The Ultimate Guide to Sameday Loans

Car broken down? Fridge freezer on the fritz?

If disposable cash is running low, what are the best options to turn to in an emergency?

With new options hitting the UK finance market all of the time, there has never been a better time to find some financial assistance. However, choosing the right options is a trickier prospect. To make the smart decision, follow our ultimate guide to the current available options.

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Asking the right questions

  • Q. How much do you need to borrow?
  • A. It is important to only borrow the amount you need. The more that you borrow, the more you will have to repay.
  • Q. What length of repayment period would you like?
  • A. The shorter the repayment period, the higher your repayments are likely to be
  • Q. Would you like the loan to be secured?
  • A. Offering security such as your home or vehicle against the money borrowed loan may ensure you become eligible for lower interest rates. However, failure to make the required repayments may result in your home or vehicle being repossessed.
  • Q. Are you comfortable with the level of the repayments?
  • A. You should always be able to comfortably afford your repayments. If your finances are stretched too thin, any change of circumstance may result in you being unable to afford to make your repayments.
  • Q. How good is your credit history?
  • A. The better your credit score and history, the better you will find the deals available to you.
  • Q. Are you likely to repay the outstanding balance early?
  • A. With some of the current options, you may be able to save money by repaying your outstanding balance earlier than scheduled. However, some lenders charge an ‘early repayment fee and this is something that you should clarify at the outset.
  • Q. Are you prepared to shop around?
  • A. The chances of the first loan that you come across being the best deal you can get are very slim. By using websites such as our own, you will be able to dramatically cut down on the legwork to find the best available option. We ensure that submitting one application will result in you receiving a number of offers from which you can choose.

Doors Opened by a Good Credit Rating

Your current rating is all important when it comes to securing some loans.

In the article below, the Huffington Post explores ‘5 Things Excellent Credit Can Do For You’.

What else should you look out for?

There are plenty of other hidden traps that could cost you money unless you’re savvy, including:

  • Hidden fees: Several providers impose arrangement or administration costs during the set-up process. Lenders may also charge late payment fees. Check the terms and conditions of a policy carefully.
  • Deferred repayments: See if it is possible to defer payments or take a payment holiday in case finances are tight.
  • Payment by direct debit: To ensure you don’t miss payments, ask lenders if it is possible to pay by monthly direct debit.

10 tips for taking out a personal loan

If you would like a little further advice regarding getting the best option for your individual circumstances, check out the Independent article below ‘.

What is your credit rating

Did you know that each credit reference agency is likely to have a slightly different score for you? Whereas going through each agency individually can be a costly process without resulting in a definitive answer, visiting Checkmyfile allows you to access the UK’s only multi-agency report to view an accurate current score.

See more than twice the information compared to any other Credit Report in the UK

Testimonial Checkmyfile

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