If you are looking for a personal loan in the UK, you are not alone. Despite rising incomes over the years, the accompanying increase in cost of living necessitates a need for alternative sources of money other than your income. Sometimes you might be faced with a financial emergency before your next pay check which you have to sort out immediately.
Convenience of Direct a Lender
Most traditional lenders, including banks and credit unions, are wary of giving out personal loans to individualsbut luckily,you can now find an online direct lender for easier access to credit. While there might be other sources of credit in the UK, it is advisable to go for direct lenders for the following reasons:
• Convenience – These services are available online and with just a few clicks, you will have applied and received approval for your loan. Forget bank queues and long waits for approval that are characteristic of traditional lenders.
• Legal financial services – It is important to always procure financial services from a legally recognized institution. A direct lender is authorised and regulated by the Financial Conduct Authority (FCA), which means their services are above board. More importantly, you enjoy peace of mind knowing they cannot resort to coercion and other unprofessional tactics to recover their money.
• Quick and fast approval – These financial institutions were started to provide consumers with faster and more efficient services. Your loan will be approved quickly without tedious documentation requirements. You have to be a UK resident aged 18 years orabove and with a solid source of income.
• Informed choices – Through online resources, it is easier to make a sound financial decision. In fact, most lenders have blogs and reviews where professional financial advisories give tips on how best to access available products.
• 24/7 customer service – Like most online services, you are assured of round-the-clock services. Whether you want to make an enquiry or repay your loan, their systems are always working.
• Flexible loans – These lenders provide tailored loans to suit a customer’s specific needs. Whatever your financial emergency, you can now apply for a loan and a loan assistant will be at hand to help you find the best financial product.
• Availability – With online lending brokers you can now get matched with the best lender based on their financial needs. Whether you are looking for money to finance a remodel or you are looking for money for your car’s repairs, there is a lender out there with just the right loan product for you.
When faced with a financial emergency, time is of essence and this is something your bank does not rate highly for. Even with a medical emergency, you will still have to wait for a week or more before your loan is approved. With a direct lender, all you need is proof of income and you will get the money in your account within the same day.
Life is full of surprises and even with the most prudent budget you might not be ready for all of them. Luckily you now have someone to turn to in case of a financial emergency.