Looking for personal loan in the UK? We’ve created this FAQ to help you make an informed decision about the right financial product for you. Continue reading to know more. ⭐Borrow Wisely⭐
Here at LoanTube, we understand that taking out a personal loan needs time and thought. We’ve created this FAQ to help you make an informed decision about the right financial product for you and to help answer any burning questions you might have about personal loans.
Q. Do I need to own my own home to apply for a personal loan?
A. No, there’s absolutely no reason that you’d need to own your own property to apply for a personal loan. This type of financial product isn’t secured against your home, so you could be renting or living with family and still make an application.
Q. What can I use a personal loan for?
A. Personal loans can be used for pretty much any purpose, except business or investments, mortgage deposit, purchasing land, as a bridging loan or for speculative reasons.
Personal loans are commonly used for new car purchases and consolidating other debts though you may also use it for a dream holiday, a new kitchen or your upcoming wedding.
Q. I’m self-employed, would I be able to apply for a personal loan?
A. As long as you can provide proof of one-year of income from self-employment, then there’s absolutely no reason that you can’t apply for a personal loan.
The loan provider will ask to see evidence of your earnings and might ask to see either HMRC online tax calculation or a SA302 form, but you can also ask your accountant to verify your income if you’d prefer.
Q. How much will I pay in interest on a personal loan?
A. This depends on several factors including how much you’re looking to borrow and your individual circumstances. Many lenders will show you a representative rate, but this can fluctuate according to your credit score.
LoanTube displays available APRs, so, the rate you see is the rate you get!
Q. What if I’ve got bad credit?
A. Even if your credit rating isn’t the best, you can still apply for a loan. There are several reputable lenders offering bad credit loans to those looking to finance a new car or just to consolidate other debts, so head over to our bad credit loans page to find out more.
Q. What happens if I don’t keep up with my personal loan repayments?
A. Failure to repay your personal loan can lead to significant money problems. Not only will you receive fees for missed or late payments, but you could also seriously harm your credit rating, so make sure that you think carefully before taking out a personal loan.
To start your personal loan application, click here.