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Representative APR 49.9%

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a credit broker and not a direct lender.

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How To Make Sure You Get A Loan That’s Genuinely Right For You – Cashcompare

As we have written about extensively in the past here on the CashCompare blog, there are various reasons why you might conceivably seek to take out a loan.

A true “emergency” situation might have come up, such as a need to pay unexpected veterinary bills, or the car that you use for your daily commute failing to start on a morning and requiring repairs. Or you may be yearning to carry out certain home improvements, or to indulge in the escapism of an overseas holiday.

But it’s one matter to get a loan, and it’s another matter to get the right loan. So, let’s take you through the essentials of ensuring the latter.

Firstly… Is Applying for a Loan the Right Choice for You?

This is, of course, a very big question in itself, and it is likely to hinge on a wide range of factors. Those include the specific reason you’re thinking about applying for a loan in the first place, as well as your credit score, and what your longer-term plans are.

Not everyone has the luxury of extending their overdraft slightly, taking out a credit card that allows for interest-free purchases for a certain period of time, or simply asking family or friends for help.

But of course, it is well worth thoroughly investigating such options – or others – before you commit to a loan. After all, even the lowest-risk loan still presents the reality that you will need to ensure timely repayments from the start to finish of the loan term.

While loans can provide necessary financial support, it's important to consider both the benefits and potential risks, such as increased debt and interest obligations.

So, What Steps Can You Take to Ensure You Get the Most Suitable Loan Deal?

The below measures could all go some way to ensuring you put in place a loan agreement that works for you:

Using a Credit Broker or Comparison Site: The fact is, one lender can only present you with whatever one lender can offer you. A credit broker such as CashCompare, on the other hand, can put forward multiple personalized loan quotes from across the market, not forcing you to put all your faith straight away in a single lender. CashCompare is authorized and regulated by the Financial Conduct Authority, ensuring compliance with the highest industry standards.

Only Borrowing the Bare Minimum: The smaller the loan that you take out, the lower the financial risk you will be exposing yourself to when taking out the loan. Short term loans can have very high interest rates, so if you can combine a loan with financial help from family and friends (for example), this will further help to reduce your risk.

Taking Account of Your Credit History: It’s free to check your credit rating online with the UK’s three main credit reference agencies – Experian, Equifax, and TransUnion. The credit scores that you are shown as a result of this process, might well greatly inform what decisions you make on seeking out a loan. Keep in mind that different lenders may interpret your credit score differently, affecting your loan terms and interest rates.

It Could Take Just Minutes to Determine Your Options for a Short-Term Loan

Something else that you might appreciate knowing: when you use our online loan request formhere at CashCompare, you will not be under any obligation to accept whatever personalized loan quotes you are presented with from this process. So, this could be a great way to determine what your likely loan options are, considering the broader market rather than just one or two lenders.

As always here at CashCompare, we would urge you to take great care over whatever decision you make. This will enable you to be confident of having made the most financially responsible choice for your own circumstances and needs. At CashCompare, we adhere to responsible lending practices to ensure that our customers are matched with loan offers suitable for their financial circumstances.

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Are you facing unexpected expenses? Let us help simplify your search for the right short-term loan, ensuring you get the suitable loan quote that fits your needs. ✔quick decision quote ✔simple application process ✔wide range of lenders Discover your financial option today! Dive in here to know more: www.cashcompare.co.uk Representative APR 49.9% Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a credit broker and not a direct lender.

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Need emergency cash but struggling with bad credit? Before you consider a payday loan, let's take a moment to think it through.

Representative APR 49.9% Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a credit broker and not a direct lender.

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Facing unexpected bills with no savings? Need emergency cash? Don't worry! We've got your back. Apply & Check your eligibility

Representative APR 49.9% Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a credit broker and not a direct lender. Check if we can help - cashcompare.co.uk

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Discover loans that don’t require a guarantor. Safe, simple, and secure borrowing options are just a click away.

Representative APR 49.9%

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a credit broker and not a direct lender. Check if we can help - cashcompare.co.uk

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👉 Find the Perfect Loan Deal for Your Needs Today! 👉 Save time with our tailored approach and get the loan that's right for you. 👉 Start applying now and take the first step towards your financial goals! Representative APR 49.9% Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a credit broker and not a direct lender. Check if we can help - cashcompare.co.uk

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How Can You Minimise The Risks Associated With Taking Out A Short-Term Loan - CashCompare

To reiterate a theme that we have previously written about here at CashCompare, a short-term loan is not, in and of itself, entirely a risky proposition, nor something that will solve all your financial problems. Instead, much depends on how such a loan is used, and how it fits in with the broader scheme of how you manage your money.

So, with all that in mind, here are some of the steps you can take to reduce the degree of risk a short-term loan might present to you.

Borrow as little money as you can

This might seem obvious to some of our blog readers, but it is worth re-emphasising nonetheless: a short term loan is definitely not the kind of thing where you should borrow more money than you strictly need, just because you theoretically can borrow that much money.

After all, all funds that you borrow will need to be repaid. And with short-term loans potentially having APR rates of as much as 1,500% or more, it can be a seriously risky course of action to take out a loan for anything more than you need. This rate is a representative example; actual rates may vary depending on the lender and your circumstances.

As part of this, you should do everything you can to exhaust other financial avenues before you depend on a loan. Are there, for example, any inessential possessions of yours that could be sold to raise funds? Perhaps there are friends or family members who you could borrow money from, or maybe you could cut out certain things from your life – such as paid streaming subscriptions, a daily coffee, or going out to the pub or bar every Saturday – to help you find that vital cash?

Never commit to a loan that you know you won’t be able to pay back

This really is one of the ultimate rules of borrowing, that should be set out in bold red text: do not, ever, take out a loan if you are already aware you won’t be able to repay it.

If you do commit to such a loan and inevitably find yourself in trouble later, you will be in a much worse financial position than the one you are in right now. So, applying for a short-term loan out of desperation isn’t going to be a course of action that will serve you well.

Even if your situation genuinely seems desperate and you have investigated all other options you can think of, it would be a much better idea for you to seek help from a non-profit debt counselling agency, such as StepChange or National Debtline.

Of course, “life happens”, and you might be confident that you can repay a loan at the time you commit to it, only for a later change of circumstances to affect your ability to keep on top of your borrowing. But even if that happens, you should contact the lender immediately, so that you can agree on a feasible way for you to complete your repayments.

Compare loans online with the help of a reputable comparison website

When it comes to the world of short-term loans, there are direct lenders, but there are also credit brokers, and it is important to be aware of the distinction between the two.

As the term suggests, a direct lender is exactly that – a lender. They may be able to present you with a short-term loan option, but if they are the only lender you have approached, you will have little way of knowing whether an alternative lender out there could give you a better loan deal with a more competitive interest rate. That is unless, of course, you approach lenders individually, one by one.

But why should you do that, when you can instead go to one place? This is where the right credit broker can come in. Here at CashCompare, we are a credit broker and comparison site that maintains relationships with a range of leading lenders.

You apply through us, using a single no-obligation loan request form, and we will then get to work on sifting through the available loan products from our featured lenders. This process will make it easier for you to find and commit to a loan that represents the lowest possible risk to you.

So, if you are looking to compare loans online, why do it the slower, more laborious, and potentially riskier way? Our quote request form takes just two minutes to complete and submit, and you will be under no obligation to accept any loan we present to you through this process – a further step that will help minimise your risk.

Please note that loan approval is not guaranteed and depends on individual circumstances and the lender’s criteria.

We advocate responsible borrowing and advise all our readers to consider their financial situation carefully before taking out a loan.

"Warning: Late repayment can cause you serious money problems. Always consider if borrowing is the right option for you and ensure you can repay your loan." For help, go to moneyhelper.org.uk.

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Considering A Loan For Your Wedding?: A Good Or Bad Idea?

It’s not exactly news that weddings are expensive things to organise – but still, it’s good to put a few hard figures on the cost to give some all-important perspective. According to research by the Hitched website, the average wedding in the UK cost £18,400 in 2022, which was 6% up on the figure for 2021, and more than double the amount spent during the COVID-affected 2020. 

So, you can see that after a period when many people weren’t exactly spending a huge amount on their weddings, those costs have crept up again. This is to be expected, during a time of rampant inflation combined with couples wishing to hold in-person nuptials again. 

If, then, you are set to tie the knot, we can well understand you carefully poring over all the costs, and considering how you can both save and add a bit more to your wedding budget. 

With that in mind, you may have heard that a lot of couples have taken out wedding loans in recent years to help pay every penny incurred by their big day. But might using such a loan be the right option for you and your sweetheart, or could there be better alternatives? 

In certain situations, a loan might be an option to consider for added wedding expenses.

As the information we set out above makes clear, the typical wedding cost in the UK these days is hovering around tens of thousands of pounds.

Naturally, every couple’s exact situation is different. At CashCompare, we offer short-term loans that typically range from £100 to £5,000. Such loans might be considered by those who find a small shortfall in their wedding budget.

And in what specific circumstances might you require that slight budgetary boost? Well, it may be that you have your hearts set on getting married on a particular date, and therefore want to be able to access extra funding for your wedding sooner, instead of waiting until you have saved up more money. 

Or maybe a loved one of yours was previously going to fund certain parts of your wedding, but has suddenly found themselves in a situation where they are unable to do so, thereby leaving an unplanned-for gap in your budget? 

The above are just some examples of circumstances in which couples think about – and take out – wedding loans. If you have a favorable credit rating, you might access certain interest rates, but it's essential to be comfortable with the repayment terms.

But wedding loans may not be the right solution for everyone 

The reality is, it is important to consider your specific circumstances extremely carefully before committing to any kind of loan, and the situation is no different when it comes to wedding loans. 

After all, taking out a loan to fund your wedding means you will be starting your married life with a debt. If your circumstances are such that you are confident of paying that money back, or if you only borrow a relatively small amount, this might not seem like a big issue. 

However, it could be a reason to consider whether there are better alternatives – such as cutting back on certain things you were initially intending to spend on your wedding, to help make possible the things you really want from your wedding. 

Do you really need to have a DJ or band when you could have a Spotify playlist instead, and do you really need to have a guestlist quite that long, consisting of some distant relatives you might barely know? And of course, there’s often a lot of scope for haggling or attractive discounts on the prices for key wedding services such as the venue, dress, and photographer. 

Essentially, all the usual truths about the importance of responsible borrowing also apply to wedding loans, including the importance of not borrowing an amount that you might struggle to repay. It’s also crucial to consider the amount of pressure that an outstanding loan could put on your relationship, and what would happen with the debt in the event of the relationship breaking down. 

Remember that a failure to repay what you owe could damage your credit rating, thereby harming your chances of being able to borrow money for anything else in the future. So, the impacts could be felt for a very long time after your wedding day, and perhaps even after the marriage itself. 

Could a short-term loan obtained via CashCompare be the answer? 

Naturally, no couple planning their wedding is in exactly the same situation as another, so there’s no “one size fits all” answer to this question. You really will need to think carefully about your own priorities and circumstances, and whether you will be able to pay back any loan to which you commit.

Don’t forget that here at CashCompare, it’s a two-minute process to complete our online form and ask for a no-obligation quote. This might further assist you in your decision-making in relation to wedding loans, and their usefulness (or otherwise) for funding the most important day of your life.

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Should You Use A Short Term Loan To Fund Home Improvements?

So, you’ve worked hard to get onto the property ladder, and now you have a home that you really can consider your own (well, subject to you paying off the mortgage). You would like the look and feel of your home to reflect the fact that it’s your own… but what can you do if you have little cash left over for home improvements?

One solution could be to look at home improvement loans, such as the short term loans we help make available to many residential property owners here at CashCompare.

The term “short term loan” is typically applied to loans that last for up to 12 months. So, this type of borrowing might well be a solution for you if you don’t want to be overly burdened with another long-term loan alongside your mortgage.

However, it is important to consider your exact circumstances and needs before you commit to any particular solution for funding home improvements. So, what are some of the factors that are likely to guide your decision-making?

The amount of money you will need to borrow for your home improvement work

The term “home improvement” is a pretty broad one. It could refer to giving yourself a whole new kitchen or bathroom, converting your loft, or building a home extension, or it could simply be a reference to redecorating.

As a credit broker here at CashCompare, we work with lenders who can offer home improvement loans typically amounting to as much as £5,000. This might be an ample amount for relatively modest home improvements, but it may be far short of the requirement for others.

If, for instance, you would like to renovate your bathroom, and you have determined that this would cost you around £15,000, remortgaging might be an attractive option for you. Let’s assume in this situation that you already have a mortgage of £130,000; you might therefore simply apply for additional borrowing, so that you are left with a mortgage of £145,000.

How much you owe on your mortgage

We referenced remortgaging above, so we might as well issue this warning: it may not seem like a massive issue to add another few thousand pounds to your existing mortgage, especially if you have been successful in keeping on top of your mortgage payments so far.

But you can’t count on always being in the same financial position that you are in right now. If you find yourself in a more diminished financial situation in the future – for example, as a consequence of losing your job, or having to work less hours to care for vulnerable relatives – this may impact on your ability to continue repaying your mortgage.

And of course, the same applies if you don’t remortgage at all, and instead simply take out a separate home improvement loan. This factor may cause you to instead consider saving up money to pay for your desired home improvements, instead of committing to any kind of loan at all.

Whether there are alternative ways of funding the work

The options for homeowners who would like to carry out improvements at their property aren’t necessarily restricted to remortgaging or home improvement loans.

Other key factors here will include your reasoning for making home improvements in the first place, and the urgency of such work.

If, for example, you are looking to carry out such work in order to enhance the value of your property when you next come to sell, but you don’t intend to sell for many years or even decades into the future, you might have the luxury of saving up funds to pay for the improvements in another few months or years’ time. This would save you from having to take out a loan at all.

As always when it comes to committing to any loan or other financial product, you will need to carefully think about your own circumstances and needs, and consider the solution that would make the most sense for you.

As a broker with in-depth expertise and experience in home improvement loans here at CashCompare, we can help to find you a no obligation quote for such a loan when you complete and submit our brief and easy-to-understand online form.

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Discover how to get the best deal on short-term loans online! Our latest blog post guides you through comparing options to find the perfect match for your needs. Start saving today!

Representative APR 49.9% Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a credit broker and not a direct lender. Check if we can help - cashcompare.co.uk

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Is It Possible To Get A Bad-Credit Loan For Home Improvements - CashCompare 

Great numbers of us yearn to do certain things in our lives that may not be realistically possible unless we can get a quick cash injection from somewhere.

It should hardly be a massive surprise, then, that a lot of people consider taking out a loan as a way to fund home improvement work, such as redecorating, remodelling, or even something as major as converting the loft or having a house extension built.

However, if you have a less-than-immaculate credit history, you might be wondering whether you have any chance of obtaining a suitable loan to help pay for your desired home improvements.

The short answer to the question we posed at the top of this article is:

Yes, it could definitely be possible for you to be granted a loan for improvement work at your humble abode, even if you do have poor credit. However, there are certain important things to bear in mind.

While it's possible, obtaining a loan with bad credit comes with its challenges and higher interest rates. It's crucial to assess your financial situation and consider the implications carefully.

Various types of loan exist that could help you fund home improvements

Broadly speaking, there are two types of loan that you might consider if you are interested in borrowing money for home improvements; a secured loan or an unsecured one.

Failing to keep up with repayments on a secured loan can lead to losing your home. It's vital to consider your ability to maintain repayments before committing.

Secured Loans

As the term suggests, a secured loan is typically secured against something, and this type of loan also being known as a “homeowner loan” gives a clue as to what asset it is often tied to: the borrower’s home.

Certainly, you could consider this type of loan if you are a homeowner, especially if – as someone with bad credit – you are anxious to try to keep the interest rate on the loan as low as possible to help ensure affordability.

As the lender will have an asset it can take possession of in the event of you failing to keep up with your repayments, you might find that you are able to obtain a secured loan with quite an attractive interest rate.

But on the other hand, if you are borrowing money in order to fund home improvements, you might not want to create a situation where you risk losing the very thing you are trying to improve in the event of, for example, you losing your job.

Remember, failing to keep up with repayments on a secured loan can result in losing your home. Always consider if you can afford the repayments before securing debts against your home.

Could an unsecured loan be the best way to pay for your home improvement work?

Unsecured loans are also frequently referred to as “personal loans”. This type of loan might be an especially alluring and suitable option if you only need to borrow a few thousand pounds to cover the home improvement work (which may be the case if you have found an alternative way of paying for much of the work, only to still be slightly short of the entire amount you require).

And of course, an unsecured loan is exactly that – unsecured. It won’t be secured to any assets, so you won’t be at risk of losing that asset (or at least, not directly) if you later find yourself struggling to repay everything you owe on the loan.

However, it is at this point that we return to the theme of poor credit. If you have a bad credit score, and there isn’t any asset the lender is permitted to reclaim in the event of you falling behind with repayments, you might find yourself being presented with very high interest rates for an unsecured loan. This would be the lender’s way to guarding against the risk of you failing to repay them (bearing in mind that in these circumstances, the lender will perceive you as a ‘riskier’ person to lend to).

Nor should it be overlooked that as someone with bad credit, you might struggle in many cases to get a lender to present you with a loan offer at all.

There is, though, one potential remedy to this you might consider: turning to lenders that specialise in bad credit loans. Some of those lenders feature on our own panel of lenders here at CashCompare. So, if you fill in and submit our straightforward no-obligation quote request form, you could quickly get a good idea of what kind of unsecured loan could be possible from such lenders.

Specialist providers of bad credit loans serve people who may have been turned down for a loan by other lenders. So, you never know – that longed-for home improvement loan may be more attainable for you than you might think!

CashCompare is authorised and regulated by the Financial Conduct Authority (FCA), ensuring our commitment to providing fair and transparent advice. This article is for informational purposes only and does not constitute financial advice.

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Which Would Be Better For Your Needs: A Short-Term Loan, Or A Long-Term One?

We try not to state the obvious too often here at CashCompare, and the definition of the term “short term loan” might seem more than obvious: an amount of borrowed money that needs to be paid back over a relatively short period of time.

But what do we mean by “short period of time” when it comes to loans, and what are the pertinent differences between a short-term loan and a long-term one? Even more crucially, what implications will all of this have for the kind of loan that you might decide to take out?

Short-term Loans vs Long-term Loans

To reiterate what we said above, a short-term loan entails money being borrowed – a personal loan, in other words – that must be repaid over a short timeframe. Beyond that, there isn’t really a specific definition of the term “short-term loan”. It is often taken to mean a loan that has to be paid back over a period of up to one year. However, a loan could conceivably be slightly longer than this, and still be referred to as a “short-term loan”.

CashCompare is a credit broker that helps to arrange emergency short term loans, drawing upon an extensive panel of represented lenders. But it is also perfectly possible to use our no-obligation quote request form to discover your options for a loan that would need to be paid back over 24 months (two years), or perhaps an even longer timeframe than that. CashCompareis a credit broker authorized and regulated by the Financial Conduct Authority, dedicated to helping you find the best loan option available.

And as you will also see from looking at our form, we enable prospective borrowers to consider their options for short-term loans of as little as £100, or as much as £5,000.

Be aware that all loans carry risks if not repaid on time. Short-term loans often have higher interest rates, which can lead to greater debt if not managed responsibly.

A long-term loan, on the other hand, typically involves a larger amount of money, which the borrower agrees to repay over a longer period of time.

The Right Choice for You Will Depend on a Variety of Factors

You might expect a broker that focuses on emergency short-term loans, such as ourselves here at CashCompare, to suggest you take out a short-term loan. But of course, the reality is that the most appropriate choice for you will hinge on a range of factors.

Short-term loans are often sought in genuinely short-term “emergency” circumstances, such as if someone’s car breaks down and needs to be repaired at short notice, in order for them to be able to do their vital daily commute. In that situation, the driver may apply for a short-term loan if they do not have the money immediately available to pay for repairs.

We urge you to borrow responsibly and only take out a loan if you are confident you can meet the repayment terms.

Long-term loans, on the other hand, tend to be taken out for needs or aspirations of a more long-term nature (such as, to repeat what we said above, buying a brand new car that is likely to continue to be used for years after the loan has been paid off).

Bear in mind, too, that a loan that needs to be paid back over a longer timeframe could present a higher risk of your financial circumstances significantly changing at some point while you are still paying the loan off.

If, for instance, you lose your job with a year’s worth of repayments still to be made, and you begin missing payments as a result, this could adversely affect your credit rating, and present a high chance of the lender taking action against you.

On the positive side, though, interest rates on long-term loans do tend to be lower than on short-term loans, because the money is being borrowed over a longer period of time.

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Cashcompare - Apply Loans from £100 to £10000 | No guarantor

CashCompare is a trading style of Kassel Media Ltd. We are an online credit broker who helps you find the best financial product for your circumstances and works with a large panel of lenders or loan providers who offer specialised loans with great deals and affordable rates. We at CashCompare, have an extensive range of lenders who offer many different types of loans. You will never get advice or recommendations from us, but we will assist you in making an educated decision regarding the most suitable loan product for your circumstances; then, you will need to decide how to proceed.

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