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Instant Online Unsecured Loans

An internet search will reveal that there are lots of loans available from all sorts of providers. Lending is no longer the preserve of the UK banks and building societies, with supermarkets and other organisations in on the act as well as a multitude of foreign businesses. As a result, it's a very competitive business, which at times might have some attractive rates on offer.

Although the interest rate charged is given as the headline figure, you need to look a little deeper before committing yourself to a loan. Lenders have a habit of quoting 'from' rates that never seem to be actually available. Some lenders will have a set-up fee and possibly a termination charge that add to the overall cost of the loan. You really need to add up all your payments over the full term of the loan to calculate the full cost. This enables you to compare the various offerings properly in order to work out which is the best value.

If there's a chance you may be able to pay the loan off early, you also need to check for early termination penalties. These can be quite steep and take away most of the benefits of clearing the debt before the scheduled term.

Whether you actually qualify for an unsecured loan may depend on your credit history. If you have a bad record, companies may be reluctant to lend without security and so a secured loan may be the only option. You need to weigh up the overall cost against the risk of losing your home or whatever else you put up as security. There are companies that will provide unsecured loans to people with a poor credit history but interest rates will be higher.

In case of short term emergencies, pay day loans are available. These are small value loans that are designed to see you through to the next pay cheque. They tend to have high rates of interest, although this may not be a problem if you repay the loan quickly. However, you need to be sure of your commitments before taking on a pay day loan.


Representative Examples

Small Loan: To borrow $1000 over 28 days, you would repay $1300 with an interest rate of 30%. (1934% APR variable.)
Unsecured Loan: To borrow $1000 over 12 months, you would repay $1700 with an interest rate of 70%. This is 234% APR variable.
Secured Loan: If you borrowed $10,000 for 7 years, you would repay $19,566. This is 17.8% variable.

*Loans under $500 can be paid to your bank account within 15 minutes of approval. Loans under $1000 can typically be paid into your bank account on the same day. Loans over $1000 may take between 3-5 working days.

The APR will vary depending on the amount borrowed, and the length of time the money is borrowed over. Before applying for any financial product or service, you should always read the terms & conditions in full.

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