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The Comprehensive Loan Guide

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 Loan Type

 Key Feature

 Key Feature

 Key Feature

Instant Cash LoansQuick way to borrow moneyCredit checkedSuitable for financial emergencies
Payday loansTypical Maximum Borrowing £1,000Usually repaid in a single payment by the next payday, within 2 –  4 weeks from the date it was issuedHigh APR (Annual Percentage Rates)
Instalment LoansCredit CheckedThe borrower agrees to make a full repayment with interest in monthly instalments.Can be Secured or Unsecured
Loans without credit checkOffered by non-bank lenders and online lenders onlyUsed for emergenciesNo credit check
Secured LoansYou are guaranteeing your ability to repay that loan by attaching security (car, house) to itLower rates of interestSecured loans put your security and credit at risk if you default on a payment
Small LoansAn unsecured loan that is offered by a lender or a creditorFor amounts from £50 – £1,000Usually repaid in a single payment by the next payday, within 2 –  4 weeks from the date it was issued
Quick cash loansQuick way to borrow moneySuitable for financial emergenciesHigh APR (Annual Percentage Rates
Weekly loansWeekly loans are unsecured loans associated with higher interest ratesCustomers have 7 days to repay the loan in fullThe total cost of the loan including interest and fees is capped at 100% of the original amount borrowed
APR loansAPR stands for Annual Percentage Rate. It is a reference to the total interest payable on a loan per yearThe APR is mandated by law to include all fees involved in processing the loan.The lower the APR the better
Same day loansA loan provided to a borrower on the same day that the application forms were received and approved.Suitable for emergenciesQuick way to borrow
Personal loansA secured or unsecured loanBorrow between £1,000 and £25,000Credit and Income checked
Short term loansShort term loans cover all the loan options described above

Everything You Need to Know about Loans

There are many reasons why people apply for personal loans. You may be looking for a debt consolidation loan, to renovate your home, take a much-needed vacation, pay for an unforeseen expense, or you may simply require bridge financing. Whatever your reason, you will find personal loans to be a valuable resource to tide you over. There are two primary types of personal loans: unsecured loans and secured loans.

Broadly speaking, loans typically have a fixed term (duration) and a fixed loan amount. This means that borrowers will make fixed repayments at regular time intervals to the lender. Certain loans will allow the borrower to repay the loan in full ahead of time without a penalty, while others may impose prepayment penalties for early repayments. It is important to read the terms and conditions of all loan agreements with the lender of your choice.

Personal loans are the preferred option for people seeking instant cash. It is wise to make the right decision about which loan provider you go with before you sign on the dotted line. Personal loan applications must be made intelligently. Since each loan provider offers different interest rates, repayment terms, fees and charges, the onus is upon the borrower to conduct careful research and comparative shopping.

The best personal loan is one which meets your needs in an affordable, timely and customer-friendly way. There are several steps that need to be taken when applying for a personal loan. While the precise terms and conditions will vary from one lender to the next, borrowers must consider the following:

  • What type of personal loan do you require? Your credit references and income will play a part in the approval process.
  • Select a personal loan that meets your requirements. It is a good idea to get preapproved from multiple lenders simultaneously. Then, compare these personal loan offers and select the one that is most appropriate to your situation.
  • Once you have read the terms and conditions, finalize your personal loan application. Once you sign the loan agreement, the lender will promptly disburse the funds into your bank account.

Types of loans you can apply for

Instant Cash Loans

As its namesake suggests, an instant cash loan is one of the quickest ways to borrow money in an emergency. You may find yourself in desperate need of cash, owing to a medical emergency, an overdue bill, a broken-down vehicle, or any other number of possibilities. There are only a handful of options available when you need cash instantly. These include credit card cash advances, and personal loans. Unfortunately, credit unions and banks require time to approve and disburse funds into your account.

This makes them less than ideal for instant cash loans. As with any other loan application, it is important to evaluate your options when applying for instant cash loans. Once again, your credit score determines your eligibility for a favourable interest rate on an instant cash loan. If you have bad credit, you will not necessarily be disqualified from an instant cash loan although you may be subject to a higher interest rate. Typically, instant cash loans can be as much is £1,000+, and interest rates are subject to regulatory constraints.

When you’re in a financial emergency, instant cash loans are a viable solution to a real dilemma. People expect to pay more interest on these loans given that they are approved in double-quick time. When applying for an instant cash loan, some of the factors that should be considered include: The safety and security of the loan provider, the application process, the response time, the licensing and regulation of the loan provider, the loan repayment terms and conditions, the time to complete the transaction, and the level of customer support available to you.

The best instant cash loans providers expedite your requests, guarantee the integrity and security of your personal information, and allow for a complete online (Mac, PC, iOS and Android) application. Instant cash loans are otherwise known as fast payday loans, instant loans, or even instant payday loans. It’s a good idea to read reviews of instant cash loans providers, from objective sources. Once you have secured your instant cash loans, it is important to repay the loan on time. This can also help you to rebuild your credit.

Payday loans

There is no strict definition of a payday loan, but they are typically described as short term loans offered at a higher interest rate for an amount under a £1,000. As its name suggests, payday loans are offered to people who are gainfully employed and can make the loan repayments by the next payday. In the United Kingdom, the FCA (Financial Conduct Authority) regulates the maximum interest rates that can be levied on payday loans. Much the same is true with regulatory authorities in the United States, across continental Europe, and elsewhere. Payday loans are usually associated with a smaller loan amount, and they are usually repaid in a single payment by the next payday.

On average, a payday loan is repaid within 2 weeks or 4 weeks from the date it was issued. The borrower may write a PD (post-dated) cheque to the lender in the full amount of the loan + interest for the next payday, or may agree to have the money electronically removed from a bank account. With respect to payday loans, the lender does not actively evaluate your ability to repay the loan. You simply agree to make the payment and you will be bound by the T&C of the payday loan.

Note that payday loans can be repaid in several ways. Your lender may agree to a once-off payment at the end of the loan term, or the loan may be rolled over for an extended period. These are known as instalments, and they may be subject to higher rates of interest since a longer loan term is being considered. The APR (annual percentage rate) on payday loans are capped by the regulatory authorities. In the UK, these loans are typically offered up to £1,000, and the APR can reach as high as 1,000%.

Instalment Loans

There are many types of loans on the market, but they primarily fall into two categories: revolving lines of credit, or instalment loans. A revolving line of credit takes the form of a credit card where you have a set credit limit available to you and you can continue using that credit as long as you keep making payments on your debt. An instalment loan is different. A borrower receives a set loan from a lender and agrees to make a full repayment with interest in monthly instalments.

These types of loans are ideal for all manner of expenses including car repayments, tuition fees, or even refurbishing your home. Of course, instalment loans come in many shapes and sizes such as home equity loans. Be advised that payday loans are not instalment loans given that they are high-cost, short-term loans which are typically paid back by your next paycheque.

For example, you may wish to borrow £10,000 and repay it in monthly instalments. If you agree upon a 5-year repayment plan at 6% interest, you may pay £193.33 per month for the next 5 years. The interest rate that you are charged will be determined by the lender. They will consider your income, debt/income ratio, and your credit score. With instalment loans, the lender is cognizant of your ability to afford the loan and repay the loan.

Before you apply for an instalment loan, it is always sensible to ensure that your credit score is as good as it can be. Make timely repayments on your outstanding debt, manage the number of new accounts you apply for, work towards a healthy available credit ratio, and so forth. Paying down high interest debt first is a terrific way to ensure that you will qualify for an instalment loan in the future.

Many bank and non-bank providers offer instalment loans. The traditional avenue for these types of loans is a bank or a credit union, however many non-bank lenders and online lenders now offer personal instalment loans as well. Be advised that your ability to repay this loan will directly impact your credit score.

Loans without credit check     

Believe it or not, there are many loan providers that do not check your credit before issuing you a loan. There is a reason why loan companies will offer their services to clients without a credit check, namely higher interest rates. Instant payday loans or instant cash loans are oftentimes referred to as emergency loans. When you need money in a hurry, and you don’t have time to complete lengthy paperwork and have your credit history scrutinized, you will want a loan with no credit check. These personal loans are offered by non-bank lenders and online lenders and they are designed expressly to help borrowers get the funds they need in an emergency.

Loans without credit checks require income verification, but most of the time clients will not be required to submit documentation. It is quick and easy to apply for loans without credit checks. The repayment period can range from several days to weeks, even as much as 18 months. The benefits of loans without credit checks are evident across the spectrum. For starters, people with bad credit are not precluded from these types of loans. Plus, the loans are available instantly – customers don’t have to wait several days for the bank or financial institution to approve the loan.

The bureaucratic hassle of traditional loans is avoided with these types of loans, and they are typically expedited swiftly. Many people who apply for loans without credit checks have bad credit scores, and have been turned away from traditional banks and financial institutions. Fortunately, all that’s required is your current position and income stream. Loans with no credit check do not require collateral (they are not secured loans), and your credit score does not come into play.

Secured Loans

Secured loans are associated with collateral, i.e. security. When you apply for a secured loan, you are guaranteeing your ability to repay that loan by attaching security to it. For example, if you default on the loan repayment, or you miss a repayment, the lender has recourse with the collateral. The benefit of applying for a secured loan is that you will receive a lower rate of interest than an unsecured loan.

The reason for this is clear: the bank, financial institution or online lender is taking less of a risk on you with a secured loan. This loan option is considered by many industry experts to be an effective way of building a credit profile. Multiple types of secured loans are available such as secured credit cards (secured to a certificate of deposit), mortgages (secured to your property), and automobile loans (secured to your automobile). Title loans are another loan option secured against a fully paid off vehicle.

There are pros and cons of secured loans. On the one hand, a secured loan can guarantee a line of credit if a borrower has been turned down by a lender before. Secured loans are also ideal ways of rebuilding your credit score, and banks are more likely to approve them because there is less risk involved. On the flip side, secured loans put your security at risk if you default on a payment. Your property – real estate, vehicle or CD – may be at stake if you cannot make good on your repayment. Plus, you also risk ruining your credit score if you make late payments, or default on the secured loan.

Experts do not recommend transferring unsecured debt onto secured debt. For example, it is ill-advised to take out a second mortgage, or refinance your mortgage to pay off credit card debt. This puts your assets at risk if you default on the loan at a future date. A better idea would be to sell assets to defray your debt burden. Unsecured loans are a preferable option for debt mitigation purposes such as debt consolidation loans. As a rule of thumb, steer clear of secured loans if your ability to repay is in doubt.

Small Loans

It is often said that small loans offer big help to customers. A small loan is a personal loan, i.e. an unsecured loan that is offered by a lender or a creditor. Customers will use small loans to take care of unexpected expenses. These could be related to medical emergencies, automobile breakdowns, overdue utility bills, pet emergencies etc. With a small loan, you are typically required to repay the loan and interest with your next paycheque. Payday loans and small loans are similar. Several loan providers regard small loans as running credit accounts, in the sense that loans can be issued several times until you hit your credit limit.

Payday loans do not offer such luxuries. With a small payday loan, borrowers cannot typically withdraw money multiple times without reapplying for the loan. It is a good to assess the loan provider’s reputation, and the credit facilities offered on the small loan. As a rule, you can expect UK small loans providers to offer anywhere from £50 – £1,000 to approved clients. Note that the term small is a relative term and it may be £50 for one person and £500 for another. Most of the time, small loans are expected to be paid back in full by the time you receive your next paycheque.

Small loans are helpful when you need cash quickly. Banks and credit unions are ineffective at providing expedited financing since they are subject to lengthy bureaucracy. Small loans are terrific same day loan options, and they can alleviate financial stress by advancing you money within the hour (T&C apply). Most small loans providers offer online applications and approvals – for added convenience.

Quick cash loans

Quick cash loans fall into the same category as small loans or payday loans. These loans are provided to customers who need money quickly. If you find yourself in desperate need of cash, and you are gainfully employed, a quick cash loan is a terrific option. Any number of situations can arise which necessitate a quick cash loan.

The benefits from loan providers offering this particular option include: quick money loans, same day approval and transfer, bad and poor credit accepted, online processing of transactions, safe and secure applications, access up to £1,000. Different types of quick cash loans include cash advance loans, quick cash loans, payday advance loans, payday loans, and instalment loans.

When you are approved for a quick cash loan, you can tide yourself over until your next paycheque. Be advised that instalment loans have longer repayment terms, and differ substantially from quick cash loans. The interest rates are also typically better given that less is required of the borrower. Quick cash loans alleviate the stress of needing money fast, by providing workable solutions in the form of instant cash.

In the UK you can apply for quick cash loans on bank holidays, and every other day of the year. These are ideal for borrowers for any reason, and there are no hidden charges, no annoying telephone calls, and instant deposits into your account. These no hassle loans provided by regulated lenders in the UK are required to prominently display the interest charged, the representative APR, and the total payment. The short-term loans are ideal for folks with poor credit or bad credit. It’s important to only work with reputable quick cash loans companies since there are many sharks in the market.

Weekly loans

There are many types of short-term loans, weekly loans being one of them. When you apply for a 1-week short-term loan, you can instantly receive cash, and you will pay it back in full with your next paycheque. Be advised that weekly loans are associated with higher interest rates, but they make good on their promise to deliver instant cash quickly.

Sometimes there is no other option available, and customers simply need money to tide them through a rough patch. These are otherwise known as payday loans and they are provided by short-term lenders. As its name suggests, customers have 7 days to repay the loan in full, with interest. As such, the interest rate is higher on weekly loans.

Weekly loans are unsecured loans with short repayment terms and rapid turnaround times. Many lenders do not require any credit history when offering weekly loans to clients. Since there are no hidden fees, and cash is often paid within minutes, this is a popular option for people in a bind. APR rates can range from 45.3% through 1,575% maximum. The FCA limits the maximum interest rate to 0.8% per day of the amount borrowed.

If borrowers fail to make the repayments on time, charges cannot exceed £15. The total cost of the loan including interest and fees is capped at 100% of the original amount borrowed.

APR loans          

APR stands for Annual Percentage Rate. It is a reference to the total interest payable on a loan per year. The lower the APR, the lower the monthly payments you will have to make on your loan. Sometimes, low APRs disguise other hidden fees and charges such as loan processing fees, points, and the like. Note that the APR is not the same thing as the interest rate on the loan. APR includes the interest rate, and all fees associated with issuing the loan, filing your application, and processing it. The interest rate is simply that – the interest rate.

With a payday loan, it’s important to know what the APR is. The APR is provided as a yearly figure and expressed in a percentage format. The APR is mandated by law to include all fees involved in processing the loan. However, not all fees are necessarily tacked onto the APR with long-term loans like mortgages. Title fees are a case in point.

This means that the APR loans rates are always going to be higher than the interest rate on the loan. Borrowers must be aware of the APR, and the nature of compound interest. Calculating the APR for instant payday loans requires certain information. This includes the loan amount, the interest repayments on the loan, and the length of the repayment term.

 Same day loans

A same day loan is a loan provided to a borrower on the same day that the application forms were received and approved. Many people require urgent lines of credit, and they cannot afford to wait for a bank, credit union, or online lender to procrastinate on delivering the money. A same day loan is an effective option for receiving funds in minutes or hours. Typically, UK same day loans providers will deliver the money immediately. These unsecured loans go by many other names including, payday loans, and instant cash loans.

The most notable features of same day loans include the fact that they are short-term loans, small cash loans, and they are unsecured loans. It is possible to apply for a same day loan online, and the money is typically available to you within 1 business day. Many companies promise one-hour payday loans, but in practice most same day loans are processed within 1 business day. Be advised that lenders do not transfer money on holidays when banks are closed, or on weekends, meaning that same day loans are typically processed from Monday through Friday.

 Personal loans

A personal loan is otherwise known as an unsecured loan. Simply put, it is a way of borrowing money from a lender through a bank or non-bank financial services provider. With a personal loan, you get to decide how much you would like to borrow over a specific repayment period. The lender will determine the interest rate and whether to approve or deny your loan application. Your credit score is used to evaluate your creditworthiness (your ability to repay the loan).

Since personal loans are unsecured loans, the amount that lenders are willing to offer is less than secured loans which are safeguarded by property and/or other assets. With an unsecured personal loan, you can expect amounts between £1,000 and £25,000 from lenders across the UK. The repayment period ranges from 1 year to 5 years, sometimes even 10 years. According to industry aficionados, the most cost-effective personal loans range between £7,500 – £15,000 over a period of 3 – 5 years. In all instances, borrowers are required to make monthly repayments at an agreed-upon rate to the lender.

 Short term loans

Short term loans cover all the loan options described above. You’re welcome to review Fernovo for details of all aspects of short term loans, including how much you would like to borrow, a representative example, the duration of the agreement, and the interest payable on the loan. Typically, a £300 loan over 90 days would incur interest of £92.85, for a total instalment amount of £392.85.

Our interest on short-term loans is fixed at 180% per year, amounting to 0.5% in interest-related fees per day. The representative APR (annual percentage rate) is 447.5%. With all short term loans, it is imperative to use safe, secure, and regulated loan providers. Fernovo operates a cutting-edge platform with fairness, integrity, and transparency throughout. Clients are required to digitally sign documentation, and once approved the money will be deposited directly into your bank account.

Customer support representatives are available to discuss all aspects of short term loans with you, on a daily basis from 8:30 AM through 7 PM GMT. Clients can access their accounts 24/7 via PC, Mac, smartphone or tablet. Fernovo is 256-bit enabled SSL secure, and CCTA verified. The company is fully licensed and authorized to offer short term loans to UK clients, courtesy of the Financial Conduct Authority (FCA), with registration #674141.