Is A Fast Loan Your Best Option?
If you find yourself in a tight financial corner a fast loan can be very tempting, necessary even.
The pace of modern life has resulted in a lot of us being less patient. We want what we want as soon as possible and the sooner the better. But fast is not always the best option.
Getting what you want sooner can sometimes cost you more than you need to spend. With a little more patience and a bit of research and study you may be able to save money.
What are your options when it comes to a Fast Loan?
These are the fastest loans available, with cash in your bank the same day. But they’re also the most expensive with the typical loan rate amounting to 2500%+. This sound extortionate but this amounts to a charge of £25 for a £100 loan.
If you have a sudden financial emergency that requires you to borrow money over the short-term, 30 days maximum, then this may be a solution.
It’s fast but costly and criteria can be very strict. Anything other than good credit may also see you fail to qualify for a fast payday loan. Payday loans are available for up to £1,000.
At the other extreme is the Fast Secured Loan.
These take a little longer to set up and there’s some paperwork involved, but the interest rates and criteria are much better. Typical rates are from 5% depending on your credit history. A secured loan should be agreed and paid out in one to two weeks.
Rates are much lower because the Lender is taking less of a risk. The loan is tied to the collateral or equity available in your home or other property.
This is more a long-term solution and is targeted at those that are looking to make home improvements, consolidate their debt, buy a vehicle etc.
Fast secured loans are available for those with good or bad credit because of the collateral involved. Rates will be slightly higher if you have bad credit but still by far the lowest of the options discussed here. Secured loans are available for up to £100,000.
The third option is the…
Again this takes a little longer than a Payday Loan but there is a cost saving in the fact that interest rates are much lower. An unsecured loan should be agreed and paid out in one to two weeks.
There’s no collateral involved here so rates will be higher than a secured loan typically 9 – 16%+ based on your credit rating. Unsecured Loans are available up to £50,000.
Whichever option you choose a good Loan Company will search the market for the best loan option for you at the lowest rates available.
Based on the above information it should be quiet straightforward to decide which loan option is best for you.
Fast Loans Now can help you with all the above options, we search 90%+ of the UK loan market to finds the best loan deal available for you and your particular circumstances.
Why not try us now just complete the short form on the right now, it’s a quick application with no obligation.
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