Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk
A personal loan is a versatile financial tool that offers a quick financial solution for inadvertent events or emergencies. Personal loans even go by the alias of ‘signature loans’ because once your loan is approved, all you need to get the funds is a signature.
The ease of access can be attributed to the fact that personal loans are unsecured – you won’t have to provide collateral to secure this loan. In addition, you can use a personal loan to solve a myriad of purposes.
Unlike mortgages and auto loans which help you finance the purchase of properties and cars, respectively, personal loans aren’t earmarked to serve a specific purpose. Here’s what personal loans can help you with:
Personal loans can help you bridge the gap between your dreams and their fulfilment without disturbing your financial balance. You can conveniently spread the cost of your venture into affordable monthly instalments over a fixed term with a personal loan.
Affordable instalments give you more breathing room and greater control over your spending, especially in the long run. But, it is best to ensure that your budget has room for repayments before opting for a personal loan.
Broadening your search and exploring the market can open avenues to more competitive loan offers. You don’t have to limit your search to find personal loans in Northern Ireland, even if you are based out of the county yourself.
LoanTube enables you to compare real-time loans from multiple lenders across the UK from the comfort of your living room. Benefit from our pan-UK panel of FCA- approved lenders and enjoy competitive rates and guaranteed APRs on loan offers.
A common myth surrounding lending is that postcodes could affect an individual’s credit rating, based on the notion lenders might want to steer clear of postcodes with higher percentages of defaults. As a result, lenders might charge a higher interest rate.
This is simply a myth – lenders use your personal details to verify your address’s legitimacy and check your credit history. Your postcode will not influence your application or the interest rates in any way whatsoever unless you apply with a below-average credit score.
Regardless of where you reside, your credit history and financial standing will impact a lender’s decision. With a spotless credit history, high score and a decent income, your chances of securing a personal loan with competitive interest rates will be higher.
Moving homes may complicate the lending process. If you’re from one county to another within Northern Ireland, you most likely have an existing financial history that could aid your application.
If you have an existing credit history, you will easily be able to find lenders in Northern Ireland. It’ll be even better if history doesn’t include defaults or County Court Judgment (CCJs) – it’ll aid your application and amplify your chances of qualifying for better interest rates.
If you live in Wales, England or Scotland, you can visit your local Electoral Registration Office to register again. For Northern Ireland, you can register using a paper form and return it to the Electoral Office for Northern Ireland (EONI). Carry proof of your latest address to the Registration Office for verification purposes.
Although, if you move to Northern Ireland from the Republic of Ireland, you will have to establish you credit history and residence in Northern Ireland. Until then, your loan search may not render favourable outcomes.
The lending criteria and interest rates can vary among different lenders on a case by case basis. With a stellar credit history and a decent income, you may be able to qualify for a personal loan with competitive interest rates in Northern Ireland.
A below-average credit score might narrow down your list of lenders to choose from. Besides, lenders tend to set higher interest rates for borrowers with a low credit rating. So, it is important to consider these factors before opting for an unsecured personal loan.
One way to improve your credit score is to settle all prior credit engagements (credit cards, debts, overdrafts, etc.) before applying for an unsecured personal loan. Additionally, you could check your credit report for discrepancies – unidentified enquiries or erroneous records. Disputing these errors could raise your score considerably.
The process of finding the right loan ultimately boils down to one thing – how well you explore the market. Instead of grabbing the very first offer, shop around and compare interest rates and APRs on all your offers.
The rate you are offered will depend on your individual circumstances.
Representative APR Example: On an assumed loan amount of £2,000.00 over 12 months. Rate of interest 60.18% per annum (fixed). Representative 79.9% APR. Total amount payable £2,684.64 of which £684.64 is interest. 12 monthly repayments of £223.72.
Some of the offered loans might be classed as High Cost Short Term Loans. APR rate starts from 18.22%. The maximum APR rate is 1721%, but you will get a personalised rate tailored to you. The minimum repayment term is 3 months, the maximum repayment term is 7 years. The minimum loan amount is £250 and the maximum loan amount is £35000.
Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.
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