Things to look out for on a UK unsecured loans web site.
Once you've settled on a few UK unsecured loans provider, you can enter their business name in a search engine with the words 'problem' or 'scam', and see what comes up.
- A direct line telephone number (not 0845 or 0800);
- Have the got a 'real world' postal address (not a 'Suite' or a P.O. Box);
- Are they registered with the FSA or the OFT?;
- How long has the company been in business?;
- How quick are they to respond to queries?;
- How far away are they from you physically?;
- Are loans personnel mentioned by name on the site?
Even if your past credit background reports problems, be sure you may still be able to get your funding. This includes applicants who are
- Who have CCJs;
- With previously declined applications;
- An order of Court against a debtor to pay outstanding debts or bills;
- Bad credit rating;
- Or any other credit 'black marks'.
I don't offer UK unsecured loans out of my own pocket; this site is a one man band, and time is limited(!). I have one good associate company I pass requests onto. What does this mean?
It means you'll get one company getting in touch with you about your UK unsecured loans needs. And that's it. No phone ringing off the hook, with calls from Dodgy-uk-unsecured-loans4U.co.uk and its ilk, for the next two weeks. Unless you've given your contact data to a few other sites before you found TigerTom.Com. Ooops!
I get enquiries all the time from guys based in India looking to sell me UK unsecured loans 'leads' (customer data) gleaned by them from their internet sites. A nice little business for them, but a pain in the fundament for the customer.
Improve your credit-rating.
Find out what it is at Equifax, Experian and Trans Union. Providers may access them all. Then do the following:
Make sure you are on the electoral register.
Correct errors, including erasing judgements older than seven years. Paid-off debts can be legitimately recorded only up to seven years after settlement.
Satisfy liens and public judgements, such as in the County Court (CCJs).
Add information showing stability:
- Current employment, employer's name and address and your job title.
- Previous residence if you've been at your current place under two years.
- Date of birth.
- Previous employment, if you've had your current job less than two years.
- Current residence, and if you own it.
Do a budget. Make sure you use realistic figures. Keep all of your receipts, or keep a record, for all of the money that you spend for a month. Also record yearly expenditures like road tax, TV licence, car insurance, and divide by 12.
Use that to help you compile the first draft. Be prepared to review and update it regularly. A co-ordinated budget allows you to get the most home for your money without making a beggar of yourself, while getting rid of wasteful expenditure.
Choose a UK unsecured loans provider with a clean record with the industry watchdogs. The loan industry receives a great number of complaints against it. In the UK, credit brokers of any kind must have a licence from the OFT, and if they lose it, the OFT publishes this on their internet web site.
Be sure to research UK unsecured loans not only from your local bank or any other banks that may be nearby your home, but also ask quotes from other finance providers, and online providers as well, with a maximum of four credit checks in one month.
Any more looks suspect, and may affect your credit rating. Ask if they're going to check your credit-rating first, to be on the safe side.
If you call your provider about your UK unsecured loans, make sure you get the full name of the person with whom you speak.
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Start with banks and well known credit unions - When you begin to research your UK unsecured loans, it's best to start with your current bank, or with large credit unions. These are large providers with solid reputations, so scams will not be an issue.
TIP: Make sure you comprehend and are happy to pay all of the fees listed.
Origination fees are usually about about 1% of the UK unsecured loans amount. Some consumers have paid (in ignorance) as high as 15% for origination/broker fees. For a £10,000 loan, that means paying £1500, versus £300 to another provider, who would have granted the same UK unsecured loans with the same terms. If you have poor credit, you will likely have to pay higher rates and fees, but shop around.