What is the cheapest way to borrow money?
The cheapest way you borrow money is to visit your highstreet bank or supermarket. However, to borrow from either of these lenders will mean you need a squeaky clean credit history. If you’ve ever had problems with debt such as missed payments or have a CCJ, it’s likely you won’t be accepted by these lenders. This is also true if you can’t prove that you earn a regular income.
In the instance that you have bad credit or aren’t currently receiving a regular income, having a guarantor who can support your loan application may be the next cheapest option. There are also credit cards which have been designed with bad credit in mind to help you build your score as well as providing a cheap borrowing solution.
The best way to decide on how you can borrow money cheaply is to think about how much you will need to borrow, how long it will take to pay it back and how you plan on paying it back. If you only want a small amount of money (less than £1000 then more flexible options such as a credit line, overdraft or credit card could also be a consideration.
If I want to borrow money online will I be credit checked?
When you perform a loan search on Choose Wisely, we will send your application to our panel of lenders. They will complete a soft search (which doesn’t impact your credit file) and return back a decision in principle. We will then present your results in a comparison table for you to compare your options and decide whether or not to continue with a full application directly with a lender.
If you do decide to visit a lenders website and complete an application you will be subject to a credit check. All direct lenders have to carry out a credit check on any loan application they receive. A direct lender will use your credit score and history to decide whether they can lend money to you or not.
What are my options if I need to borrow money fast?
Many of the lenders we work with here at Choose Wisely process loan applications quickly, so if approved you can borrow money fast. Our initial loan check only takes two minutes to complete. Once you have completed the full application with the lender you could receive a payout in as little as 15 minutes.
To make the process faster make sure you have all the information you need on hand before you start your application. You will need to provide the lender with information about your employment, your current housing situation, your monthly expenditures. Having this information to hand will make the process as quick as possible.
Do UK direct lenders lend money to the unemployed?
There is the possibility that a direct lender in the UK will still allow you to borrow money even if you are unemployed. There are specific circumstances that this would happen in though, such as the lender specialising in lending people money who have a low income. Loans for unemployed people usually involve guarantors but it all depends on what your current financial situation is as well as what you are earning per month.
Someone who is unemployed doesn’t necessarily have no income coming in. Some UK direct lenders will still provide a loan to people who are on benefits such as Universal Credit because this can be classed as a reliable monthly source of income. You may also be able to borrow money from a direct lender if you are planning a return to work in the near future.
Loans are offered to a borrower on the assurance that you will be able to pay back what you borrowed within a set amount of time. The more stable your financial position the greater your chance for being accepted for a loan. borrowing. You may still be able to get a loan even if you don’t have a regular income. However, you may end up paying a higher interest rate because of the increased risk of you not repaying the loan in full. The most important factor is that you can afford to repay any loan you take out.
What is the cheapest way to borrow money if I have bad credit?
When you have bad credit but still want to borrow money cheaply then it’s best to think about what is best for you in your current financial situation. Consider your financial goals, your credit history and what your money looks like right now. Do your research and use the Choose Wisely Get Accepted loan search to find the right deal for you.
Can I borrow money with poor credit if I don’t have a guarantor?
When you have bad credit and no guarantor the lender may focus on your current financial status instead, including your current employment situation and whether you can afford to make repayments on a loan. These loans are specially designed for those who have a bad credit history.
The best way to find out if you qualify for a loan when you have bad credit is to use the Choose Wisely Get Accepted loan search. It will only take a few minutes and won’t impact your credit score. We match you with the best lenders for your situation and provide you with a comparison table of lenders who have accepted your application in principle.
It’s important to note that there are a number of lenders that provide loans without a guarantor, however, if you have bad credit these are likely short term loans, for small amounts, usually with a cap at around £5000. The repayments and APR are likely to be higher as well because of the risk the lender is taking in loaning money to someone with bad credit and no guarantor to guarantee the repayments.
What to consider when applying to borrow money online?
As with any type of loan application there are a few things you need to consider before you apply to borrow money online. You should only be borrowing money if you know you can afford to make all of the repayments. You also should think about whether you really need to borrow the money in the first place. There could be alternative options such as borrowing from family or friends instead.
When you want to borrow money online check whether you’ll be accepted with Choose Wisely first. This way you will know where you stand and won’t have to make multiple applications within a short space of time that will then go on to negatively impact your credit score, impacting your ability to get credit in the future.
Borrowing Money FAQs
It always pays to use an approved and regulated comparison site to compare your loan options before applying. Use the Choose Wisely loan search to find out who will accept your application without being credit checked.
Unsecured personal loans are available online from £100 up to £25,000. Whether or not you will be approved for a loan of any size depends on your personal circumstances and the final decision is always that of the lender you apply with.