CashLady is a credit broker, not a lender. We work with a large panel of partners who offer short-term, personal loans between £100 and £10,000, subject to affordability. All the lenders on our panel are authorised and regulated by the Financial Conduct Authority (FCA).
In this article, we’ll be taking a closer look at personal loans and providing the answers to some commonly asked questions. We hope that you find our guide useful.
How to get a loan online
In the past, if you wanted to apply to borrow money, you may have needed to visit the local branch of your bank, or perhaps a high-street lender.
Now, technology has made it more convenient for people to search for a loan at a time and place that suits them.
Some lenders may still ask you to come into a branch to complete your application, while others now make it possible for customers to apply entirely online.
When searching for a loan online, you should always make sure that the lender is authorised and regulated by the FCA. You can search for a company on the FCA register here.
Before you apply…
When a financial crisis hits, it can be easy to panic and make rash decisions. It’s important to remember that a loan is a serious financial commitment and, as such, you should give the process careful consideration.
Take a step back and put some time aside to go through the options that might be available to you.
Can you afford the loan?
Before applying for a loan, you need to be sure that you’re able to afford the monthly repayments. You should also consider how a change in your circumstances could impact your ability to repay the money you owe. If you were unexpectedly to be made redundant, for example, would you still be able to cover your monthly repayments?
Making late repayments or missing them altogether could result in additional fees and charges, as well as a decline in your credit score.
Alternative to loans
- Save up - If the situation isn’t urgent, is taking the time to save the money you need a possibility? For instance, if you needed to pay for car repairs, could you work from home and manage without your vehicle for a couple of weeks?
- Speak to friends and family - A trusted friend or family member may be willing to lend you the money you need. They might even offer the money interest-free or at a lower rate of interest than a high-street lender.
Before borrowing any money, you should first come up with a repayment plan. This should cover how much money you’ve borrowed; whether you’ll repay in instalments or in a lump sum; and when you’ll pay the money back. It’s a good idea to get your agreement in writing, with a signed copy for both of you to keep.
When borrowing from friends and family, it’s important to stick to your side of the agreement; making a late repayment or missing one altogether could risk your relationship. - Credit cards - Perhaps you’re considering looking into the different types of credit cards available and whether this could be a suitable option for you.
There are different types of credit cards to suit different needs; for example, if you’re looking to make a one-off purchase, you might consider a 0% interest purchase credit card. This type of product usually offers either 0% or a low interest rate for a promotional period. During this time, any purchases you make will not be charged interest as long as you stick to the terms of your credit card agreement; this includes making your repayments on time each month.
When your promotional period comes to an end, any outstanding balance, as well as any new transactions, will be charged interest at your standard interest rate.
Different types of loan
- Secured loans
A secured loan is when you borrow money from a lender while ‘insuring’ your agreement against an asset, such as your home or car. This is called ‘collateral’. If you fail to repay your loan, the lender has the option to take ownership of your asset and sell it in order to repay your borrowing.
- Unsecured loans
An unsecured loan is when you borrow money without securing it against an asset. Interest rates on unsecured loans tend to be higher than the interest rates you’ll find offered on secured loans. This is because lenders view unsecured loans as riskier.
- Payday loans - Due to stricter affordability checks, and a cap on interest rates and fees, you might struggle to find payday loans nowadays; however, some lenders offer short-term loans instead. Unlike payday loans, where you repay your borrowing within a month, a short-term loan allows you to spread the cost of your loan by making monthly instalments. You should be aware, however, that the longer the term of your loan, the more you will pay in interest.
The lenders on the CashLady panel offer unsecured, personal loans with repayment terms from 3 to 60 months, depending on how much money you apply to borrow.
How to complete a loan application
First, you’ll need to make sure you meet the lender’s eligibility criteria. This will vary between companies, but generally, you’ll need to be over the age of 18, a UK resident, and have a UK bank account and valid debit card.
You could also be asked to provide proof of your identity or a recent payslip.
Can I get a loan today?
Depending on your lender, it’s possible that your loan could be sent the same day your application is approved. It’s important to remember that every lender will have their own payout timeframes, however. You should also bear in mind that the time it takes for the money to show in your account will depend on your bank’s policies and procedures.
If successful, a number of the lenders on the CashLady panel are able to send your money the same day your application is approved.
Getting a loan quickly
Credit and affordability checks are in place to protect you and will be completed thoroughly by the lender. With this in mind, it’s important to understand that there’s no way to speed up a loan application. However, there are things you can do to ensure that the process is as smooth as possible.
- Ensure that you read and fill out the application form carefully. Making mistakes could result in a delay.
- Some lenders may ask to see documents such as a recent payslip, proof of identity, or proof of address. It’s a good idea to have these close to hand, just in case.
- Double-check the bank details you’ve entered are correct.
- Check your credit score before you apply. Understanding your credit score could save you time when looking for a suitable lender. The better your credit score, the more chance you could have of being accepted for a loan, although you should remember that you will need to meet the lender’s eligibility criteria as well. If your credit score is less-than-perfect, you might choose to use a lender willing to consider applications from people with all credit types.
In a hurry and need money quick? - CashLady can search our panel of over thirty lenders to try to find you a suitable loan. Click here to begin your application.
Search for a loan with CashLady
CashLady could help take the guesswork out of applying for a loan by searching for you.
Here’s how our credit broking service works.
1. Tell us how much money you’d like to borrow and for how long. Our online form should take no longer than five minutes to complete.
2. Using the information you’ve provided, we’ll run a soft search on your financial history and scan our panel of lenders for a loan to suit you. A soft search will not affect your credit score and will not be visible on your credit file to other lenders. This stage should take around 60 seconds.
3. If we’ve found you a match, you’ll be redirected to the lender’s website, where you can find out more about the loan.
4. If you would like to go ahead and make a full application with the lender, they will carry out some additional checks, including a hard search.*
5. If the lender is happy with the results of their checks, you will be sent a loan agreement. Take the time to read this through thoroughly before deciding whether to sign and return.
*A hard search will affect your credit score and will remain visible on your credit file for up to 12 months. Multiple hard searches in a short period of time could have a negative impact on your credit score.
You can search for a loan with CashLady if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account with a valid debit card; and
- Have a regular source of income paid into your bank account.
Search for a loan with CashLady and your money could be sent today**
If you’ve carefully considered all the options, done your in-depth research, and decided that a personal loan could be suitable for you, you can search for a match with CashLady. We don’t charge a fee for our service.
CashLady Representative 79.5% APR
** The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.