Whether you want to borrow some funds to buy a new car or maybe carry out some home improvements whatever the reason you are looking for a loan Lendable might be the right option for you. Lendable loans are what are known as peer-to-peer loans, unlike traditional lenders this means that money is taken straight from investors and lent to borrowers for fixed terms.
Lendable Loans Inforfmation:
- Instant decision on applications
- Same day payments of funds
- No upfront fees or hidden charges for early repayments
- Borrow from £1,000 to £15,000
No matter what you want a loan for one of the most important things is getting the best rate you can. Loans are generally long-term commitments so it wise to research your options and shop around before you take one out.
You can use the loan calculator on this website to compare over 200 different loans from over 20 different providers to see what some of your options might be.
About personal loans
Personal loans are unsecured loans which means they are not secured against an asset of yours, this type of loan typically allow you to borrow from £1,000 up to £25,000 over a variable time period. Due to the fact that they do not have a property put up as security on them how much you can borrow and what your annual percentage rate is will be influenced by your credit score and personal financial circumstances such as how much you earn.
About homeowner loans
If you are a homeowner and wish to borrow an amount larger than £25,000 a secured or homeowner loan may be a suitable alternative. This type of loan requires you to use an asset such as your home as security on the property. This means failure to keep up with your repayments will result in your home being repossessed. Because of this added level of security lenders are willing to loan more than they would be with a personal loan, typically up to £250,000. The exact sum someone may be able to take out a homeowner loan for would depend on the value of the equity they held in their house as well as their credit score and financial circumstances.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.
Before you lock yourself into a loan consider any alternatives that may be better suited to your situation. For instance if you already have the needed funds in your savings it might be better to use those instead, as any interest you earn on your savings may be less than the interest you would be charged on a loan of the same amount.