Are past financial mistakes beginning to catch up with you?
Even if you believe that your options are limited this may not actually be the case and in the article below, we highlight 5 of the most important things to look out for so that you can make the most informed decision possible.
No. 1 – Widely available
Perhaps the most important aspect of some of the new financial products which have recently hit the market is the fact that they are widely available. With many different options ranging from payday lending to loans with a guarantor, you are highly likely to find an option that ticks all of the right boxes for you.
The range of options available, coupled with the fact that the assessment criteria from specialist financial lenders is far less stringent than with banks and building societies (i.e. if you can demonstrate an ability to repay, there is every chance your application will be granted), ensure that if you need to borrow some money, you will be able to.
No. 2 – Available quickly
Rather than wrapping customers up in red tape for days, many of the new financial products are typically available within just a few hours of a successful application being submitted.
No. 3 – Perfect for debt consolidation
If you find yourself facing the prospect of mounting debt becoming too much to handle, taking out one larger loan to repay a number of smaller debts can offer the ideal solution.
Although banks are unlikely to grant an application for anyone who they believe poses a repayment risk, this is not likely to be an issue for these new breed of lenders.
With loans with a guarantor being available for sums of up to £10,000, the ability to draw many different debts into one easy to manage payment can prove to be a highly effective way of bringing debt under control.
For more information regarding this process, please visit the Debt Advice Foundation article below, titled ‘What is Debt Consolidation?’
No. 4 – Perfect for reducing financial pressure
The pressure resulting from mounting debt can impact all aspects of life. If your debt has impacted your credit rating, it can be all too easy to believe that your financial options have all but disappeared.
However, as outlined above, the ability to turn to loans with no credit check can offer a financial lifeline which significantly reduces short term financial pressure.
No. 5 – Can provide long term help & lead to a brighter future
Although certain financial products have been designed solely for short term purposes, others are widely available with repayment terms of up to 5 years.
This offers the opportunity to take a far longer term view with your finances due to the fact that the repayment schedule can be tailored to ensure that your finances do not become stretched too thin.
Please note – By making repayments on time and demonstrating an ability to reduce your overall debt, you can take significant steps towards building your credit rating to a level so that cheaper options will become available.
How much do you know about your credit score?
Did you know that each of the major UK reference agencies will provide you with a slightly different score? To avoid this problem, we strongly recommend obtaining the UK’s only multi-agency report from the Checkmyfile website.
Once there you will be able to either sign up for a one-off 30 day FREE Multi-Agency Report Monitoring period by clicking here, or alternatively if your free period has expired, you can order a comprehensive report for a single payment of £19.99 by clicking here.
Don’t let a poor rating limit your options
With so much uncertainty surrounding current lending practices, we offer our customers the chance to save both time and effort by using our application system to gain access to a number of the UK’s best lenders.
Our calculator will allow you to quickly work out how much money you can afford to borrow and completing our loan application form will allow you to easily submit one application to over 10 high quality and reputable UK lenders simultaneously.
Please note – whilst our lenders are not concerned by your recent financial history, they are likely to still take a look – see /no-credit-checking/