No Fee Easy Loans – Loans for bad credit for people with bad history

Reasons Why Loans Can Benefit Your Life

• Buy more time & regain control of your finances – If you have lots of debt repayments to think about each month it can often be struggle to keep on top of them and keep track of which debts go out and when. Having multiple unmanageable debts can result in missing payments which can then lead to damaging your credit rating. Combining all your repayments in to one or repaying your debts over a longer period of time with a consolidation loan may help you to maintain your credit rating in the short term and even improve it in the longer term.
• Investment in your future – Applying for loans can give you the financial assistance that you need in order to change your career, and the possibility of increasing your income. For example, you may need to get really advanced yet expensive training in order to become a web designer or graphic designer. Not only will you need to buy the expensive software for these jobs, you will also need to enrol in courses which will teach you the foundation elements of this type of career. Alternatively you may want to return to education to qualify in a new field for a change in career, expensive university fees are a barrier to many so a loan may help you achieve your dream job. Getting the money you need can be a significant step towards investing in your future happiness.
• Investment in your home – If you are a homeowner then getting additional money in is a great way to invest into your property. Not only will you benefit from getting that home extension you have always wanted, it will also add value to your property in the long run. This means that when it comes to selling your home, you will be more likely to make more from your sale.

Things to consider if getting a loan:

• Make sure you know what you are getting – Some people become blinded by the offer of a loan, particularly if they have been struggling to get offers due to bad credit. This may lead them to forget to consider the whole offer. It’s about more than just being offered money, the interest rate, length of loan and total amount repayable should all be considered before agreeing to take finance.
• Make sure you can afford the repayments. If you cannot be sure you can afford the loan long term then it’s best not to accept the offer, taking a bad credit loan and then missing payments is likely to make both your financial situation and any bad credit situation worse.
• What does the lender want in return? Some lenders who offer loans to people searching the internet for “bad credit” or “no search loans” will ask for security as part of the offer. This may be your car, commonly called a log book loan or even your home on a second charge mortgage. Whilst these options can be suitable in some circumstances if you are considering swapping unsecured debt for secured debt you need to think carefully if it’s the right decision. At the end of the day they are asking for the security for a reason.
• Is a loan really the best option – If the only loan you can get is at a high interest rate making it either unaffordable or forcing you to take it over an unreasonably long period of time then there may be other options available. If the loan is for debt consolidation there are other alternatives available. Debt counselling services are available for people struggling with payments and it may be possible to negotiate a more manageable repayment scheme with you creditors. Free debt advice is available from www.moneyadviceservice.org.uk

Always make sure:

• It’s the right thing for you – Any loan you take should be on terms you are willing to accept and at a payment.
• Always make sure you are dealing with a reputable company. As of April 2014 all brokers and lenders have to be authorised by the Financial Conduct Authority (“FCA”). Ensure any company you deal with are properly authorised, this ensures they are regulated and above all act fairly and with your interests in mind.
• Always read the contract. All lenders will provide you with a copy of a credit agreement. By law this has to detail the amount you borrow, the interest rate charged, the length of the loan, any set up fees or penalties and your monthly repayment. Whilst it may look like a daunting legal contract the current regulations state these must be written in plain English and it should be simple for you to see the information you need to know to make an informed decision. You should never sign, either in person or over the internet unless you have checked and are happy with the terms of finance.
• Know your rights – Under the Financial services (distance marketing) regulations 2004 you have a 14 day cooling off period for any loan you take over the internet or phone. This means if you change your mind you can repay the original amount paid to you within 2 weeks and not face any further charges.
• Be careful of upfront fees – Here at Easy loans we charge no upfront fees. Some brokers do charge an upfront fee or require you to ring a premium rate number as part of your application. Some companies try to claim they offered a loan (usually a very low amount over a very short period at very high interest rates, i.e. a payday loan which is usually significantly different to the loan you applied for when you took the fee) and therefore they fulfilled their part under their terms & conditions and so refuse a refund when you complain. Under FCA guidelines they are not allowed to charge a fee for providing any product different to the one either promised to you or which they knew you were seeking.