Even if you don’t have perfect credit, you shouldn’t have to resort to expensive payday loans or other short-term credit options. Moolr look at a number of factors when considering your application other than your credit score. A personal loan UK can help out people in a number of different ways.
Help your Credit Score
We want your personal loan experience to assist in building a more settled and stable financial future. Thus, your payment history will be reported to the major credit report companies. Timely payments help improve credit immensely. A well-structured loan can help you secure more finance in the future as and when you need it.
Struggling with Repayments?
At Moolr, we understand that financial difficulties can occur at any stage in your loan journey. Financial difficulties could include being unable to pay a future installment, having to cut back on essential expenses in order to make the payment, borrowing off family and friends or anything else that makes you worry about your loan. If you are experiencing financial difficulties, contact our team on 0800 610 1516 and we will be able to help you put in a place an affordable and sustainable plan.
Loan Checklists
People choose to borrow funds in the form of a loan for a multitude of reasons. It can be to help contribute towards large purchases, such as buying a car or paying for a wedding. Whatever the reason, it helps to devise a checklist so that you make the right decision and pick the right product.
Is a loan the right choice?
Remember, there are other means of obtaining credit. Examples include through an overdraft or perhaps a credit card. A loan will allow you to borrow a lump sum and pay this back over an agreed period at a fixed rate of interest. Ensure you are fully aware of the total amount repayable and be confident that you can manage the monthly repayments.
How much to borrow?
Work out how much you can afford to borrow. If you’d like some help take a look at our wealth of advice on the Moolr site, which includes some questions to ask yourself and some tips to help you work this out.
Understanding rates (APR)
The annual percentage rate or APR allows you to compare loans from different providers. The lower the APR the less interest you’ll pay. Bear in mind that the actual rate offered to you will depend on your personal circumstances, credit history and other related factors. By law, at least 51% of customers who receive a loan must be offered it at the advertised rate.
Understanding and checking credit scores
A credit score is used by lenders to access the likelihood of a person’s ability to repay their debts. This will influence whether your loan application is successful and the rate which you are offered. You can check your credit rating before you apply for a loan to give you a better idea of what to expect and to correct any errors in your records. Applying and being refused multiple loans in a short amount of time can signal financial trouble. It is recommended to only apply for loans you believe you’ll qualify for. This is based on your individual circumstances.
Shop around?
You don’t have to take out a loan with a bank or building society where you’re already a customer. You can shop around and find the right one for you. This is where Moolr can help. We have collated the best lenders on the market in one handy location so you do not have to waste hours scouring the internet for the perfect deal.