considerable. The only way to take advantage of these loans is to make sure that you repay them as quickly as possible. Make sure you setup with this mindset and don’t borrow anymore money than you absolutely need to. The Money Service Advice have a great article on what to do before borrowing money : https://www.moneyadviceservice.org.uk/en/categories/before-you-borrow. If you take a look at the link it will give you some useful insight.
There are several ways to borrow money online. One of the best ways is to search for credit brokers and direct lenders of money. If you search for a good few companies that look reputable and are correctly regulated then you are almost certain to get a fair decision with your loan application. Most online brokers and lenders work very quickly to bring you finance should you require. Always remember that this type of loan can be costly. Make sure that you do your research before taking any offers and that you are comfortable with the deal.
Another way to borrow money online is contact your local bank. Through most applications you can get decisions on loans if you hold a bank account with them. It is normally easier to get an overdraft or small loan than to get a larger one. In some cases this in can be instant.
When you borrow money online consider that it will need to be repaid at some point. Do not take a loan out lightly. You should always make sure that you are in control of your finances. The consequences for losing control are not fun.
