LoanPig are short term payday loan specialist, helping you with any financial difficulties you may be facing when you are in need. We do not offer low interest loans, but we do believe that it is extremely important that you are as informed as possible whenever you do take out a loan of any sort. When searching for the perfect loan for you, this information can be critical in ensuring that you factor in your personal needs, your budget and the timeframe you will payback any loans available to you.
We can help you out by covering all information regarding low APR loans in the UK, what you should look for if you need low interest loans, as well as explaining how the loans we offer differ from them.
We can easily connect you with our lending partners to provide more choice and higher approval rates. Choose a loan amount up to £1500 using the sliders above, and how long you want the repayments to be. With just a few personal details about you and your finances, we can provide a decision in principle in minutes. If approved, we can pay you today helping you to resolve your short term position swiftly. Click apply now and we’ll find lenders able to help you straight away.
What Are Low Interest Loans?
When you borrow money form any direct lender, certain fees will apply. You will pay back the amount you borrowed in full, but there will also be added interest which will be specified I your loan agreement. When you borrow money indicated as low interest loans in the UK, this will mean you have secured a loan that could potentially save you money down the line. Often you will find loans with the lowest interest from credit unions, capped at charging 3% per month, or 42.6% APR. When you apply for low interest loans in the UK, you wi9ll be offered an interest rate that is a percentage of what you borrow. This is charged alongside other repayments each month. The longer you have a loan, the less interest you pay.
Are Low APR Loans The Same As Low Interest Loans in The UK?
Low interest loans and low APR loans in the UK are two different things. If you have seen Low APR loans advertised and have considered whether you should apply, there are certain things you should know before you do. When it comes to low interest loans, this is indicative of the percentage of interest you pay back as part of the instalments you pay back. Low APR loans, however, are referring to a low “annual percentage rate”. What this means, is that the total cost of the loan, including any compulsory payments fees, are automatically added to the overall repayment of the loan.
This could be inclusive of interest and arrangement fees and a key reason that a lender will display APRs is to allow you to compare the cost of borrowing in an easy-to-understand manner.
Reasons To Take Out Low Interest Loans In The UK
When it comes to low interest loans, there are many reasons that borrowers may seek these. A low interest loan in the UK is typically a loan with a longer term, which can be used for a wide variety of reasons. Reasons people take out low interest loans are for reasons such as emergency repairs and bill payments, to paying for events such as weddings, holidays, or home renovations. We offer short term loans at LoanPig, and it is worth bearing in mind that the longer a loan term is, whether it is a low interest loan or not, the more you are likely to pay back. As this is so, the term “low interest loan” does not necessarily indicate that you are paying back a lower sum of money. If you are searching online for low interest or low Apr loans in the UK, you should certainly consider other payment methods before signing up for a long term loan agreement. It is worth considering whether the money is really necessary, and whether another loan type such as a payday loan is the better choice for you.
Can You Get Low Interest Loans In The UK With Bad Credit?
Many lenders make it difficult to take out a loan such as a low interest loan if your credit history is not perfect. At LoanPig, we do not fixate on your financial past and assess different criteria when our borrowers are seeking a loam. Although we do not offer low interest loans in the UK, we do offer many other forms of loan, all of which we will assess your current affordability for, rather than your financial history. If you have struggled to get a loan in the past, it can be disheartening. Here at LoanPig, we have high acceptance rates so even if you have bad credit, we could still look to help you with a loan. Our dedicated team of lenders is always on hand to advice today on people from any and every financial environment.
It should be noted that if you have bad credit, many lenders many consider you as a high risk borrower. This could mean that they charge you a higher APR or more interest, making getting hold of a low interest loan or low APR loan in the UK difficult for you. Have any questions? Please contact us to speak to our team about loan options today. If you are ready to start your application, click apply now and we can look to help you with your loan straight away.
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Are There Alternatives To Low Interest Loans?
Low interest loans in the UK are not all that they seem. The term “low” is somewhat deceptive, which is why we at LoanPig offer clarity within all of our lending options. Rather than taking out a low interest or low APR loan in the UK, we can offer other options for you, so you don’t end up in an even worse financial predicament than you were already in.
Use Your Savings: If you have any money in your savings account, this could be a viable option. Consider the cost of the reason that you have searched for a low interest loan for and weigh up your options.
Borrow from Friends or Family: This is an area you must be careful with. You would not want to tarnish any personal relationships. If you feel you can reach an agreement, this could be an ideal solution. Borrowing from friends or family can be beneficial due to the low interest of the loan, if any at all, as well as the lack of legal obligations when repaying the loan.
Eligibility For Low Interest Loans in The UK
LoanPig does not offer low interest loans or low APR loans in the UK. However, we do offer many other loan types to assist you in your time of need. Our loans can provide you with much more flexibility than a low interest loan, especially when it comes to the amount you wish to borrow. We allow for borrowing up to £1500 for a maximum of 12 months, this can vary between lenders, which is why when you apply, we’ll match you to the best offers for loan options straight away. To be eligible to apply for our loans, you will need to:
– 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
Whilst meeting the above will provide you with the opportunity to apply for our loans immediately, it doesn’t guarantee you will be successful. All applicants will be required to prove their affordability through an income assessment and credit check. Please note, if we or any lenders determine you can afford the loan you want, we will have to decline your application. If you are approved, you’ll either complete your application with us, or through one of our lending partners’ own website.
Low Interest Loans FAQs
How Quickly Can I Get A No Interest Loan?
We at LoanPig do not offer low interest loans in the UK. However, we do offer many other types of loan for you. Once you have chosen an amount and repayment term and filled in our application form, we can provide you with a decision in principle straight away. This is so you won’t be left waiting to find out if you have been approved or not.
Will I Get The Money From Low Interest Loans Straight Away?
Although we do not offer low interest loans, if you apply for another one of our loan options, you will receive the fund you have applied for quickly. If your bank supports faster payments, you can expect to receive your loan on the same day where possible, usually within 24 hours. The time of day you apply for a loan will determine when this happens. If you apply for a loan within working hours Monday – Friday, you can expect your funds to be processed the same day. If it is later than this or at a weekend or bank holiday, the loan will pay out on the next working day.