Easy Loans

In today’s fast-paced world, many individuals find themselves in need of quick financial assistance. Easy loans in the UK provide a convenient solution for those seeking immediate funding for various personal or professional needs. These loans are designed to be accessible and hassle-free, with options available for individuals with different credit backgrounds and financial circumstances.

One popular type of easy loan is the personal loan, which can be borrowed for amounts ranging from £1,000 to £40,000 and repaid over a fixed period. Interest rates may vary depending on the provider and the borrower’s credit history. Another option is the guarantor loan, suitable for individuals with bad credit, as a friend or family member with good credit co-signs the loan to vouch for the borrower’s repayment ability.

Additionally, payday loans offer small, short-term loans, typically ranging from £300 to £1,500, designed to be repaid on the borrower’s next payday. These loans can be useful for emergencies but have significantly higher interest rates. Borrowers must research and compare various loan providers to secure the best possible deal based on their needs and financial circumstances.

Easy loans

Understanding Easy Loans in the UK

Easy loans in the UK are unsecured borrowing that typically comes with a simplified application process and relatively quick approval. They are designed for individuals who may require a small amount of money for a short period. Lenders of these loans often have less rigid credit score requirements, making it easier for borrowers with less-than-perfect credit to obtain financing.

Types of Easy Loans

Personal Loans

Unsecured personal loans are a common type of easy loan. These loans allow borrowers to request funds without collateral such as a house or a car. Lenders calculate the interest on the loan and add it to the principal amount, which is then repaid in fixed monthly instalments.

Payday Loans

Payday loans are another type of easy loan available in the UK. These loans act as short-term financing to cover expenses until the borrower’s next payday. Payday loans often have higher interest rates but are more accessible to borrowers with poor credit.

Online Lending Platforms

Some online lenders offer easy loans in the form of unsecured borrowing, with application processes that can be completed entirely online. These platforms often provide quick decisions on loan applications and may even enable borrowers to access funds on the same day.

Requirements for Easy Loans in the UK

To apply for an easy loan in the UK, borrowers must typically meet the following requirements:

  • Be at least 18 years old
  • Be a UK resident and provide proof of address
  • Be able to pay back the loan, providing proof of income
  • Pass a lender’s credit check. If you don’t, there are specialised no credit check loans.

Amounts Available and Repayment Terms

Easy loans in the UK can range in amounts available for borrowing, typically up to £5,000 unsecured. Repayment terms will vary depending on the lender, the type of loan, and the borrower’s creditworthiness. Borrowers should consider any easy loan terms and interest rates before applying.

In conclusion, easy loans are a convenient financing option for individuals needing quick cash in the UK. However, borrowers should be cautious and compare different lenders’ terms and conditions to find the most suitable loan.

Requirements for easy loans in the uk

Application Process

Eligibility Criteria

Before applying for an easy loan in the UK, it is important to understand the eligibility criteria. Generally, lenders will require that you:

  • Are 18 years old or above
  • Are a UK resident
  • Have a steady income source or employment status
  • Possess a valid bank account in the UK

Some lenders may also consider applications from individuals with a poor credit history, but be aware that such loans may come with higher interest rates.

Loan Amount and Term

The loan amounts for easy loans in the UK tend to vary between £300 and £25,000, with the term typically ranging from 3 to 6 months for smaller loan amounts and up to 5 years for larger loans. Examples of loan providers include QuidMarket, which offers loans of £300-£1,500 over 3-6 months, and Novuna (formerly Hitachi), offering loans up to £35,000.

Online Application

The application process for an easy loan is usually simple and streamlined, allowing for quick decisions and fund transfers. To apply, you will need to:

  1. Select a reputable direct lender or use comparison websites like Finder UK for the best loan.
  2. Complete the online application form, providing your personal and employment details, desired loan amount, and preferred repayment term.
  3. The lender will carry out a soft credit check (which will not harm your credit score) to assess your eligibility and financial history.
  4. Receive a loan quote detailing the interest rate and repayment terms. Ensure you read the terms and conditions carefully.
  5. If you agree to the loan offer, confirm your acceptance, and the funds will be transferred to your bank account, often on the same day.

Remember that choosing a responsible lender and borrowing within your means is essential, as failure to repay a loan on time can lead to additional fees and affect your credit score.

Borrowing with Bad Credit

Having a bad credit history can make obtaining a loan more challenging. However, securing a loan with a poor credit rating is not impossible. This section will explore ways to improve your credit score and discuss alternative financial support options for those with bad credit.

Improving Credit Score

Improving your credit score can significantly increase your chances of getting a loan. Some suggestions to help boost your credit rating include:

  • Paying bills on time: Regularly meeting payment deadlines for bills like utilities and credit cards can demonstrate financial responsibility and reflect positively on your credit score.
  • Reducing outstanding debt: Paying off outstanding debts and keeping credit balances low can help improve your credit rating.
  • Checking your credit report: Regularly reviewing and disputing errors can help ensure your credit history is accurately recorded.
  • Limiting credit applications: Making multiple loans or credit applications in short durations can negatively impact your credit score. Limit applications and focus on those tailored to borrowers with bad credit.

Finding Financial Support

For individuals with poor credit ratings, there are alternative financial support options available:

  • Bad credit loans: Specialist lenders offer bad credit loans specifically designed for people with poor credit histories. These loans may have higher interest rates, but they are more accessible than traditional loans.
  • Credit union loans: Credit unions are not-for-profit organisations that provide loans to their members. Becoming a credit union member may increase your chances of loan approval if you have a bad credit history.
  • Guarantor loans: Some lenders might grant loans to individuals with bad credit if they have a guarantor – someone willing to take responsibility for your debt if you fail to make repayments.

Remember that choosing the right loan for your circumstances is essential. Consider the loan amount, repayment period, interest rate, and any additional fees before deciding. Ensuring you can afford the loan repayments can help you avoid further harm to your credit score.

Interest Rates and Repayment Terms

Annual Percentage Rate

When comparing loans in the UK, paying attention to the Annual Percentage Rate (APR) is essential. The APR represents the total cost of borrowing, including the interest rate and any additional charges.

For example, if you borrow £10,000 over 60 months, the monthly repayments could be £187.77 with a representative 4.90% APR, resulting in a total repayment amount of £11,266.20. Remember that the representative APR is not guaranteed; your offer rate will depend on your circumstances, such as your credit score and repayment history.

Secured vs Unsecured Loans

Different types of loans come with varying interest rates and repayment terms:

  • Secured loans: require collateral, such as your property or car, to secure the loan against. If you fail to make repayments, the lender can seize your collateral. Secured loans generally come with lower interest rates than unsecured loans because the risk to the lender is reduced. They can also offer larger loan amounts, sometimes up to £35,000.
  • Unsecured loans: Unsecured loans do not require you to put up any assets as collateral. This means less risk to you, but the lender faces a higher risk. As a result, unsecured loans usually come with higher interest rates than secured loans.

In summary, when considering easy loans in the UK, paying attention to the specific interest rates and repayment terms is vital. Comparing the APR, understanding the differences between secured and unsecured loans, and knowing how they might impact the total cost of borrowing will help you make a more informed decision.

Emergency and Short-Term Loans

Payday Loans

Payday loans are designed to provide quick access to funds during urgent situations. These loans usually range from £100 to £1,000 and are meant to be repaid from your next salary. Remember that these loans often have high-interest rates and can lead to a debt spiral if not managed responsibly.

  • Instant decision: Online payday loan applications can be processed quickly, letting you know if you’re approved within minutes.
  • Same-day funding: Approved applicants may receive their loan on the same day, providing needed funds quickly in emergencies.

Short-Term Loans and Their Alternatives

Unlike payday loans, short-term loans are more affordable unsecured credit products with a loan duration of up to 9 months. This usually results in lower monthly repayments. These loans can be applied online, with some lenders offering instant decisions and funding within an hour or on the same day.

  • Quick access to funds: When approvals are made, short-term loans can be swiftly transferred to your bank account, allowing you to address emergency costs.
  • Borrow larger amounts: Short-term loans typically offer a higher loan limit than payday loans, ranging from £300 to £1,500.

Aside from payday and short-term loans, there are alternative options to consider:

  1. Credit unions: Joining a credit union could provide access to more affordable short-term loans, helping you to avoid high-interest debt.
  2. Overdrafts: If your bank account has an overdraft facility, it can be a safety net during emergencies.
  3. Welfare funds: Check if you’re eligible for emergency welfare funds or grants, which can provide temporary financial support without needing to be repaid.

In conclusion, when applying for emergency and short-term loans, always read the terms and conditions carefully, be aware of potential late repayment fees, and explore alternative options before deciding.

Best Loan Providers in the UK

Top Personal Loan Providers

Among the best personal loan providers in the UK are:

  • HSBC Personal Loan: Known for offering loans to individuals with good credit, HSBC provides competitive interest rates and loan terms.
  • Ocean Finance: As one of the best alternatives for those with a less-than-perfect credit history, Ocean Finance offers a range of loan options catering to diverse financial needs.
  • Guarantor My Loan: If you’re seeking guarantor loans, Guarantor My Loan offers excellent terms for those willing to provide a guarantor to secure the loan.
  • Pepper Money: Ideal for homeowners, Pepper Money loans are suited to those looking for secured loans using their property as collateral.
  • Lloyds Bank (existing customers): Known for its fast personal loans, Lloyds Bank offers preferential rates and terms to its existing clients.

Comparing Loan Offers

When comparing loan offers, it is crucial to assess the following factors:

  • Interest rates: Evaluate the Annual Percentage Rate (APR) offered by different providers, ensuring you get the most competitive rate possible.
  • Loan terms: The loan duration impacts the monthly repayment amount and the overall cost of borrowing.
  • Total repayable: Understanding the total repayable amount helps you to make an informed decision about the true cost of the loan.
  • Eligibility criteria: Ensure you meet the criteria set by each lender, including credit score requirements, income, and employment status.

To aid you in comparing loan offers, you may utilise financial service comparison websites such as MoneySuperMarket and Uswitch. These platforms can assist you in acquiring quotes from over 40 lenders, allowing you to make the best decision for your financial needs.

Financial Responsibilities and Risks

Late Payment Consequences

When borrowing money in the UK, it’s essential to consider the financial responsibilities and risks associated with taking out a loan. One significant aspect of this is understanding the consequences of late payments. If a borrower fails to make their monthly instalments on time, they may face:

  • Increased interest: late payments can add additional interest to the total amount payable.
  • Lower credit score: consistent late repayments can negatively impact a borrower’s credit rating, making it harder to access funding in the future.
  • Legal action: in extreme cases, lenders may take legal action against borrowers who consistently fail to meet their repayment obligations.

Managing Money Problems

To handle money problems and avoid the consequences of late repayments, borrowers should take several steps:

  • Assess financial circumstances: before taking out a loan, consider the total repayable amount, including interest and fees. Ensure that the monthly instalments are affordable, given essential living costs and other debts.
  • Create a payment plan: setting up a realistic payment schedule that accounts for income, expenses, and the loan’s terms can help borrowers stay on track with their repayments.
  • Reach out for help: if experiencing financial difficulties, borrowers should contact their lender as soon as possible to discuss potential forbearance options, such as revised payment plans or temporary payment holidays. Engaging with the lender early on can reduce the risk of late repayment and its associated consequences.

By considering these financial responsibilities and risks, borrowers can make informed decisions about taking out loans and managing repayment obligations effectively. Understanding the potential consequences of late payments and taking proactive steps to manage money problems can help borrowers maintain a healthy financial situation while repaying their debts.

Asset-Based and Secured Loans


A mortgage is a secured loan typically used to purchase property. The lender provides the funds for the property purchase, and in return, the borrower agrees to repay the lender with interest. The property acts as collateral, meaning the lender has the right to sell the property if the borrower fails to meet repayment obligations. Mortgages are typically long-term loans, with repayment periods ranging from 15 to 35 years.


Collateral refers to the assets a borrower pledges as security for a loan. In the event of a default, the lender can seize and sell the collateral to recoup their losses. For secured loans, it is common to use high-value assets like a property, vehicle, or savings as collateral. The value of the collateral can affect the amount a borrower can secure and the interest rate on the loan. Lenders may require a credit application to assess a borrower’s financial situation before approving the loan.

Loan Security

Loan security is an essential aspect of secured loans, as it reduces the risk for lenders. A secured loan requires collateral like an asset to guarantee repayment. This guarantee, in turn, enables lenders to offer lower interest rates, longer repayment terms, and a higher borrowing limit than unsecured loans.

However, borrowers should be aware of the associated risks. Failing to fulfil repayment obligations can lead to the loss of the collateral asset. It is crucial to assess your financial situation and ensure you can meet the loan’s repayment terms before proceeding with an asset-based or secured loan.

Save Time with Email and Online Groups

In today’s fast-paced world, securing an easy loan in the UK has become much more efficient thanks to email and online groups. These communication tools let you access loan options quickly and manage your application more effectively.

Email lets you connect with loan providers easily, send necessary documents and receive updates about your application directly to your inbox. Setting up email notifications ensures you don’t miss any important messages or deadlines from the loan provider. This ultimately makes the loan application process quicker and more streamlined.

Online groups cater to those looking for easy loans in the UK. By engaging with these groups, you can learn from other people’s experiences, share your own, and even receive recommendations about reputable loan providers. These groups can be found on various platforms such as social media, blogs, and forums.

Some advantages of using email and online groups in your quest for an easy loan in the UK include:

  • Convenience: You can communicate with loan providers and gather information about easy loans from the comfort of your home or office.
  • Speed: Email and online groups offer instant communication, expediting the loan application process.
  • Access to a broader range of options: Online groups can provide insights into various loan providers, which may not be immediately available through traditional search methods.

In conclusion, email and online groups are valuable tools in saving time and streamlining the process of acquiring an easy loan in the UK. By engaging with these resources, you can expand your knowledge and improve your chances of finding the perfect loan option to suit your needs.

Flexible Loan Terms and Quick Loans

Flexible loan terms offer various benefits, particularly for those facing financial constraints during the loan period. These loans provide more control over repayment schedules, catering to individual needs.

  • Flexible loans: Typically allow borrowers to adapt repayment plans according to their financial situation. This feature can be helpful, especially during financially challenging months.

One popular example of a direct lender loan is the Moneyboat loan. Customers can avoid brokers and borrow from £200 to £800. Repayments can be made over at least two instalments and a maximum of six months, with flexible payment dates.

  • Quick loans: Known for their fast approval processes, these loans provide approved applicants with funds in their accounts within hours or even minutes of approval. Applicants can borrow between £200 and £1,500. The loan repayments can be spread over several instalments, depending on borrowers’ preferences.

Please note applications from people with bad credit can be considered for these types of loans.

The table below summarises the details of flexible loans and quick loans:

Loan TypeLoan RangeLoan PeriodBad Credit Consideration
Flexible Loans£200-£800two instalments to 6 monthsYes
Quick Loans£200-£1,500number of instalmentsYes

Knowing the interests and fees associated with these loan options is important. For example, a £300 loan for three months at a rate of 292% p.a. (fixed) would have a Representative APR of 1297.6% and a total payable of £454.37 in three instalments of £151.463.

Flexible loan terms and quick loans can benefit borrowers needing cash and those with a bad credit history. However, always ensure you know the interest rates and repayment terms before committing to any loan.


Financial Conduct Authority