What Loan Options Are There?
Loans come in all shapes and sizes and these days you are no longer restricted to just lending from the bank. In recent years many independent loan companies and short term lenders have seen a huge rise in popularity, as the lending criteria is typically a lot less than banks and local companies also take into account actual affordability. From short term cash loans to payday loans and much more, the options for loan lending are limitless. However, you should also ensure loan companies are compliant with the FCA, to ensure you aren’t lending from a loan shark.
Loan sharks are people that lend money to people who usually struggle to get it from mainstream lended. However, their interest rates are never ending and you will typically find more is added to the overall amount and you are never paying off your actual loan. Keep reading below to find out more about some of the most popular types of reputable loans people take out and how to find loan companies in your local area.
Types of Loans
When it comes to personal loans, there are many different options available for people to choose from. The type of loan you opt for might be influenced by the length of time you’re wanting to loan the money. Whether it’s a long term or short term loan, there are many different loan options to choose from, some of which are:
- Bank Loans
- Payday Loans
- Doorstep Loans
- Cash Loans
- Logbook Loans
These are just a few of the most popular types of loans that people in the UK opt for, however some people choose to go for other forms of credit such as credit cards, overdrafts and repayment catalogues. It’s important to never lend money from a loan shark.
Finding Reputable Loan Companies
When it comes to needing a loan, it’s important to choose a company or business that is the right fit for you. Searching for things such as “Loans Ermine West” or “Local Loan Companies”, will help you to find some of the options available in your area. Loan companies in the UK are regulated by the Financial Conduct Authority and many are also members of the Consumer Credit Association. Before taking out any type of loan you need to ensure the repayments and the agreed term is affordable for you.