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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.
An ideal loan option is when you get competitive interest rates that align with your financial needs and circumstances. Don’t just limit your search to Southampton – apply all across the UK with LoanTube.
Compare loans real-time loan offers from a network of pan-UK FCA-approved lenders with LoanTube. Choose from a variety of offers with competitive interest rates and guaranteed APRs. With LoanTube, your ideal loan is just a click away.
Many believe that postcodes affect individual credit ratings, based on the idea that lenders prefer to refrain from postcodes with higher default rates. As a result, they set higher interests for applicants from these counties.
This is a baseless myth. Postcodes have no impact on your credit score whatsoever. It is just a part of the information that you supply to the lender while applying for a loan. They only use it to check the legitimacy of your address and credit history.
Regardless of your postcode, your credit history and financial standing are two salient factors on which lenders base their decision. With a strong credit history, high credit score and stable income, your chances of securing a loan with lower interest rates will be higher.
Southampton is a peaceful city to live in, but moving to a new city comes with a set of challenges. Your first course of action should be to change your official address in all critical documents.
You should update personal information as soon as there’s a change in your situation. If you’ve moved to Southampton from another county in the UK, it’s technically only a switch from one county to another.
If your credit history is established, you can easily find lenders in Southampton. Although a credit history that doesn’t include defaults or County Court Judgment (CCJs) would be ideal – it’ll boost your chances of qualifying for competitive interest rates and terms.
The only other thing that could potentially affect your application is the status of your electoral registration – the right to vote. If you move to Southampton from another city or county, you will have to register yourself on the electoral roll again, with your updated address.
For those living in Wales, England or Scotland, you can visit your local Electoral Registration Office to register again. Carry proof of your latest address to the Registration Office for verification purposes.
As long as the lender can verify your credit history and address, getting a personal loan in Southampton won’t be much of a challenge.
Each lender follows different lending criteria, and applicants are usually assessed on a case-by-case basis. Applicants with a well-established credit history and stable income may qualify for competitive interest rates on personal loans in Southampton.
Conversely, a low credit score could narrow your options. Most lenders set higher interest rates on personal loans for applicants with low credit scores. Thus, you must fully comprehend the terms of an unsecured personal loan before applying for one in Southampton.
Paying off outstanding balances of prior credit engagements (credit cards, debts, overdrafts, etc.) before applying for an unsecured personal loan can give a considerable boost to your credit score. Further, you could dispute any discrepancies on your credit file (such as unidentified enquiries or incorrect records) to climb up the credit ladder.
In the end, what matters in your borrowing journey is how well you explore the market. Don’t just grab the very first offer you get – explore the market and compare interest rates and APRs on all offers.
The rate you are offered will depend on your individual circumstances.
Representative APR Example: On an assumed loan amount of £1,000 over 18 months. Rate of interest 59.97% per annum (fixed). Representative 79.5% APR. Total amount payable £1,554.10 of which £554.10 is interest. 17 equal monthly repayments of £86.09, and the final month’s payment of £90.57.
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.
Not all borrowers will qualify for a loan. The operator of this website does not engage in any direct consumer lending, we simply provide you a FREE loan brokering service. This means LoanTube does not charge customers a fee for using its introducer services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with them following an introduction by LoanTube.
