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Personal Loan FAQs

Am I Eligible to Apply for a Personal Loan ?

 

There are a few basic things that are checked as well as the deeper ones. To know if you are eligible can you answer yes to the following question

Can you afford the repayments?

 

How Long Does it Take for a Personal Loan to be Paid Out?

 

The application time scale may vary per applicant. This is due to financial views being done on everyone applying for a personal loan. The average pay out timescale is 5 to 7 days. This will be received directly into the specified bank account.

 

What you need to know about desperate loans

You really can’t predict when you will need to secure extra funding fast and if you have a problematic credit history, taking out a loan from a local bank or credit union can be a difficult ordeal. Fortunately, if you are someone who is faced with such a dire situation, you can rely on desperate loans to give you that extra cash that you need to address an urgent bill or emergency cost.

The loans won’t discriminate your application even if you are someone who has issues in using and managing credit in the past. So if you are someone who has a tarnished credit rating because of a late bill payment, then the types of loans should be options that you can seriously consider.

But there are more to the loans aside from providing reliable funding to people with unappealing credit ratings and below we will discuss all of them.

Desperate Loans with no credit check

Desperate loans do not conduct the same traditional checks that majority of loans in the UK do. However, this doesn’t mean that desperate loan lenders will not evaluate your application all together. Depending on the lender and its lending practices, your employment records, educational attainment, income level, and more, will be scrutinized and taken into account to determine whether or not you are qualified for its loan service.

Most desperate loans available in the UK lending market are also short-term, personal loans like payday loans and the like. This means that they are offered in small amounts anywhere from £100 to £2,000 pounds with short payment terms that can last for a few weeks or months. And because of the high risk involved in your application (your credit history already says that you are a problematic borrower), the loans also tend to have higher interest rates than the rest of the loan products in the market.

why get desperate loans

Some of the great features of desperate loans

Aside from providing you with the funding that you need in urgent times when most banks and lenders have shunned you, desperate loans also come with great features that you as a borrower can really appreciate. Some of them include:

  • Credit score is not important. Any type of credit rating can be approved whether it’s bad or extremely bad, as simple as that.

 

  • Unsecured forms of loans. There is no need to back your credit agreement with an asset or collateral like your home or vehicle.

 

  • Speedy processing. You can complete a desperate loan transaction in just a single day and enjoy same day funding as well.

 

  • Convenient and reliable. You can access the loans 24/7 at virtually any place as long as you are connected to the internet.

 

  • Secured and protected. Online desperate loans are safe and secured which means that every bit of information that you share through the internet will be kept private and confidential.

Advantages of Desperate Loans

There are also a number of advantages that you can expect to enjoy when you decide to take out desperate loans in the UK. One is that you won’t have to worry about any of your personal and financial information becoming leaked or tampered with because they will be encrypted and treated with advanced data protection systems. And because the process can be completed online, you can also expect a quick approval response and instant funding as well.

There are also zero surprises and hidden fees as the loans are regulated by the FCA and high approval rates are very common. They are also all personal loans that can be used for any legal purpose.

Below is a thorough discussion of each advantage that comes with desperate loans.

1.) Safe and secured forms of financing

Desperate loan lenders are particularly careful when it comes to dealing with their client’s privacy and confidentiality. For this reason, you can expect any and all sensitive information that you share online to be treated with utmost security.

Desperate loans are 100% legal for use and are offered by reputable companies that are licensed by the FCA. And because of how competitive the UK lending industry has become, the lenders value the relationship they share with their clients and will never break their trust.

Overall, all the information that you will need to submit to the lender will be handled professionally and kept private. Not a single date will be accessible for outside use.

2.) Ideal for emergency funding

Most people who apply for desperate loans are in fact desperate to secure extra funding to deal with an emergency situation. For this reason, the loan providers have designed an application process that is both fast and efficient.

You can successfully complete and submit an application online in no more than 15 minutes. There is no need to submit any kind of document whatsoever nor fax any form of paperwork to finalize your loan request. And if you’re looking for urgent, same day funding, then taking out a desperate loan is something that you certainly should consider.

3.) Quick forms of funding

If you make an application in a business day, it’s possible to receive an approval response from your lender in an hour or two so long as you meet the eligibility requirements. And once your application becomes approved, the money will be deposited into your bank account after a few hours or within the same day.

Final thoughts on desperate loans

Desperate loans are financial products ideal for people with poor credit scores and problematic credit histories. For people with such issues in their credit file, taking out a traditional bank loan is out of the table that’s why desperate loan lenders have designed special financing solutions to cater their needs based on their unique circumstances.

For this reason, desperate loans are extremely helpful if you are someone who is urgently looking for a reliable loan that can approve your application despite your credit rating. Desperate loan lenders are not concerned on what has transpired in the past. They understand that anyone can become caught up in a tough financial situation that can force the person to miss out or default from his or her debt obligations.

So people with poor credit histories like you can become approved as desperate loans will focus less on your credit history and more on your income and ability to afford the loan. Simply put, so long as you have a stable source of income that is enough to cover the loan’s repayments according to the agreed terms and conditions, getting approved would be quick and easy no matter what your current credit score is.

why choose desperate loans

Check Out the Lenders List

Loan amount
£1,000 - £5,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£50 - £600
Loan term
1 - 6 Months
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5 most recent personal loan reviews

Review of Vivus

I have never used a loan company due to my poor credit following a marriage breakdown but using this company with a good friend who trusts me to make the payments has been a very pleasant and extremely quick and simple process. So if you need to borrow, have someone who knows and trusts that you wont let them down with making the payments and has a good credit history then don't hesitate .. Contact Vivus Loans

Review posted by John Sutcliffe

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Somerset Savings and Loans

I found the online application easy and straight forward, and had a very quick response from the customer service team. Once accepted, the money was transferred very quickly. I will defiantly recommended and will use if ever needed in the future.

Review posted by Alexandrine Parry, Guildford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Lendable

From the initial contact everything was so simple. Friendly consultants who phone and text at your own convenience. One quick phone call and the cash was in the bank the next day! Perfect service! ?

Review posted by Deborah Tomlinson

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All of our reviews have been sourced from TrustPilot to ensure authenticity.

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Please note:
Loanovao is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances
Warning:
Late repayments can cause serious financial issues. For help, go to moneyadviceservice.org.uk
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