The online lending industry has recently gained because of instant access to funds when you need. Small loans are aimed at funding unforeseen expenses, and therefore, you should get money without more ado. When you borrow money during an emergency, you will get funds directly in your account within 15 minutes after the processing of your application.
The entire processing is done quickly because you cannot wait much longer to get funds – after all, you need them to fund unforeseen expenses. Bearing the fact in mind that such loans are to be processed instantly, lenders follow the simple application process. Simple and easy-to-follow steps can help you make the request quickly so that you can get funds the same day and sometimes in an hour.
If you apply for a loan with EasyCheapLoans, you can borrow money quickly. We used advanced technology to determine your affordability and payment history to check if you can afford to pay back the money that you are borrowing. This is why you can borrow money instantly.
When it comes to borrowing money online in the UK, the first question that would likely flash across your mind is “how much money can I borrow”. You may need to borrow money for either emergencies or planned expenses. Regardless of the purpose, you have to follow the same procedure. All you need to do is to fill-up the form online.
Then the lender will check your details and ask you to submit your bank statement to look over your affordability. Based on your regular expenses, the lender will get an idea of how much money you can pay out of your rest income after meeting all regular expenses. Once you get funds in your account, you start repaying your loan in instalments.
The amount you can borrow online may range from £1000 to £25,000. However, as the amount increases, you will have to go through more formalities to get the application approved. If everything goes all right, the lender will send you an agreement that you sign before getting money in your bank account.
Since it has become easier to borrow money than ever, you can tempt to take out a loan for any purpose. It is always advisable that you should borrow money only when there is an emergency and you do not have savings to dip into. You can obtain funds for planned expenses provided your savings have fallen short. Whether you need money for emergency reasons or planned purposes, the ideal circumstances to borrow money are as follows:
Having bad credit is genuinely a problem if you are looking to acquire funds from a direct lender. It may not affect your application process as long as you are borrowing a small amount of money, but the problem arises when you need big funds. However, poor credit history is no longer an obstacle if you apply for a loan with EasyCheapLoans.
Most of the online lenders will turn down your application, or they will ask you to put down collateral, but we will let you borrow money without security despite a bad credit rating. However, it must not be under 650, according to the Experian credit score.
Guarantor is not required if your credit rating is good, but a lender may ask you to arrange a guarantor if your credit score is not up to scratch. This is because the lender would like to mitigate the risk falling on his part. A bad credit rating calls your credibility into question. A lender will always be sceptical about your repayment capacity if your credit score is poor. Guarantor mitigates the risk of default because they can call upon them to pay when you fail.
However, you can still borrow money without a guarantor. If you are applying for a small amount of loan, you do not need to arrange a guarantor. In case of a large amount, it can be hard to qualify for a loan without any guarantor when your credit report is not stellar.
Make sure that you have checked your income and not borrowing more than your affordability. Some people borrow money with no guarantor without realising their needs and end up falling in a debt trap. Although a direct lender will look into your affordability, you should check your repaying capacity because no one knows better than you about your affordability do.
EasyCheapLoans can approve your loan application even if you are out of work provided you have an income source to prove your affordability. Note that no lender will lend you money if you cannot pay it off. It is fine if you do not have a full-time job at the time of borrowing money, but you should have any other income source like a part-time job or rental income.
Note that we will let you borrow funds only during emergencies. Make sure that you do not apply for a loan during unemployment for planned expenses. You can rest assured that you will borrow money with no interest hike. Further, you will need neither guarantor nor collateral.
You can borrow between £1,000 and £25,000 depending on your needs and affordability. EasyCheapLoans will lend you money based on your affordability. Your payment history and income statement will be looked over to decide whether the amount you are borrowing is subject to affordability or not.
The best place is where you can get money at the most affordable interest rates. EasyCheapLoans will offer you money at the most competitive interest rates despite a bad credit rating. Further, you do not need to arrange guarantor or collateral.
If you borrow money directly from an online lender, you can get cheaper deals. Lenders do not charge fees as brokers do and therefore, you can save a lot of money in interest. EasyCheapLoans charge no processing fees.
Borrowing money with a bad credit rating can be a bit hard because most of the lenders do not believe in your repaying capacity. But EasyCheapLoans understands that it is not always the result of negligence and hence allows you to borrow money with bad credit.
Yes, you can get a loan even if you are out of work. However, it does not mean that you do not have the income to pay it off. EasyCheapLoans will let you borrow money during unemployment provided you have other income sources.
To borrow money with low interest, you should have a good credit rating. However, in case of a bad credit score, you should have a guarantor or collateral. Further, you should have a strong income source to pay off your debt.
To borrow a large amount of money, you should have a good credit rating. If your credit rating is not up to par, you can arrange a guarantor with a good credit history. Since it will mitigate the lender’s risk, you can avail yourself of large funds.
Borrowing money without collateral is now possible despite a bad credit rating provided you have a strong financial condition. If you have a good income source, you can easily prove your lender that you can pay off the debt.