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
Sometimes we need a loan to help us afford the things we want in life. Sometimes we need a loan to help make life that little bit more comfortable and enjoyable. And sometimes we need a loan to pay the rent, to afford dinner and to avoid catastrophe. This is when loans become desperate loans. The good news is that there are now plenty of options for those who need desperate loans and there’s no need to go without. But when you’re desperate, that makes you susceptible. That means you need to be extra cautious and you need to think long and hard about what you’re agreeing to. This post will help you find desperate loans that won’t make your situation even more desperate…
Loans Based on Affordability Not Credit Score
If you have a problematic credit history but want to secure extra funding to cover various needs and expenses, taking out a loan from a traditional bank might not be a viable solution. After all, a good credit score is a prime criterion in becoming eligible for a traditional bank loan and if you don’t have one, then your better off looking for other alternatives. The good news is, there are loans based on affordability and not on credit scores that you can consider in the UK today. The loans are designed to cater those borrowers that have been neglected by conventional credit products from banks and other mainstream lenders due to inadequate credit ratings. The borrower may be a young professional who still has to make his own credit history or those who already have one but are blemished due to past mismanagement or uncontrollable factors like bankruptcies. With that being said, there are plenty of lenders available in the UK who are willing to approve loans based on affordability. Their decision to approve your application will not be determined by a numerical credit score but on your ability to make the proper repayments based on a stable source of income.
Unsecured Loans Based on Affordability
Unsecured loans based on affordability are quite challenging to secure. This is because there is no security in the part of lenders as there is no asset or collateral that they can turn to in case you default from your payment responsibilities, making your application relatively risky. And because your credit history won’t be evaluated, this makes it hard for lenders to predict on how you are going to handle your loan – whether you will be making on-time payments or will completely turn away from then. Nevertheless, it’s still possible to obtain a loan that will disregard your credit rating especially when you look online. The process is also a lot quicker and easier than when you would take out an unsecured loan from a conventional brick-and-mortar lender and will normally just include: Visiting a lenders website and its loan application page. Selecting the amount of loan that you intend to take out and a repayment term that is ideal to your monthly budget. Submitting various information involving your income, work, and present earnings so the lender can confirm your overall level of affordability. Once the lender confirms your income and general affordability and sees that it is enough to cover the loan’s repayments, an approval decision will typically be made almost in an instant. The money will then be transferred to your bank account in the same day or the next business day at the soonest, depending on the lender and its policies. Some of the information that will be requested from you in your application for an unsecured loan based on affordability generally includes: Source of income, including those coming from businesses Employment details: whether you work full time, part-time, or are self employed Unemployment benefits Nature of employment- your job description and position Duration of employment – whether you have been working for a year or longer Name of your employer Contact details of your employer Date of payday Total monthly earnings
The ideal option for people with poor credit
If you have bad credit or a poor credit history, loans based on affordability may be the ideal option for you if you wish to obtain extra funding. As you may already know, it’s extremely difficult to secure a traditional loan if you don’t have an appealing credit score that’s why a loan based on affordability is something that you may consider heavily based on your circumstances. This involves searching for the ideal online lenders who are willing to cater your request for a loan based on your potential earnings and income level and not on the mistakes that you made in the past. To be more specific, you need to find online lenders that specialize in granting loans without the need for credit checks and the like. However, you also can’t deny the fact that you may be considered a risky borrower if you have a poor credit history. One effective way to negate your unappealing credit record is to show strength in other aspects of your application particularly in income and monthly earnings. With that being said, it might be wise to provide some documents that will prove your worth as a borrower including: Employment verification by providing your employer’s name, address and contact details Possess an income level that is higher than your loan’s monthly payments Offer banks statements and tax returns Also the ideal option for people with none-existent credit histories If you are someone who has a none-existent credit history, you can also consider loans based on affordability as a viable solution to any financial need. If it’s your first time to take out a loan, you won’t have any credit file that lenders will pull out from credit reference agencies, which is something that they will normally need to do in evaluating any kind of loan application. Requesting for collateral may also not be viable when the individual has no particular asset or assets to secure the credit agreement. Young 18 something adults can generally become eligible for two kinds of loan products that do not require any kind of credit history whatsoever: Government or private loans for students. These loans are designed to provide financing to people who wish to advance their schooling in a college or university. The financial products can be granted by the Government or by private lending companies. Online loans. There are online loan lenders that can leverage an applicants eligibility through personal income entirely. The information that you will need to provide in your application will focus solely on your income and their sources.
Personal Loans Based on Affordability
Obtaining a personal loan based on affordability, which excludes credit checks and credit history evaluations, follows a relatively quick and straightforward process. Because it is based on affordability, the lender will simply have to look into your monthly earnings and compare it with the repayments of your loan. If your earnings are ideal for the loan, then getting approved would be easy.
How to be Smart
Some payday lenders and installment loans are fantastic options when you need desperate loans. For just a small fee, you can have the money in your account right away!
But in other circumstances, these loans can be a bad move and end up getting you into more difficulty. When you’re desperate, it’s easy to make that mistake.
So always compare the prices of different loans before making a decision – don’t take the first offer you can find. Likewise, always make sure that you have budgeted for the repayments and know exactly when you’ll have finished paying it off. This way, you’ll avoid being charged late payment fees and you’ll be able to improve your financial standing in the long run!
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.