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What Can a Personal Loan be Used for?

What can a Personal Loan be used for in the UK? | LoanTube


From debt consolidation to Home Improvements, discover various purposes in which a Personal loan in the UK might help. ⭐Read now ⭐Apply online ⭐Compare

When people apply through LoanTube for a competitive unsecured loan, they tell us all sorts of different reasons why they want the money. However, it’s fair to say that there are four main reasons and you can see those reasons below:

Improving your home

Improve, don’t move” is becoming increasingly popular. People want to make the very best of where they live right now because their friends and family are close by and the kids are happy with the school they go to.

Moving house is an expensive business and, with the cost of property these days, it makes a lot more sense for you to stay put and turn your home into the very best it can be.

Buying a new car

Behind our mortgage, for many of us, our car is the second biggest purchase of our lives. You could want the very latest model because you love the feeling of driving a new car or you want to push the boat out to buy a brilliant second-hand car that you couldn’t afford if it was new.

An unsecured personal loan could be the thing you need to get the keys to the “machine of your dreams.”

To pay for a wedding

If what we read in the papers and online is to be believed, the average wedding cost (including the honeymoon) for UK couples has now topped £30,000. £30,000! Not where I come from does the average wedding cost £30,000!

That said, a wedding is still very expensive but they are, for most of us, the most special day of our lives where we are surrounded by the family and the friends we love who wish us nothing but the best. A wedding loan is often taken out by couples looking to bridge the gap between the cost of their wedding and the shortfall in their savings.

To consolidate your debts

Did you know that there are 3 credit cards for every UK citizen? Credit is everywhere and most of us have multiple cards, bank accounts, and loans live at any one time. By using a loan to pay off all your debts with a lower interest rate, you could pay your debts back quicker and for a lot less.

Personal loans for bad credit applicants

Unlike a few years ago, there are now lots of options for people whose credit history is less than perfect to be able to find the loan they need. And the best thing is that there are so many companies competing for bad credit loan customers that you might just find yourself a great deal. We can help you do that – there’s more about how we do that below.

If you have a bad credit rating, please don’t be put off applying. You may be surprised at just how interested lenders are to work with you. Please do make sure however that you fill out the application form as accurately as possible because you’d be surprised how many loans are rejected because people submit the wrong information by accident.

Is there anything a personal loan can’t be used for?

Most lenders are quite happy to lend for most reasons and, when you apply for a loan, one thing you’ll always be asked is why you need the money.

If any of the following apply to you, please don’t apply for the loan because a loan is not the right answer for your situation:

  • To start a business
  • To invest in stocks and shares (directly or indirectly)
  • To gamble (if you are borrowing money to gamble, please contact a gambling charity without delay)
  • Taking out a loan for someone else who can’t get credit
  • To put money down on a house
  • To meet your daily and weekly bills and expenses like your rent, your mortgage, food for your family, or to pay off your gas and electricity bills (please get in touch with a debt help charity)

How can LoanTube help me compare unsecured personal loans?

What’s great about our unsecured loans is that, if you do fail to make the repayments and your loan does go into default, no-one is going to come and take your home or car away from you. That said, please be aware that defaulting on a loan is very serious and it will mean that your chances of securing any other type of credit much smaller in the following years.

You should only take out an unsecured personal loan if you know how you’re going to make all of the repayments. And remember that, when you do make all the repayments in full and on time, your credit score will be boosted by that and you will have a wider range of loans to choose from in the future.

LoanTube is a loan comparison website – we’re not an actual lender. What makes us very useful to borrowers like you is that we have great, ongoing relationships with lenders across the spectrum meaning that we can often find you a better deal than if you approach a lender directly yourself.

All you need to do is apply on our website. The whole process is super quick and, within seconds, you’ll be told whether your application has been accepted or not. If your application is approved, then we’ll show you everything you need to know about the loan we’ve found for you – the interest rate, how many payments you’ll make, how much each payment will be for, and how much the loan will cost you in interest in total.

If you like the loan and you’re certain you can make each monthly repayment, simply read the terms and conditions. If you’re happy with them, sign the online paperwork to accept. In most cases, your loan should be with you very quickly, sometimes within the hour.

Our service is free and there’s no obligation to take out a loan. To start your application, please click here

Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.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.

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