What You Ought
To Do Before
Availing A
Short-Term Loan

When your bills are piling up, do you turn to short-term borrowings just to keep the pressure off your shoulders.

Read More

Situations Where Short Term Loan Is The Right Financing For Your Business

Your business will always need external financing but how do you know which type of financing is right for you.

Read More

How To Verify If Your Short-Term Lender Is Authorised To Extend Credit

Short-term lenders in the UK abound but beware of those who are merely out to take advantage of you.

Read More

How To Verify If Your Short-Term Lender Is Authorised To Extend Credit

Short-term lenders in the UK abound but beware of those who are merely out to take advantage of you.

Read More

Situations Where Short Term Loan Is The Right Financing For Your Business

Your business will always need external financing but how do you know which type of financing is right for you.

Read More

What You Ought
To Do Before
Availing A
Short-Term Loan

When your bills are piling up, do you turn to short-term borrowings just to keep the pressure off your shoulders.

Read More

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Get a fast loan with nowloan.co.uk

A situation when you need money for some emergency expenses but you 't have enough for your needs can be a very stressful and depressing life experience. Life offers so many surprises that even a prudent saver can be caught off-guard. And in such times it may happen that not even friends or family members can be able to help.

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Nowloan.co.uk gives you a loan as fast as possible by using the newest banking technology. When the money gets deposited in your bank account, the website will send you a notification. Through a dedicated funding system the money will be sent to you in swift time thanks to the quick loans processing system on the site.

It takes only minutes to fill out an online application through the nowloan.co.uk website, the paperwork being very simple. The website has a transparent policy and it not charge any hidden fees. Nowloan.co.uk Instant understands your situation thoroughly and knows that you do not have credit contacts but require the money badly. Now and then, everyone may go through some tough financial times.

When you experience instant shortfalls in your personal finance, the instant payout loans are a perfect solution. This can help you settle all pressing and urgent debts immediately, without the need of waiting endlessly for money to come from various sources.

For people who are currently on benefits it can be difficult to get access to credit, no matter if it is a long-term or a short-term loan. Most of the credit cards require that applicants maintain a minimum income level before are approved. A big group of people on benefits face such difficulties looking for loans on website after website and still being denied. Nowloan.co.uk recognises these difficulties experienced by people on benefits and is pleased to offer credit through instant loans for them. Users can get instant loan funds in their bank accounts via direct deposits.

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The application process is very simple and consists in three steps. First, you have to choose your loan amount by using the drop down menu on the site. After clicking the apply button you will be asked to provide some details on a 2 minutes online application form. The questions are required in order to find the best loan option suitable for you. Once you submit the application form your application is checked and if approved you will soon get your loan paid in your bank account.

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How To Verify If Your Short-Term Lender Is Authorised To Extend Credit

Short-term lenders in the UK abound but beware of those who are merely out to take advantage of you. Here is what a UK financial regulatory body suggests before availing of financing:

Check with the appropriate register which governs consumer credits

Firms extending loans, including short-term facilities, are required to obtain interim permission before they are even allowed to operate as a financier. If you discover that the entity you are dealing with does not bear the necessary authorisations, stop dealing with them immediately. Otherwise, if you encounter abuses, the Ombudsman would not be able to assist you.

How to search and verify:

There are many ways of searching in the Consumer Credit Register. You can start doing so by keying in the name of the firm or its assigned reference number. By doing so you will be able to verify the following:

  • If it's authorised to extend consumer credit, including short-term credit;
  • Type of authorization granted; and
  • Important information such as contact numbers and details, trade names used, and its key businesses
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Situations Where Short Term Loan Is The Right Financing For Your Business

Your business will always need external financing but how do you know which type of financing is right for you?

Here are three situations when borrowing on a short-term basis is more ideal:

Your retail business is deluged with UK shoppers on a Black Friday so you’ll need more sales staff. You’ll be paying more wages so you need financing.

You are operating on a low cash flow and you need to bridge finance bills that ought to be paid right away otherwise, you fail to avail of offered discounts. A bill from suppliers is one example.

Equipment has broken down and needs immediate repair. A short-term loan could help you address repairs or equipment rental while your own equipment is being serviced.

Choosing the best type of loan – whether short-term or long-term is critical because there are instances when you’ll need a longer repayment period as in the case of acquiring a building or a new business. On the other hand, bridge-financing the purchase of inventory may only require short-term borrowings.

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What You Ought To Do Before Availing A Short-Term Loan

When your bills are piling up, do you turn to short-term borrowings just to keep the pressure off your shoulders? While borrowing isn’t bad, you must realise that it has consequences. Many first-time borrowers are too concerned with satisfying the requirements of a short-term loan. While completing the requirements will up your chances of getting a loan, knowing the consequences is a necessity especially on your part. You don’t just jump into the water unprepared.

Here are points to remember before availing of a short-term facility like a payday loan:

Check your budget

Availing of payday loans are a fast and easy way to settle short-term debts but make sure you have future cash flows that will help you pay it off come maturity date. If you don’t have a steady source, you might have to turn to other funding sources to help you settle bills.

Understand the effect of Roll-overs

While you may roll over the principal loan, doing it over and over could put you in a more precarious situation. A payday loan is called such because it is supposed to be repaid come succeeding payday. A survey on payday loan repayments reveals that about one-third of borrowers tend to request for a rollover of the principal while merely paying the interest portion of the loan. You might end up not paying the principal for the longest time.

Review the APRs

In the UK, lenders who offer payday loans are required to issue a report about the Annual Percentage Rate. This info is critical as it gives borrowers a clear idea about the total amount of interest they are going to pay for one whole year and sometimes, it can be excessively high.

Even payday lenders agree that quoting an APR wards off potential borrowers because of the realization that the effective rate can be exorbitant. Some, prefer to quote “less than 1% per day” to make it more appealing.

Consider borrowing from family members

Want an interest-free short-term loan? The best people to approach is just a phone call away - mum and dad. Parents are often there to the rescue and it’s hard for them to refuse a child (including a fully grown one) who is temporarily cash-strapped. There is nothing wrong in asking help from family members. Of course, you really have to pay them back because the money they are lending you may have been put aside in preparation for retirement.

Know the consequences of non-payment

If you fail to pay any amount, this would mean penalties. Your original payday loan might balloon to twice or thrice the principal amount if you continue to incur penalties. There is also the problem of notifications. Lenders who are strict about late payments will call you many times in a day, demanding for immediate payment. Some will go to the extent of inquiring about your reasons for being delayed. Do not be surprised if you receive a series of calls while at work.

Borrowing short-term loans are not really a bane because there are many individuals, families, or business owners who have turned to borrowings during dire situations and many have been helped. However, take note of these points so you know what you are getting into.

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