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Cheap Loan

Who qualifies for cheap loans?

To qualify for a cheap loan, you will need to match a certain set of criteria laid out by your prospective lender. The specific criteria can vary from lender to lender but there are a few common denominators, which can act as a guide. These are: -

  • Desired loan amount and preferred term
  • Residential status
  • Personal credit history

People who qualify for the cheapest loans are usually considered very low risk by a lender, and are offered their best rates as a result.

How do I decide which loan is right for me?

Before deciding which loan plan is right for you, it is worth asking yourself a few questions before you search: -

  • What can I comfortably afford to borrow?
  • Are their any special features associated with my loan?
  • Do I require any type of payment protection?

Can my credit history affect my chances of getting a cheap loan?

It’s no secret that your credit history does play an important role in helping lenders assess your suitability for any loan type. This is especially true when applying for the cheapest loan plans.

Your credit history is a key indicator of your financial reliability and lenders will use this when deciding if you are eligible for their best rates.

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WARNING: THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE
REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

1. 4.94% typical APR available with Zopa for a £1,000 loan for 36 months. Zopa only lend to people
with excellent credit, who earn over £25,000 and whose identity they can confirm.

2. Potential savings will vary depending on the amount you are borrowing, the rate
you are currently paying and the rate you may be eligible for.

3. Logos are used for illustrative purposes only and represent a snapshot of loan
plan providers available through associates of bestloans.co.uk.