What to consider if you compare loans UK online?
There are a few things you will need to consider if you choose to compare loan prices. The first thing to think about is the size of the loan. How much do you need to borrow realistically for the purpose you need the loan for? The second thing to think about is how much time you will need to repay what you borrow (including the interest).
How much is the loan going to cost you? Thinking about the interest rate and the monthly repayments is definitely something you should consider when comparing loans. When you compare loans it’s also best practice to look at the reviews for each lender to see what other borrowers' experiences have been. A lender may be cheaper than another but if they offer poor customer service it may be worth paying that little bit more.
The golden rule is to only borrow as much as you need. The exception to this rule is that in some cases it may be cheaper and more manageable to borrow slightly more than you need over a longer period of time. This is due to the higher price of short term loan options. In any case when looking for a loan, know where you stand, compare your options and Choose Wisely.
Why should I compare loans?
It’s always best to compare loans before signing an agreement as there are so many options out there, each designed for different circumstances and with different acceptance criteria. The price of a loan can also vary massively depending on the type of loan you choose and its provider. If you don’t compare loans and choose the wrong option it can end up being very expensive and if your application is declined then it will most likely negatively impact your credit file and future applications for credit.
How to use Choose Wisely to compare loans online today?
You can use the loan comparison tool on Choose Wisely to find a range of loan options online today. All you need to do is fill in the form behind the ‘Get Accepted’ button on our website. This allows us to perform a quick search of our panel to see what lenders may accept your loan application in principle. We can then help you to compare your options, by providing the results of our search in a comparison table. You can then choose your lender and visit their website to complete your application.
Why is it important to compare loans with bad credit?
If you have bad credit it’s more than likely that a highstreet bank or supermarket won’t approve your loan application. Making multiple applications with different lenders will also have a negative impact on your credit file, making your ability to obtain future credit even harder. This is why it’s important to compare loans with bad credit so that you find a lender who is more likely to accept your application.
Another reason to compare bad credit loans is that the price of a loan varies massively depending on the amount you want to borrow and how long you plan to repay it. The Choose Wisely loan search is available on our website and will check to see who will accept your application in principle, so that you can compare your options before you complete a full application and are credit checked.
Can I compare loans with no credit check?
You can compare loans on Choose Wisely and see who may accept your loan application in principle without undergoing a hard credit check. Our panel of lenders will only use a soft search of your credit file at this stage. If you choose to complete an application with a direct lender you will then be credit checked before they provide you with a final decision.
How do I compare the cheapest loans for me?
The price of a loan will be dependent on a number of factors and varies from person to person. Things like your credit history, your current employment status, your income, outstanding debts and your financial status can all affect how much a loan will cost you and the interest rate and apr you are offered. Because of this, a cheap loan for you may be expensive for someone else. That’s why it’s so important to compare your loan options.
All you need to do to compare loans is to complete a Choose Wisely loan search. We will use your information to compare various lenders we work with to find the best deal at the cheapest price for you.
What are the best sites to compare loan rates?
There are some very popular websites that allow you to compare loans such as Go Compare, Compare the Market and Money Supermarket. The benefits of using a company like Choose Wisely over these big name brands is that we specialise in helping those who can’t go to a bank or supermarket to get a loan because of bad credit. It’s these people that need financial help the most and arguably the most support, ensuring they Choose Wisely when comparing loan rates.
To compare loans online today use the handy application tool on our website and we can help match you with lenders who are most likely to accept you.
FAQs when comparing loans
Yes. We do not charge any fee to use Choose Wisely. If you successfully get a loan we may receive a commission from the lender.
Yes. If you complete a loan search with Choose Wisely our lender panel will include guarantor lenders.