Finding a loan option that best suits your financial circumstances can be a challenge at the best of times, but when you have a financial emergency thrust upon you – whether through family illness, damage to a vehicle, or the need for home repairs – then it can be even more tricky to make the right decision.
With this in mind, we’ve decided to put together some tips for anyone looking for a loan that comes at a good rate and also allows the money to arrive to your bank account as quickly as possible. So, here are some top tips:
Look at the Total Amount Repayable
As you consider possible loan options, it can be easy to be enticed by seeing a small monthly repayment in comparison to a chunk of cash arriving with you when you need it, namely now. This is understandable, but it is really important to ensure that you factor in just how many monthly repayments you will have and, in particular, what this will add up to in terms of the total amount you will have to pay back.
Knowing your total amount repayable will allow you to weigh up the immediate financial gain in comparison to the ongoing financial commitment. You of course want to make sure that the loan is repayable each month to avoid taking on additional charges, so by looking at your loan in terms of the total financial commitment, you have a clear budget.
Make Use of a Loans Broker
While you can look across the options in terms of quick loans in the UK yourself, it can also help to make use of a professional service which is specifically designed to do this task on your behalf. While a loans broker only has a certain number of lenders on their database, a good one will be able to search across enough lenders to ensure your exact financial requirements are met.
At this point, there is no actual obligation for you to take on the loan agreement, but the quote gives you a great starting point from which to decide whether it is the right financial move for you and your family. Should you decide that it is and progress with the quote, the lender can then look at your financial profile, and should you pass their checks, you can then choose to accept your loan agreement and receive your funds in as little as 15 minutes in many cases.
Make the loan a monthly budget priority
Our biggest tip in terms of making sure your loan is actually a help rather than a hindrance is to make sure that the loan repayment is factored in at the beginning of your monthly budget, not the end. Make sure that whatever your regular monthly income is, you immediately put aside the loan repayment as a priority to get met.
Do this, and you can achieve the short-term gain while dealing with the long-term repayments.