Qualifying For London Personal Loans – there are three kinds of personal loans you can opt for in London.
Looking for London Personal Loans?
You can borrow some money personally from someone you know. You can opt for personal loans from banks or financial institutions that are regulated. You may choose to work with private lenders or companies that are not within the ambit of banking and financing norms.
There are many non-banking financial corporations and companies that offer personal loans in London. You can easily deal with these privately held companies to get loans when you know you would either not qualify for such loans from a bank or when the loans offered by a bank don’t suit your needs.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
Borrowing money from bank has a distinct advantage. The rate of interest you will pay is substantially lower than the rates you would pay to private players.
Other Personal Loans Options
Every unconventional lender or non-banking lender will charge you higher rates of interest. But then that comes with the advantage of easily qualifying for the London personal loans in the first place.
Let us delve into the details of the different kinds of qualifying criteria for London personal loans.
Should you decide to apply to a bank or a traditional financial institution, you are looking at a host of factors that will determine your eligibility. First, you must have a good credit history.
Most banks will need you to have a certain credit score and above to be even considered for a loan. It would not matter why you need the money, when and for what purpose.
Qualifying for London personal loans
You will not qualify if your credit score does not satiate the bank. Your entire financial profile, from the money that you may owe already to the monthly income and any other source of earning, everything will be factored in by banks offering personal loans in London.
Only after satiating all the essential eligibility factors will you have a chance of getting the loan. Even then the loan application can be rejected for some reason or the other.
Qualifying for non-banking London personal loans is much easier in comparison. You don’t have to furnish faxed documents of proof. There are loans for people with all credit types. You don’t need to state the purpose or why you need the loan and the whole process is phenomenally quicker.
Chances are your loan will get approved and that too in just a few days or less with the lenders we use on this website.