Any loan you apply for should be one you can afford to repay comfortably, however, some lenders online may not have your best interests in mind. Here at LoanPig, we will help to connect you to direct lenders based on the terms you choose. Just tell us how much you want to borrow with an affordable loan and how long for, we will then show you who can provide what you are looking for instantly. We offer flexible repayments so you can decide before applying what type of loan you want, with all repayment terms transparent so you can see how much interest you will pay.
If you are wanting a loan up to 12 months in repayment length, use our calculator to see how much this will cost for your chosen amount, and click apply now to start your application form.
What are Affordable Loans?
An affordable loan is a short term option that is based on what you can afford to pay. This can differ for each applicant as what one person can afford is not always the same as others. For this reason, rather than the lender telling you how much a loan amount will cost with a fixed repayment term, you have the flexibility to choose the terms that are right for you. Loans based on affordability will always review your current finances to ensure you have proven affordability for the terms you choose. Whether you choose to borrow £150 or £1500, if the disposable income is there to cover repayments and you are currently not in financial difficulties, an affordable loan could be approved.
Here at LoanPig, we are both a direct lender and broker of affordable loans, meaning if we can approve your application, we will lend you the money directly. If, however, we cannot approve the loan ourselves, we work with a panel of lenders who are in a great position to do so. We are Financial Conduct Authority (FCA) authorised lenders, with our reference number being 736632. Each of the partner lenders we can connect you with are also FCA approved, so you can have peace of mind that your application will be treated fairly and securely online.
Eligibility for an Affordable Loan
If you want to see if you can be approved for an affordable loan today, you will need to meet our eligibility requirements. We have made the application process as simple as possible, enabling us to help as many applicants as we can find an affordable loan option that helps resolve their issue:
– be a current UK resident
– be at least 18-years-old
– have an active bank account and valid debit card
– either be in permanent employment or receiving some form of disability/living allowance or a pension
Meeting the above requirements does not guarantee you will be approved for an affordable loan, as you will still be required to have a credit check and an affordability assessment performed. Please be prepared to provide additional information as part of your application, including your bank details, proof of identity and most recent bank statements, as the lender may request to see these. Any delay with supporting documents may cause your application to take longer than expected. If we can match you with one of our partner lenders, you will be taken to their website to complete your application.
How Much Would You Like?
Instant Loans Based on Affordability Online
We are happy to help match applicants to the right loans based on affordability, helping provide not only a quick decision but also instant cash. If successful, you should expect to receive your new loan within 24 hours of approval, with many applicants receiving the cash on the same day. This helps to resolve your situation fast and not have to wait around for paperwork to be sent. All loan documents are sent electronically to sign so that payment can be processed fast. If your application is made and approved before 3 PM, Monday to Friday, same day payout can be expected. However, if your application is submitted after 3 PM or at weekends and approved, you may not receive the funds until the following working day. Please be aware we have no control over how quickly our partner lenders will pay out the loan once approved.
Our affordable loans provide transparent terms and no hidden fees, allowing you to make a more informed decision on the loan you need. If you have an unexpected expense to cover and not a lot of time to resolve it, using our service ensures you know exactly how much the loan will cost including the interest charge and total amount payable with the repayment term you choose. We will also ensure:
– You will be charged no more than a maximum interest charge of 0.8% per day
– We only charge a one-time missed payment fee of £15
– You will never payback more than double the loan amount you borrowed
You can use our loan payment calculator to see how much the amount and repayment length you choose will cost you before applying.
Apply Now for Our Affordable Loans in an Instant
Ready to see the affordable loans available today? Tell us how much you want to borrow and how long for and click apply now. If you have any queries, please get in touch and we will be happy to answer any questions you may have. At LoanPig, our loans are designed for applicants who have proven affordability and are not in financial difficulty. If you need further advice, please see the Money Advice Service for more information.
Affordable Loans FAQs
Am I Guaranteed Approval for Loans Based on Affordability?
Whether you are looking for payday loans or business loans, no lender can guarantee approval before assessing your application. If applying for affordable loans through us, you will be required to not only prove your affordability through your income and expenditure details, but you will also be required to undergo a full credit check to determine your credit history. Only once this has been completed by the lender can a decision be made to approve your loan application.
Are Affordable Loans Cheaper to Borrow?
This will depend on how much you are looking to borrow and how long for, as the interest charge will be higher for longer repayments. However, the interest will be capped at no more than double the amount you are borrowing, so you will be able to calculate exactly how much the interest will be before applying. As they are based on your affordability rather than just your credit score, our loans will only be approved if you can comfortably afford them, and they will not cause you to fall into any financial difficulty.
Can I Get an Affordable Loan with Bad Credit?
As an affordable loan is based on your affordability, if you are someone with a poor or bad credit history, we can still look to help. If your financial difficulties are in the past, despite having a low credit score, and we or our partner lenders can determine your affordability, there is every chance you could be approved for the loan and repayment terms you want. What is important to us is that you can afford to maintain the repayments you choose without falling into difficulties. You will still be required to undergo a credit check with bad credit, but this will only be one part of the decision making process.
What Can I Use Loans Based on Affordability For?
It is up to you how you decide to use affordable loans, but they are ideal for covering short term financial emergencies. In the same way an emergency loan can provide quick cash when you need it most, loans based on affordability will ensure you can choose affordable terms to cover your unexpected expense quickly. Our loans should not be used to cover non-essential spending or to maintain payments on existing debt you may have.