Perhaps you’re in need of some extra money to do some work on your home, car, or even to go on holiday? You might be unsure on what to do and be thinking of all of the options but just can’t put your finger on one, are we correct? Well, a personal loan might be your best option. Find out more about personal loans here.
What is a Personal Loan?
A personal loan is a loan which is borrowed from a lender and paid back over a fixed period. They tend to be larger in amount, roughly ranging to around £25,000, but lenders and brokers like Simple Personal Loans offer loans all the way up to £35,000. So, due to this size, they usually have a longer repayment period which could range to 6 years to give you the best easiest repayment possible.
Am I eligible?
Each lender and broker has a different criteria. Some ask for more information than others, some require different ages and some even require you to have a certain income. It all depends on the lender themselves and what they want you to have. As every criteria might slightly differ, we cannot give you one which will cover all companies. But, the criteria following has a large range of things which lenders and brokers might require you to have:
- Be aged 18 or over
- Be employed or have a stable source of income
- Live in the UK or be a UK resident
- Have an active bank account
- Have a valid debit card for this account
- Hold a valid email address and phone number
What can I use personal loans for?
Hence the name, personal loans are for personal use. This means they can technically be spent on anything. But, this doesn’t mean they should be. We advise you think about the repayment when it comes down to what you are wanting to spend it on. Along with numerous other aspects. The most common things which people use a personal loan for are things like:
- Cosmetic Surgery
- Debt Consolidation
- Home DIY
How do I apply for one?
Depending on which lender or broker you are applying with the application process tends to be easy. If the application process is online, you need to complete the form and submit it. After this you should hear back if you have been accepted in a short period of time. Simple Personal Loans have an online, easy, streamlined application process which can be found if you click here.
Maybe a loan isn’t the best option for you, so, why not learn some fast money saving tips? Click here to find out more.