3 Loans that you can apply for online
From business loans and mortgages to payday loans, finding the right loan for you and your needs can be overwhelming due to the huge variety of loans available. Due to the ongoing coronavirus pandemic, it’s difficult to visit banks and other loan providers to discuss your eligibility. To help you find the right loan for you, here are three loans that you can apply for online in the comfort of your own home.
- Payday loans
Payday loans are designed to provide you with emergency cash to cover unexpected expenses, for instance, to pay for an emergency car repair, or a plumber to fix your boiler. If you are approved for a payday loan, the amount is usually transferred to your bank account within hours, making it an attractive loan option if you need money quickly. They are intended to cover you until your next payday, providing a handy back up if your monthly expenses are slightly higher than usual. As such, payday loans have short repayment schedules of just a few months, a year at the most. Due to this, they are a good loan option if you prefer to quickly pay off any repayments using money from your next paycheck. However, do make sure that you are able to keep up with repayments, as failure to do so could result in a poor credit rating.
- Bad credit loans
If you have a poor credit rating due to an inability to keep to loan repayments in the past, many lenders will not offer you credit should you need to apply for another loan. This, however, doesn’t help at all if you’re going through a tough financial time and struggling to make ends meet. Loans are available for those with bad credit ratings, usually, as short term options that are usually easier to repay on time, for instance, payday loans for bad credit, which are designed to help you make it to your next pay packet. This usually involves other criteria and questions being used to assess eligibility during the application process. For more information on payday loans for bad credit, visit https://loanpig.co.uk.
Also Read: Debt Counselling
- Short term loans
Similar to payday loans, short term loans are used to help you to cope with an unexpected financial expense. For instance, they could be used to help you pay for a bill that is higher than usual, ensuring that you won’t have your utilities cut off, or simply to take advantage of a particularly good deal on a household necessity like a couch. Another similarity to payday loans is a short repayment schedule, usually of three months to a year. Although you don’t need to state a specific reason when applying for a short term loan, you shouldn’t rely on one if your financial troubles are more deeply rooted, and you are failing to keep up with your outgoings on a regular basis; if this is the situation, you should seek professional financial guidance.
