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’.
Instant Loans – The Best Solution to a Money Crisis
Instant loans are one of the most popular credit products in the UK when it comes to dealing with temporary monetary needs. They are generally short-term forms of loans with extremely fast processing times. Often, a qualified applicant can enjoy loan payouts within 24 hours. But among the numerous other options available both online and offline, are instant loans the best solutions when you are faced with a money crisis?
Instant Loans: Traditional Loans from Banks
While there is certainly no problem with traditional loans from banks and brick-and-mortar lenders, they are often long term options that are quite lengthy to complete. A one year term is often the minimum and it could take a whole week or longer for your loan to be processed.
While you can certainly consider an overdraft, it might not be that easy especially if you don’t possess that stellar credit rating that banks are looking for. And even if you do manage to get qualified for one, they are quite difficult to handle as you have the option to extend them as much as you want and can also be very costly if you continue to use them.
Instant Loans: When you are in a money crisis, time is of the essence
Often, emergency situations pop-out in times when we least want them to. A leaking roof will begin to wreck havoc inside our homes during the rainy seasons and a Television will start breaking on Sundays when we want to spend the whole afternoon binge watching.
But the worse part is, these kinds of unexpected drawbacks tend to happen in our least financially ready times – when the next paycheck is still a week away. It can even become a bit of a headache when you have spent all your cash on groceries and other essentials and there is nothing left in your pocket to fix that leaking roof or problematic Television.
With that being said, sometimes we need to secure extra cash and fast to deal with emergency situations. After all, who would want to endure a broken boiler in the middle of winter or drive a problematic car for 2 hours, back and forth, every day to work?
Luckily, there are options that you can consider to give you that temporary cash infusion that you desperately need to survive such a crisis.
You can try a Garage sale
Perhaps you can consider putting up a garage sale? If you look inside your home, you might find and an old guitar hanging in your room or a set of figurines that you don’t need anymore. It’s not only a great way to earn money but is also a practical means to declutter your living space too. If a garage sale is too old fashion for you, try using eBay and other online portals as well.
However, if you’re in a money crisis, neither a garage sale or eBay won’t do you any good as it may take forever to get your items sold. You might be lucky and have your money ready for use in just a week but it might be too late to meet an urgent financial need or expense.
In this fast pace day and age, having a credit card can be quite handy. If you own one and there is still enough credit left in it, then you can use it to purchase a new Television or washing machine if the items have suddenly gone out of commission in the worse possible time.
Bear in mind however, that credit cards are designed to trigger our impulse to spend. Because you can keep using them as much as you want until you reach a certain limit, you will find yourself completely overwhelmed in debt because of uncontrolled credit usage.
Credit cards are dangerous commodities and should never be used without careful planning. The kind of ease and accessibility it provides can be a long-term debt waiting to happen.
Why instant loans are the ideal solutions
Instant loans can be processed online with ease through your smartphone, laptop, or computer. The application process is seamless and you will normally receive a decision from your lender, on whether you are qualified for a loan or not, in an instant. And if your instnat loans application is approved, you will have your money deposited into your bank account on the same day. What’s more, you can even take out the financial products even if your credit rating is not that good.
If your new to taking out instant loans online, here is how it works:
- Through your search engine of choice, make a search for “instant loans UK”. Once you push the Enter button or click the search key, you will automatically be directed to a constellation of lenders that offer instant loans in the UK.
- Wonga, Sunny, and Quick Quid are among the usual names that will appear in your search list. But don’t just automatically settle to these prominent lenders just yet. Try to do a little bit of research and shopping around. Often, the best deals and terms are offered by those lesser known names.
- Once you have found a suitable lender, simply go to its website and make an application. Every information you need to complete your application can generally be found on its page and arranged in a spoon-fed way. And if there is something that confuses you, simply contact the lender or its customer service support for help.
Generally, you can complete instant loans transaction purely online in just a few minutes. It’s that fast and easy!
But before you make an application from a potential online lender, be sure that you have already determined the amount that you need to take out, what the repayments are, and when the loan will be due. It’s also a good idea to review the lender’s terms and conditions page so you will know what you are in for once you decide to take out a loan with the lender.
Simply put, never just settle for one lender if you’re not convinced. There are plenty of reputable online lenders in the UK that can provide you with the kind of instant funding that you are looking for. All it takes is just a little patience on your part to find the lender and instant loan product that suits you and your present circumstances best.
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.