Online Loans

An online loan is the process of application, acceptance and funding of a loan where the process is entirely electronic and not handled either over the phone or in person in a branch. This process is beneficial to the users as it is usually the most convenient when searching for and securing situational credit.
When searching for an online loan, the process usually entails an initial search for the amount or type of finance in a search engine. Performing this initial broader search can inform users of the representative RAPR %, the costs that shall be incurred during repaying dependant on the type of loan they choose to take out and possibly the best type of credit to suit the amount of finance or length of borrowing time required.
Performing an online search for a loan, or indeed applying for or accepting the terms and conditions of an online loan is not just restricted to a desktop computer or laptop, any device that has internet connectivity and a web browser such as a mobile phone or a tablet or in the case of modern day crossovers a ‘phablet’

 A few myths about online loans:

–        An online loan carries a higher RAPR representative % as commission for the broker or lender, to offset the fact that there is no paperwork, calls or person to person interaction.

–        You can still only apply for an online loan during business hours.

–        You are required to have online banking set up to receive any short term finance online.

None of the above myths are true, in fact you are not required to have an online banking function with your bank or building society in order to qualify for or receive your situational credit. You simply need to have a UK bank account that accepts direct deposits. You can apply 24/7 and still be accepted by a lender, and even agree to and sign your loan agreement whenever you want to.
The only part of an online loan that takes into account business hours would be the electronic funding of your loan amount into your bank account. If you apply before 3pm Monday to Friday you could receive your extra cash the same day. However applying after 3pm Monday to Friday or applying for a loan on a Saturday or Sunday or a Bank Holiday, then please do not expect funding until the next available working day.

Additionally it is not true that the RAPR is higher. RAPR may look high due as it is expressed as an annual calculation. Therefore, if you were to borrow an amount across 12 months, this rate would be helpful in comparing which loan would require the least interest repayable. As our short term cash injections are taken out for a much shorter period of time, we prefer to pay attention to the amount you will pay back rather than the RAPR.

 

UK Loans for Online Loans

UK Loans is very proud to provide a smart loan search application process that is entirely online, allowing you access to a panel of trusted UK lenders. The search is performed with just one application form that is powered by UK Loans’ award winning financial technology. As an efficient alternative to smart searching, our comparison tables help users to quickly compare deals. Through selecting the required loan product customers are able to view all loans available through UK Loans for that borrowing reason whether that is a personal, guarantor or even short term loan. All of our comparison tables are customisable depending on what the searcher is looking for, and can order loan deals by what is most appropriate to the user.

When selecting the smarter loan search tool, the lenders that have the chance to approve your loan application shall be order by cheapest APR% first. UK Loans achieves this by using our unique technology to scan your application and subsequently order the lender panel based on your individual circumstances. It is therefore extremely important that customers only enter honest and up to date information during the application process.

UK Loans urges all customers to consider the alternatives to borrowing online before applying for finance. Agreeing to take out a loan can result in debt related issues or customers struggling to balance their finances. For more information on getting out of debt or to find free and impartial advice please continue to: continue to the Money Advice Service or Gov.UK for further information.

Use our award winning technology to search our panel of lenders for some of the most competitive rates.