Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

How Much Cash Do You Want?

Borrowing £18,000
+
Interest £700
=
Total To Repay £18,700

Immediate Cash Assistance

What We Provide
Is your credit line not good enough to qualify for a loan from the bank? Do you need cash assistance without complicated paperwork and fast? Great news! We have options that would greatly work for you!
  • Online decision
  • Responsible lenders
  • Apply to borrow up to £3000*
  • Rates From 278% APR – 1576% APR*
  • 3-12 month repayment

What Are Unsecured Loans?

This type of loan is granted based on the borrower's creditworthiness. An unsecured loan requires no asset to pledge as a collateral. Generally, borrowers with high credit score are eligible to apply to a certain unsecured loan. However, there are plenty of unsecured loans that allows borrowers with poor credit to be eligible. One of which is a payday loan.

How Do The Application Work?

Convenient and Secured

The application process goes online. It is easy and simple. All you need to do is to provide your information on an online form. Complete the form and send it back. No worries, your information is processed through a secure channel to ensure that your data is not compromised.

Lightning Fast

You don’t have to wait hours to be approved for the loan. In just a matter of minutes, you can get the results of your application and get the funds you need. No more waiting long lines or beating traffic. Just sit back, relax, and see the funds go straight to your back. No fuss, no hassle.

No Credit Checks

There’s no need for you to worry about your credit line. As long as you’re good on paying back what you owe, our lenders can’t say no. Our trusted and responsible lenders do not do credit checks. Just make sure to pay on time to prevent any additional charges and fees.

If you have applied for a loan and you finally got the offer approving your request for financing, you’d definitely be thrilled. It is hard to qualify for loans these days, after all. Anybody would feel lucky to be granted approval for the funds that they were hoping to take out.

Tips on Handling Your Loans

However, there may be instances when, right after you have excitedly accepted the loan offer, you had a change of mind it could also be a shift in circumstance and you find out that you do not really need the funds anymore. If you have already affixed your signature, signifying your acceptance of the loan offer, you’d certainly wonder if there is still a way to back out of it.

Fortunately, there is. While you have knowingly entered a legal agreement, as a borrower, you are given the right to withdraw from the agreement within a specific period of time after you have accepted the lender’s offer. In the UK, it is part of your rights as one of the borrowing public to cancel a loan agreement that you have already signed, provided that it is still within the 14-day period from when you’ve signed it.

You do not even need to provide a reason why you’re doing so. Lenders cannot force you to provide them a reason for your withdrawal. You could have a change of mind. You could have found a better loan offer somewhere else. All of these reasons do not matter as long as you are cancelling the agreement within the designated period.

Cancelling A Loan

When cancelling an accepted loan offer though, you are advised to get things properly documented. Giving notice to the lender should be ideally done via writing. Always make sure to keep your own copies for record-keeping purposes. If the grace period is about to expire, giving the lenders a call to inform them of your decision is also acceptable. Just see to it that you take note of who you spoke to and the date and time of the call and then make a written follow up so it will be duly honoured.

When looking into a particular loan, it is always best to assess and evaluate it to see how affordable it is, given a your monthly expenses as well as income. For this reason, many borrowers would typically check how much they’re are going to have to pay monthly. To figure out, here’s how you can calculate a loan payment.

Before doing calculations, you, first, have to identify the kind of loan that you are looking into. For each type of loan, there is a respective way of doing the calculations.

Amortization loans

For this type of loan which pretty much tackles most type of loans with the exception of loans that are interest-only or credit cards, this formula works

P = A/D

Now, what do these values mean?

P: Total monthly payment

A: Amount

D: Discount factor

So, how do you calculate for the discount factor? The formula goes like this:

n: Number of periodic payments or how many times you pay in a year multiplied with the total amount of years of the loan term

i: The periodic interest rate which is calculated by dividing the annual rate in decimal by number of period payments in a year

{[(1 + i) ^n] - 1} / [i(1 + i)^n]

Interest-only loans

Interest-only loans are much less complex than the former. This type of loan means that the principal amount of the loan remains fixed throughout the entire term of the loan.

To calculate for the monthly amount for this type of loan, the formula goes like this:

(Principal Amount x Interest Rate expressed in decimal) / Total Number of Period Payments in a year

Credit Card

Credit card payments can also be considered relatively less complicated. You are usually required to pay the minimum monthly payment which is usually calculated by getting the 3% of your outstanding balance for every month.

Minimum Monthly Payment = Minimum Required, expressed in decimal x Balance

Final Thoughts

When calculating, always keep in mind that the amount you’ll end up with are or more less just rough estimates.