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

Apply To Borrow from £100 to £25,000*

  • Apply For £ 50 - £ 1,000
  • Fast Payout
  • No Fees
  • Secure Application
  • Available 24/7
  • Bad Credit
  • PERSONAL Loans
  • SHORT TERM Loans
Representative example: £500 borrowed for 5 months. Total amount repayable is £999.85 in 5 monthly instalments of £198.37. interest charged is £491.85, Interest rate 236.1% pa (variable). Representative 481.6% APR.

What Are
Unsecured Loans?

If you don’t have any collateral for a loan, the best option you have is an unsecured loan. Going for an unsecured loan requires no collateral to be approved. However, interest rates are slightly higher than secured loans. Typical unsecured loans are credit cards, student loans, payday loans, and more. Lenders don’t need to do a credit check but interest rates may depend on your credit standing.

Secure Process

The platform is highly secured and protected. You don’t have to worry about the information you provide. The information provided online passes along a secured channel that ensures data integrity and prevents it from being compromised. It is guaranteed safe and secured.

Paid Into Your Account

The payment goes directly to your account fast and without hassle. In just a few minutes, you’ll get the funds that you need when you need it. You don’t have to visit banks while waiting for hours just to get an approval. It is the most convenient way to borrow funds in case of emergencies.

Credit Problems*

Your credit won't be a hindrance when applying with us. The lender doesn’t do credit checks. It is available to everyone regardless of their credit levels. So if you're hesitant about applying for a loan, don't be. Even with poor or bad credit, you can still borrow the funds you need whenever you need it.

DO I NEED TO HAVE

A COLLATERAL

Having no collateral to provide, you are still eligible to apply for an unsecured loan. However, in most cases, borrowers with poor credit history tend to have higher interest rates. The repayment terms can also get a little difficult for them. Still, this is the best option available especially during emergency cases. Unsecured loans are available to borrowers even without any collateral as a security deposit.

WHAT ARE

UNSECURED LOANS?

Examples of unsecured loans are student loans, credit cards, payday loans, signature loans, small business loans, peer to peer loans, and more. Lending companies cannot seize a borrower’s asset if they even fail to make a payment or miss several payments. However, lenders may take you to court in an event where you can’t fulfill the terms of the loan. Failure to meet the terms could severely affect your credit and may prevent better credit opportunities in the future.

Applying for Loans Such As Joint or Couple Loans

There are a lot of reasons why a person borrows money, and it’s more than just running out of cash. Today, loans have been created to cater to specific needs such as buying properties, addressing emergency expenses, and a lot more. If you’re wondering why you need a loan, then you’ve come to the right place.

In this guide, you’ll learn why a person borrows money from a lender as well as how you can easily apply for a loan.

Reasons Why We Borrow

  • Leisure/Experiences

Some people borrow a loan to fulfill a dream getaway or experience something such as cruising, staying in a luxury hotel, eating in a fine dining restaurant, etc. For some, it may not be practical since loans are not free in the first place, but as long as they can afford the repayment, there’s really nothing wrong with it.

  • To Make A Purchase

Some people borrow cash when they want to purchase a new gadget or a new property like a car or a house. No matter what you’re planning to buy, make sure that the loan you apply for suits your needs.

  • For Business

Whether you want to start a business or expand your existing ones, applying for a loan can be a great help. You can use it to buy new materials and tools, to pay for business-related expenses like wages and salaries, or to add more products.

  • Consolidate Debts

One of the most practical ways to use a loan is for consolidating debts. This means combining all your existing accounts like your credit card debts, personal loans, payday advance, etc., into a single loan. This makes the payment easier since you are dealing with one lender alone plus, the interest rate for debt consolidation loans is often lower.

  • To Build Or Fix A Credit

Having a credit good credit history is crucial as it affects your loan application in the future. When you have a bad credit score or you have no credit history at all, you can get a loan to build and/or fix it. Just be sure to pay your debt on time so you can boost your credit rating.

How Loans Work

Many people who are planning to apply for a loan usually don’t have idea on how loans work. If you’re planning to borrow money then it’s better to know first the process of loans. In this way you’ll be able to manage your funds and debts and when to make the right decision.

You have to know first the cost of money you will pay for the totality of your loan. Of course, when you borrow money from a loan then it will cost you more money to pay back because you’re not just going to pay the money you borrowed but also its interest and other fees. And yes, if you’re planning for a loan then it could be a burden for you if you don’t have enough source of income or if you don’t calculate everything before you apply for a loan.

Why People Go for Loans

In order for you to get a loan you must meet the requirements of the lender because lenders want to make sure if they’ll be repaid. Lenders have different standards but most of them look for a borrower who has a good credit score, a stable income, and has assets for collateral if you’re planning for a secure loan.

Now, if you think you are eligible for a loan then you can now go to the nearest bank or credit union and talk to the lender to apply for a loan. You can now submit your loan requirements such as your validation, proof of income, and you credit report.  After that, your lender will evaluate your loan application whether you are qualified or not. If you got approved then your lender will send the money to you through your bank account or through a person. After you receive the money, your repay will start soon and usually this is on a monthly basis. But if you want to save money to avoid paying other fees and interests, you can repay it early. You can talk to your lender if there will be fees for prepay.