Which Documents do you need to get a loan in the UK?<\/h2>\n
Banks are, fundamentally, looking for documents that act as proof of your identity and location. Here are the documents you can submit in order to apply for a loan in the UK<\/a>.<\/p>\n However, note that you may not use the same document as proof of your identity as well as your address.<\/p>\n There are essentially two types of loans: Unsecure and Secure loans.<\/p>\n These are loans that you can apply for without the need for collateral. Pledging collateral refers to putting an asset on the line as a way to secure the loan you need.<\/p>\n Unsecured loans do not require you to risk significant assets like your house or car, or anything else to compensate for not being able to repay the loan. However, they do require you to have a regular and stable source of income and an excellent credit history. Here are a couple of advantages of applying for an unsecured loan in the UK.<\/p>\n Seeing how the average joe has a ton of expenses, it is easy to fall back on some, which is why personal loans are essential.<\/p>\n As you look for your ideal personal loan in the UK, you ought to consider the following factors: loan amount, interest rate, repayment period, and fees. You can approach banks, credit unions, and online lenders.<\/p>\n Banks allow you to apply for a loan in the UK in person but may have relatively strict requirements for loan approval. Credit unions typically require you to be a member before they hand out loans. They are also known to cater to people who have subpar credit. Online lenders generally have a simple and straightforward approval process. However, they may be the most expensive option of the three.<\/p>\n A bad credit loan in the UK is an unsecured loan designed for people who have a poor credit history. Bad credit score loans usually come at a relatively higher interest rate, which makes these an expensive loan option.<\/p>\n The average Annual Percentage Rate (APR) on bad credit loans is 49%. APR refers to the cost of borrowing a loan amount over 12 months. It includes additional fees and interest on the loan. Bad Credit Loans boast the following advantages:<\/p>\n However, Bad Credit Loans have the following disadvantages:<\/p>\n Secured loans require you to pledge collateral. Borrowers tend to go for secured loans for significant amounts. However, as mentioned earlier, you would have to put your house or vehicle or another asset on the line for compensation if you are unable to repay the loan in time.<\/p>\n Here are a couple of advantages of secured loans:<\/p>\n However, secured loans also have disadvantages that ought to be aware of: Borrowers are mainly apprehensive about secured loans because you have to pledge collateral.<\/p>\n Unlike unsecured loans, secured loans come at relatively lower interest rates. However, they are variable, which is not the case with unsecured loans. Variable interest rates<\/a> may affect you negatively in the long run.<\/p>\n","protected":false},"excerpt":{"rendered":" Finding and deciding on the right loan in the UK can be challenging, especially considering how you ought to take multiple factors into account. These include why you need a loan, the loan amount, how much time you need to repay the loan, and so forth. Why get a Loan in the UK? People apply…<\/p>\n Read More<\/span> Looking for a Loan in the UK? Here’s What you Need to Know<\/span><\/a>","protected":false},"author":2,"featured_media":43489,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"Layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Looking for a Loan in the UK? 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<\/h2>\nTypes of Loans in the UK to Consider applying for<\/h2>\n
Unsecured Loans<\/h3>\n
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Personal Loans<\/h4>\n
Bad Credit Loans<\/h4>\n
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Secured Loans<\/h3>\n
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