Why Choose Financenut
Financenut is for applicants who want a small loan for a flexible period of time with minimal credit checks and requirements
The application form is simple to complete
Paid directly into your own account
Quick application form and quick approval
Taking Small Loans For Urgent Expenses
Borrowing money from a family is more preferred by most people, rather than relying on loan providers. They think that it’s quicker and easier since no requirements are required; however, this option is not ideal at all times. When you’re running out of cash or you have an emergency to attend to, you can depend on small loans provider instead. Although there’s a prerequisite you need to comply, it’s not as hard as completing a handful of paperwork. In fact, all you need is to fill up a 5-minute application form online with your personal and financial details. A verification call usually follows afterward and once approved, your money is sent to your bank account electronically. This is a fast solution for life-threatening scenarios or other unexpected expenses. If you have little to no savings, small loans can also tide you over the next month or on your next payday. Moreover, this saves you from embarrassment especially if you’ve borrowed multiple times from your family or friends.
Introducing Small Loans
From the name itself, small loans offer a decent amount which is usually settled over a short period of time; you can borrow an amount ranging from £100 – £1,000 with a repayment term of one week up to 14 months. What makes it a handy solution are the lenient requirements asked by the company. Unlike banks and traditional lending facilities, small loans provider only requires a stable source of income and a working bank account. You have the option to get it online if you don’t want to experience a lengthy loan application process. Getting the loan over the Internet also gives you the privacy you need. There’s no chance for you to bump into someone you know while applying for a new line of credit.
Although you cannot use it to purchase new properties, small loans are beneficial when you are low on funds and you want to cover basic expenses such as buying groceries, repairing your car, or as an allowance to tide you over the next month. Like payday loans, you can have the extra money you need while waiting for your next payday.
When you’re unemployed and have limited cash, small loans can back you up while you look for a job. There are lenders who are willing to accept jobless borrowers as long as they’ve only been unemployed for less than 6 months. Usually, they are very lenient, allowing the loan seeker to settle the loan after they are hired.
Will A Bad Credit Score Affect Application For Small Loans?
Most lenders will take a look at the borrower’s credit report first before they are even qualified. It’s not surprising though since it contains all the necessary details of the loan seeker, including the Social Security Number, the accounts made, and the amount of each debt. Lenders use it to determine the creditworthiness of the debtor.
As the borrower, it is also important that you check it before sending a loan application, most especially if you have a low credit remark and you want to improve it. A bad credit score suggests a bad behavior previously; it means that a mistake – such as arrears, late payments, defaults, bankruptcy, CCJs, or foreclosure – have been recorded in your credit history. This is what usually leads to rejection.
To avoid unfavorable scenarios, be sure to get a free copy of your credit report and check if all the details entered are accurate; otherwise, report it to the credit bureau. On the other hand, settle all the debts before you apply. If you’re still not capable of repaying outstanding debts, you can look for a debt consolidation loan with a low-interest rate and use it to combine all your accounts.
On the bright side, having a bad credit doesn’t really mean you should be hopeless. There are small loans providers willing to accommodate your requests, regardless of your credit remark. The options may not be as wide and attractive as the ones provided for borrowers with excellent credit rating, but at least you have the chance to acquire the amount you desire.
Choosing Small Loans Direct Lender
When you need easy cash and you want is fast, the best option you have is to get small loans from a direct lender. These lenders directly operate the loan procedure, with no middle person involved, so you can complete the application and get the money in an instant. But even if you’re in a rush, it’s important to find out everything you can about the lender first.
To find the best lender, you need to conduct a research beforehand. Look for at least 3 to 5 companies and compare their Annual Percentage Rate (APR) – or the total amount you need to settle, including the interest and fees; check out who offers the most flexible repayment term and policies. It’s also crucial to learn about their customer service, therefore, reading the reviews from their previous clients are essentials.
It may mean consuming a lot of time but it’s necessary when you want to experience the best lending experience. After all, small loans have a lot of advantages and one of which is the accessibility. With the help of a laptop or even a mobile device and a solid Internet connection, you can get the loan you need as fast as you can. You can do it anywhere – in your bed, a coffee shop, or while inside the office. There’s no need to worry about the online transaction as reputable lenders have provided maximum security on their website. This means that your personal and financial information is protected and safe.
Small loans won’t require collateral – or any valued items like a car, house, or a mobile phone. This is a good alternative if you don’t have any asset to surrender or you’re not comfortable knowing that you can lose your property in case of default.
However, small loans cannot be used for long-term financial plans. In addition, most lenders will ask you to give back the entire loan amount within a month a shorter. If you cannot provide the repayment, your credit score will be affected negatively and in the future, creating a new line of credit is more difficult.
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