Life is full of unexpected twists and turns and one day you might find yourself short of cash. Most Brits at some point have borrowed cash as a personal loan which can be an excellent tool to finance your needs. To view the best immediate loans available with low interest rates try an online search.
Why Take A Personal Loan?
There are many reasons why you might take out a loan. For example, to make home repairs, consolidate debt, medical expenses or pay for education. Whatever your need may be, personal loans offer a flexible way to get the cash you need to overcome the challenge. Debt consolidation is one of the most common reasons for taking out a personal loan in 2022.
How Do Personal Loans Work?
After going through the simple online application you will be pending approval. Once the application has been approved the funds will be deposited right into your bank account in a lump sum. Depending on the loan and obligations you may have to start making monthly payments as soon as the loan is wired to you.
The 4 Best Personal Loans In The UK Available Right Now
Lendable Personal Loan1
First on todays list we have the company Lendable which offers peer to peer lending in the UK. The benefit to using Lendable is that they offer personal loans for not just good credit scores but bad credit scores too. Lendable is currently offering minimum loans of £1,000 and a maximum loan of £20,000. These loans can be taken for a duration of 1 to 5 years and are made for UK citizens over 18 years of age and have a minimum income of £800 per month. Depending on the loan taken and the duration will change the total APR but the interest rate is fixed at roughly 19.5% p.a.
Next on the list we have Oplo which is geared towards people with bad credit scores. Offering loan amounts anywhere from £2,000 to £15,000 this type of loan may be suitable for you. These loans have durations available for 2 years all the way to 6 years and the online application can be approved in just minutes. Oplo caters towards credit scores in the fair or poor vicinity so if you’re in this category rest assured there is a loan option for you.
Oyster Loan offers different types of loans to those who live in the UK. Offering a minimum loan amount of £1,000 all the way up to a maximum loan amount of £35,000 it caters towards even bigger personal loans. They have durations of 12 months to 84 months available and this will indicate the APR of your personal loan. Oyster Loans uses different lending parties to facilitate loans that are catered towards your personal needs.
Zopa Personal Loans4
With a high trustpilot rating Zopa is offering affordable personal loans to UK residents. £1000 is the minimum loan they will offer and a maximum of £25,000 is available if your budget requires this. The APR for Zopa is approximately 15,4% but it can change depending on the total loan amount and the duration of your loan contract. Zopa has the ability to check the rate you will get without effecting your credit score which can happen from excessive credit checks. If your loan is approved and you meet all the conditions they will wire you the money in just 2 hours.
Bonus Tips For Loan Comparisons
- Purpose Of Your Loan – Loans can be used for a broad range of purposes. For example, a car loan can be used to buy a new vehicle or a personal loan can be used for medical expenses. Make sure you are aware of what the purpose of your loan is, as this will help you narrow down your search and find the best lender to work with.
- Strong Customer Support – It is important to know that you have a strong advocate when taking out a personal loan. A good lender will stay on top of your needs and guide you through the application process.
- Prepayment Plans – While some lenders offer the ability to repay a loan at anytime, others may require you to start making payments right away. Choose the financing company that offers the most suitable plan for you situation.
Find Your Perfect Personal Loan Today
Join the millions around the nation who have used a personal loan to their advantage. Life has many unexpected hurdles and challenges so having access to immediate cash can help to overcome. Whether it is medical expenses, moving home, financing a vacation, consolidating debts or simply boosting cashflow a personal loan may be great for you. To find the best rates available in your locality try a simple online search.