All posts by Karl Mawson

Small Loans for students

Small Loans for Students

Small loans for students is a saviour for students who are in urgent need of some extra cash. Small loans are basically short-term low-value loans, which help to fix financial situations. This loan was designed to help people who were in a financial emergency. The emergency could have been anything, phone bill, house repairs, car repairs, etc.
Students before were seen as candidates not worthy to lend a loan to, but now many lenders have changed their perspective towards them. Considering their needs lenders are now providing small loans to students specially designed for them.
However, like any other loans, students also need to provide certain information regarding their educational and financial status. The application is then verified and reviewed by the lenders taking into account your circumstances as a student.

student-small-loans

How Much Can a Student Borrow and for How Long?

The short-term small loans provided to students are similar to that of any other small loan. That means the amount that a student and an employed citizen can borrow is same. Though the amount range is same for both of them, the actual amount varies depending on your credit history.
Students can get a small loan for a sum of £1,000. The repayment of the same has to be done in one month. There are exceptions in certain cases, lenders provide you a loan which fits you and which you can repay comfortably.

 

Things to Consider Before Going for a Small Loan

  • Higher Interest rates

As this loans are of low value and short period, the interest rates are high compared to the other loans. Students should go for small loans only if they are in urgent need of it and they have considered every other method to get money just to come up with no result.

 

  • Credit history

The credit history depends on how you make the repayments. If you make the repayments on time, you would get a good credit score which would give you a good credit rating. This will help you in future to get a loan, as the lender would see that you have done repayments on time on your previous loans.
If you miss your repayments, the situation will be completely opposite. Not making payments on time will have a negative effect on your credit history. However, there are loans for people with bad credit but one must avoid having a bad credit history.

 

Read more:
Small Loans for Bad Credit Direct Lender

Debt Consolidation

Debt Consolidation

Debt consolidation means taking out a large loan to pay out a number of loans, consumer debts, bills. Doing this brings all these debts together into one combined loan which you pay off with a lower rate of interest. With this, the borrower finds it easy to pay off his terms with lower monthly payments than before. As we are combining all the loans together into one, this refers to “consolidating” them. That’s why it is termed as debt consolidation loan.

Technically it is impossible to combine all loans and merge them together. Every loan has its own repayment terms and rate of interest. Each loan has an agreement where you pay it back in set payments over a period of time. So to consolidate debts, you actually get a larger new loan and you use the money from it to pay off the loans you wish to combine. Debt consolidation loans are used by people to combine small loans, bills, credit card balances, overdraft balances and payday loans.

debt consolidation loan

Finance Companies and Banks issues Debt consolidation loans. There are additionally some debt repayment programs that can help to consolidate all the debt payment in a single payment for individuals who are finding it difficult to pay off their debts.

Reasons Why People Go For Debt Consolidation Loans

Reasons to get a debt consolidation loan may vary from people to people.

Some of the reasons can be:

  • It eases our finances by minimizing our many debts payment into one, which is easier to track than a number of loans that we had.
  • It helps by lowering the rate of interest. As all of your smaller loans are combined into one large loan, the rate of interest with which you make repayments is also reduced.
  • It makes our life much simpler by reducing the monthly repayment amount, this is possible only if you get a lower rate of interest on the consolidated loan
  • Debt consolidation loans help you to maintain a decent credit score, it helps your credit score positively.
  • You can pay your debts faster if you manage to get a low-interest rate on your debt. Getting a lower rate of interest depends upon your credit history.

 

You should go for a debt consolidation loan only if you are confident enough to make the repayments. If failing to do so it might harm your credit history. Also, which might have a negative effect in the future when you apply for a loan.

 

Read more:
Bad Credit Loans

 

Bad Credit Loans

Bad Credit Loans

From Bad credit loans, you might get an idea that it is some kind of a loan. But to understand it, we need to know what bad credit actually means.

 

Bad Credit

Bad credit basically indicates that your credit score has not been good due to your bad credit history. A Credit score is calculated on your credit history, there are tools online which can help you to get your credit score with Experian being one which is widely known.

The credit score ranges from 0-999, the score is further broken down into different sections each section describing if the credit score is bad or good.

Below is the score breakdown:

Band

Score

Very bad

0-560

Bad

561-720

Fair

721-880

Good

881-960

Excellent

961-999

Please note that the above-mentioned score is from Experian, different tools have different methods of measuring credit score.

Higher the score higher is your chances of getting a loan. Having a bad credit score makes it difficult to get a loan from the bank.

Bad Credit Loans

But with bad credit loans, it is easier than before to get a loan from a lender even if you have a poor credit score.

 

Bad Credit Loans

Bad credit loans in simple words are loans that are credited to a person even if he has a bad credit score and history. The reason for that person having bad credit score can be anything. It can be bankruptcy, missed repayments on his previous loan, not paying the repayment amount in full, etc

People always have second thoughts about applying for a loan when they have a bad credit history. They think that their application may get rejected because of that. If the amount is high it might affect, but if the person is applying for a small loan, it won’t be that much of a problem.

You can even get loans for bad credit no guarantor, that means you don’t need a co-signer to get a personal loan for bad credit. Also, you get bad credit loans without credit checks within minutes, you don’t have to wait for long.

 

How to Get Bad Credit Loans?

Getting small loans for bad credit has become easy than before. Like before you don’t have to go through the paperwork to get small loan. You just have to go to the lender’s website and fill in the application form. After filling in the details your loan credit in to your account within 15 minutes.

So don’t stress about not getting personal loans for bad credit, just go for it.

 

Read more:
Reasons to apply Debt Consolidation Loans

 

Small Loans for Bad Credit Direct Lender

What are small loans?

Small loans are short-term loans that are of low value.

There comes a time in our life when there’s a need for a little bit of extra cash just to go through a financially hectic month. Little loans come to the rescue when we just need a little sum of money for some unforeseen reasons.

It can be of any value starting from £100 to £3000

 

Why to get a small loan?       

Small loans UK can be used when we are in an unexpected situation where we need a little money. The situation may be anything, it can be vehicle repair, or maybe your fridge which has stopped working, or just a tiny amount to fix the ceiling of your home.

Small loans can be your savior in a situation like this, where you are financially tight at the time of the event.

small loans

Things to consider while taking out a small loan

Little loans are beneficial, but they come with a degree of risk too. You should consider the following questions while applying for a small payday loan;

Would you be able to pay the loan – It is a tiny amount, but can you pay it back?

Any other finance methods you can use – Think of an alternative means from which you can get the money, maybe from a friend or any other family members.

 

How to get a small loan?

To Get a small loan following criteria must be met;

  • The person applying must be 18 years old or above.
  • He/She must be a UK resident.
  • He/She must have mobile phone.

 

Apply with Small Loans lenders, if you meet the above criteria. You just have to go through the application online and fill the required instructions and you are all set.

 

Read more:
Small Loans for Students