If you’re looking for personal payday loans, you have come to the right place. Here at LoanPig, we offer reliable, affordable and flexible personal loans that you can apply for and receive on the same day. There are many reasons why people might need to apply for personal loans online – from emergency plumbing to splitting the difference in the utilities bill – and we can put you in touch with a top UK lender that will provide you with the loan you need.
What Is A Personal Loan?
A personal loan is a small unsecured loan, which means that your loan isn’t secured against any assets and anyone can apply for one. There are many different types of personal loans, one notable type being payday loans and short term loans, which is what LoanPig can offer you. We can help you find personal short term loans fast and the application process is easy. Why not use our loan calculator today and see what types of loans we can offer you.
Where Do People Get Personal Loans?
There are many different places where you can get personal loans and there are lots of different types of personal loans, too. You can get personal loans from your bank or you can go straight to a direct lender, who will approve your loan application and supply you with the cash directly. Otherwise, you can turn to a financial broker like LoanPig. Rather than directly supplying you with a cash loan, we will look at your loan application and use it to find you a lender that’s right for you. When you apply for personal loans with LoanPig, you get a level of flexibility that you won’t find anywhere else.
How Do People Use Personal Short Term Loans?
Personal short term loans are rarely ever used to buy luxuries and we would never recommend that you attempt to use a personal loan to buy extravagancies that you can’t afford. Personal payday loans are designed to help people in financial emergencies and most people use them to cover unexpected bills and expenses that they can’t avoid. For example, for many UK families a car is an essential tool in day to day life and if it were to break down then their lives could potentially fall apart, stopping them from getting to work or getting their children to school. This is a situation where a personal loan might come in handy. If they need the car repaired ASAP but don’t quite have the cash for it, they can apply for a personal loan from LoanPig. They could have the money in their account by the end of the day and the car fixed and ready to go in no time.
If you’re facing expenses that you can’t afford to ignore. LoanPig can find you quick loans and personal loans to tide you over until your next payday and you can pay it back in small, manageable monthly payments.
What Does APR Stand For?
You’ll see the term APR come up quite often when you apply for personal loans online, but not everybody knows what it means. ‘APR’ stands for Annual Percentage Rate, which means that APR percentage you see represents how much you will be repaying on your loan after one year compared to the original amount. This number will define your interest rate as well as any added fees and costs that your lender might include.
Why Do Personal Payday Loans Have High APR?
You will find that payday and personal loans often have higher APR than a lot of other types of loans, but it’s nothing to be nervous about. The personal loans that we offer at LoanPig are a type of short term loan, with most loans typically being borrowed between 3 to 6 months. This means that the interest you will see on your personal loan after 3 months won’t be anywhere near as high as the APR might make you think and the ‘FCA’ has put regulations in place to make sure that you will never be asked to pay back any more than double the amount of your personal loan, no matter how long you have it or how high the APR is.
Who Are The FCA?
The FCA is the Financial Conduct Authority. This organisation is responsible for regulating lenders of personal payday loans to make sure that lenders and brokers only offer affordable personal loans to the people who are capable of repaying them. Lenders and financial brokers on the FCA registry are reliable and safe to use because they comply with all of the regulations that the FCA puts in place. At LoanPig, we are proud to be FCA approved and can assure you that any loan that you find through us will be provided by an FCA regulated personal short term loans lender in the UK.
How Do Personal Payday Loans Work?
Personal payday loans are easy to apply for and easy to use. When you apply for personal short term loans with LoanPig you can have your application submitted and approved and your funds sent to your account all on the same day. As long as you have an internet connection, you can apply for personal loans almost anywhere!
How Do I Apply For A Personal Loan?
Applying for personal loans is simple and fast. There’s no need to fill out lengthy forms or sit through an interview process. All you have to do is fill out one simple online form and you’ve already done most of the work. Start by telling us how much you would like to borrow and how long you would like to borrow it for by using the loan calculator on our homepage. Click ‘Apply Now’ and you’ll be taken to a short online form where you fill in your personal and financial details. After that, we will take care of the rest.
What Happens After I Apply For Personal Short Term Loans?
As a financial broker, it’s our job to do all of the hard work to find the right lender to suit you. We have one of the largest panels of top UK lenders at our disposal and we will find which ones can offer you the loan you’re looking for and which have the lowest rates. We’ll share your loan requirements with our lenders and when we’ve found the right one to approve your application, we will send you a link to their website. Here, you can read over the official terms of your loan and occasionally fill in some final details. After that, the funds for your personal loan will be on their way into your account and you can use them as soon as you get them. It’s simple!
How Soon Can I Access My Personal Loan Funds?
Because we don’t directly supply your personal loan, we can’t guarantee that the time it will take to receive your funds will always be the same. Many of the lenders on our panel have different pay-out times and the limitations of your bank can also influence the time it takes to receive your funds. However, we aim to get you your personal payday loans as fast as possible. If you apply for your personal short term loans between Mon-Fri before the evening, there is a good possibility that we will be able to get your funds to you on the same day! Otherwise, we will do our best to make sure that your personal loan gets to you with 24 hours (on a working day).
Are Personal Loans Online Right For Me?
Personal payday loans aren’t right for everybody and not everyone who applies for personal, short term loans through LoanPig will be approved. However, we do our best to make our personal loans accessible and available to whoever needs them.
What Are The Criteria To be Approved For A Personal Loan?
Under regulations put in place by the FCA, there are certain criteria that must be met by applicants in order to be approved for personal loans online:
- At least 18 years old
- A UK resident
- A bank account and debit card
- In fulltime employment or receiving allowance (see FAQs)
Do You Perform Any Checks On Applications For Personal Loans?
At LoanPig, we won’t perform any checks upon receiving your application, however the lenders on our panel that consider your loan request are likely to. The FCA requires all lenders of personal payday loans to perform credit checks before approving applications on personal loans. This is because in line with responsible lending practices, neither we nor our lenders want to offer loans to people that can’t afford to pay them back. Depending on the results of credit checks and affordability, our lenders might reject your application for a personal loan or offer you a different type of loan that might be more affordable.
Will A Bad Credit Score Affect My Application?
While we and our lenders do our best to protect our customers from receiving personal loans that they can’t afford, a bad credit score won’t always influence our decision. When you apply for emergency loans through LoanPig, credit and affordability checks are performed not only to check your eligibility, but also to ensure that no one is trying to take a loan out with your information other than yourself. We have a high acceptance rate and the flexibility that we offer with our loans means that we can help you find a personal loan that is affordable and meets your needs.
What Should I Do If I Can’t Make A Repayment?
If you can’t make a repayment we’re happy to give you all of the advice you need. If you can’t make a repayment, the first thing you should do is talk to your lender or talk to us and we will put you in touch with your lender. If you miss your loan repayment date without making a repayment, you could face a £15 fine and until you make the payment the interest on your loan will increase by 8% daily. If you inform your lender prior to the repayment date however, they may be able to defer the repayment until the next month or they might put together an affordable payment plan that can help you better manage your repayments in the future. Keep in touch with your lender and keep them informed and you’ll find that repaying your personal loan is not nearly as daunting as you might think.
Why Should I Apply For Personal Short Term Loans Through LoanPig?
At LoanPig, we offer you a unique level of flexibility when applying for personal loans online. You get to choose exactly what type of personal loan you want and we will go looking for it on your behalf. You barely have to lift a finger to find fast loans with great rates. You also don’t have to worry about being stuck with a loan that you can’t afford. Our loans can start as low as £150 and go even lower and many of the lenders on our panel offer a monthly repayment plan to make paying off your loan that much easier.
So, turn to LoanPig for your financial solutions and apply for your personal loan online, today!