The Very Best Loans with Loantra
Apply Today to Borrow up to £995
*Rates from 278% to 1576%
*3-12 month repayment
Apply Today to Borrow up to £25,000
*60-Second Application Form
*Rates from 4.7% to 278%
*3-36 month repayment
What Loantra can do for You
Find a Loan Shark
A loan shark is a company or individual that offers loans with exceedingly high interest rates. The term is colloquial, meaning that there is no strict definition for it and it can be applied in a range of different situations and to a range of different bodies and persons. As a borrower, it is your job to avoid trying to find a loan shark – even when you need money desperately!
Are Loan Sharks Illegal?
The classic image of a loan shark is of course a gangster. The term loan shark can be used to describe illegal activities in some cases and this is precisely how mobsters of old would operate. With lots of liquid assets (gained via illicit means), these thugs would offer money to the desperate but would attach such a high interest rate that those borrowers would end up in their debt for long periods – sometimes indefinitely.
To enforce these debts, the classic loan sharks of old would use threats of blackmail or violence. And this would eventually morph into ‘protection money’ and ‘favors’.
How to Quickly Escape a Financial Emergency Through Installment Loans
An emergency financial situation can be quite a handful to deal with if you don’t have enough spare cash. But this kind of dilemma is something that majority of us in the UK are quite accustomed to. After all, in this day and age, it is easy to have a depleted savings accounts and become caught off guard by an unforeseen financial crisis.
In these problematic instances, the best thing that you can do is to focus on things that are within your control such as brainstorming for possible ways to stop the financial bleeding. Obviously, securing extra funding from an outside source is your first best option and family and friends are undoubtedly at the top of your list.
However, we all know how stressful and emotional it can be to seek financial aid from our loved ones especially if they too are not in an economically strong position. If such is the case, then installment loans could be the solution that you need to escape the financial crisis and fast.
What are installment loans?
Installment loans are widely used types of credit in the UK. In fact, the majority of loan products fall into this category. The financial products work like this:
- You take out an installment loan just like you would with any other kind of loan, wherein you borrow a certain amount of funds from a lender under a legal contract.
- The money that you borrowed will be subject to certain terms and conditions that are legally bound. They include a payment duration, whether 12 months or 48 months and monthly payments with interest rates.
Different kinds of installment loans in the UK
There are numerous types of installment loans in the UK each having its own unique features designed to cater certain funding purposes and borrowers as well. Some of the most widely used include:
- Logbook Loans
- Home Loans
- Student Loans
- Auto Loans
- Business Loans
- Unsecured Personal Loans
- Doorstep Loans
- Guarantor Loans
Qualifying for installment loans
When you apply for a certain kind of installment loan, whether its an unsecured loan like a personal loan or a secured one like a home loan, the lender will normally conduct some form of credit check. This check is designed to determine if you are qualified to take out credit.
- There are loans, like personal loans, that will need thorough evaluation on your credit history which means having a solid credit score will help a lot in getting approved.
- For auto loans, lenders will typically just require you to have a verifiable address and brief employment record.
- Home loans need a more extensive employment record to qualify and will require bank statements and full disclosure of assets as well.
- Students loans are easy to qualify. You will only need to provide the details of your College or University and your parent’s financial standing as well.
- Guarantor loans won’t require a solid credit rating, but they will require you to provide a guarantor who will guarantee that the loan will be paid back in full.
- Business loans come in a variety of forms but they will often need at least one year worth of cash flow records so lenders will know if your business is viable – revenue wise.
- Logbook loans and doorstep loans are quite flexible and are often available to different kinds of borrowers even those that have bad credit histories.
Overall, becoming eligible for installment loans is easy as long as you have an acceptable credit rating, are employed and enjoying a stable source of income, and have some assets that can back up your loan deal. Providing a collateral and co-signee to your loan loan deal can generally help you secure a more favourable deal with lower interest rates and better terms.
Why Installment Loans are Ideal solutions for emergency situations
In case you are trapped in a tough financial situation – where the money left in your bank account is not enough to make ends meet – installment loans could be the ideal solution you need.
For one, the loans can be used for any legal purpose which means you can take out installment loans to pay off a utility bill, purchase a new washing machine, cover tuition fees, and just about anything. So it doesn’t matter if you want to take a much needed vacation or pay off other debts that have been causing you a lot of stress and anxiety, you can get approved for installment loans no matter the reason.
Applying for the financial products is relatively quick and easy with an almost instant payout that will leave your more than enough time to deal with those emergency expenses.
So you can ensure the best results in your application however, here are some important things that you might want to put some special thought into:
1.) Consider your present situation – Today, you can find an assortment of lenders with their own installment loan products and options that promise to help you escape the kind of financial crisis that you are enduring. So you won’t become lost in this never-ending market of choices, the best thing to do is to determine what your present situation really is. This way, you will know which offer is perfectly suited to you simply because first, its something that can help you cover a certain financial need and second, the payment terms are ideal to your budget.
2.) Search for the ideal lender – UK’s loan industry is becoming more and more competitive by the day but this can work to your own advantage. As the competition grows fiercer, the interest rate and term offered consequently become better. With that being said, don’t make the mistake in hastily settling for a lender with the fear that you won’t find any better option. Because the reality is, your options are almost limitless and you can certainly find a lender that provides the best deals that are perfectly suited to your needs with a bit of time and effort in researching and shopping around.
3.) Weigh your options carefully – So you can enjoy the best financing experience, it’s always best to evaluate your options carefully. Try to find out if a secured or unsecured type of installment loan is what works best for your needs and present circumstances. If you need to take out a large amount of loan with longer payment terms, then you might want to consider taking out a secured loan. If it’s not that big, then an unsecured personal loan should suit you better. However, if you don’t have that stellar credit rating that is often required for a personal loan, there are also bad credit installment loans that you can look into. Simply put, the choice is up to you to determine which option is the perfect one.
How to Tell a Loan Shark
Some companies that you see advertised on the web or online are very much loan sharks. That’s not what we do here though and it’s certainly not what every payday lender is.
Payday loans do come with higher-than-average interest rates and these do mean that borrowers end up paying higher fees than they might do with other financial products. While this is true though, the loans are also designed to be paid for in a single installment, normally after just a few weeks. They are called ‘payday loans’ because they are designed as a way to ‘tide you over’ until payday.
When you pay this amount promptly then, you’ll find that the APR doesn’t add up to that much – sometimes just $10-$15.
Ultimately, whether or not you find a loan shark will depend on the nature and the ethics of the company. When you are desperate for a loan, you will be susceptible to being taken advantage of. Don’t let this happen to you – be savvy, read the small-print and make sure that you know exactly how much you’re going to end up paying before you sign on the dotted line!
See How We Compare to Our Competitors
Representative 49.9% APR (variable). Borrowing £4000 over 36 months, repaying £195.16 per month, total repayable £7,025.76. Interest rate 49.9% (variable). Repayment terms available between 1 and 5 years. Maximum APR 99.99%
Loantra is a licensed credit broker and not a lender.
We will never charge you for our service and the lender will not increase the rate to cover our fee to them.
We work with over 40 different lenders to bring you the very best rates from across the UK market.
Representative 305.9% APR. Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.
Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.
Any collateral you have against the amount may be at risk of repossession.
5 most recent personal loan reviews
My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.
Review posted by Wayne Crouch, Plymouth
- Customer Service
- Ease Of Use
- Value For Money
In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.
Review posted by Neil Morrison, Perth
- Customer Service
- Ease Of Use
- Value For Money
Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.
Review posted by Anthony Bell, Chelmsford
- Customer Service
- Ease Of Use
- Value For Money
All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.