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How Can I Get a Loan with My Financial Broker?

Our online application should take less than five minutes to complete and will give you an instant decision on screen. We match your loan criteria and your requirements with over 100 lenders to provide the most competitive interest rate, putting you in touch with the lender most likely to accept your application.

Unlike with a lot of broker services, with My Financial Broker there are no fees for applying, and your data will be kept safely and securely on our website.

How Much Can I Borrow with My Financial Broker?

For unsecured loans, customers can borrow £100 to £25,000 which can be repaid over 3 to 24 months. This includes payday loans, personal and short term loans.

An unsecured loan will allow you to borrow money without providing collateral, such as your home or car. So if you’re unable to keep up repayments, you won’t risk losing your assets. As there is more risk for the lender though, interest rates can be higher - it’s therefore important to compare direct lenders. My Financial Broker will do this for you, finding you the cheapest lender, depending on your circumstances.

For secured loans, customers can borrow larger amounts, and you can choose to repay over years rather than months. This includes logbook loans, debt consolidation and mortgages.

A secured loan allows you to borrow much more than with an unsecured loan, over a longer period of time. The most common example of this is a mortgage - the loan is secured against the value of your property, so lenders are happy to lend higher values. When it comes to interest, the different interest rates of secured loans can make a real difference to the total amount repayable, as the amount borrowed is significantly larger. That’s why a lot of people choose to use a broker service such as My Financial Broker, ensuring they get the best deal possible.

Am I Eligible?

If you’ve had an unexpected expense, such as car repairs or a broken boiler, you may need to take out a personal loan to cover the costs. Even if you’ve been declined for such loans in the past, My Financial Broker can help you get the funds you need.

To be eligible for a unsecured short term loan, you simply need to meet the following criteria:

• Be aged 18 or over
• Work in full time or part time employment
• Live in the UK and have a UK bank account
• Own a mobile phone

With secured loans, the criteria varies from lender to lender, but is similar to the list above. You may however need to provide further documentation confirming your employment history - the loan amounts are higher so can require additional security.

How Soon Can I Receive My Funds?

Customers can receive an instant decision when they apply and depending on the type of loan, may receive funds within 1 hour of approval, or the same day they apply.

For products that require extra information like secured loans, you can receive money into your bank account within only a week of applying. Our lenders understand that you may need access to cash fast, especially when buying vehicles and property, so will aim to pay out the funds as soon as possible.

Will Applying Affect My Credit Score?

No, My Financial Broker offers soft search loans that will check your credit record but not leave any visible footprint. When you apply you can have peace of mind knowing that an application will not harm your credit score in any way, or affect your chances of being approved for other loans in the future.

What if I Have Bad Credit?

A lot of people assume that you need a great credit score to apply for a loan, but this is not always the case. Many lenders also take into account things such as your employment history when making a loan decision.

Even if you have a low credit score, you should still be able to take out a loan. Bad credit loans can be an option for those who have had difficulties borrowing in the past due to their credit history. As late or missed payments can stay on your credit file for a number of years, a lot of more traditional lenders may decline your application based on a late payment made years ago. The lenders we work with understand that issues can arise outside of your control, and prefer to consider your current situation rather than your financial history.

There are several options available for those with a bad credit history, from short term loans to guarantor loans. My Financial Broker work with various lenders who can provide loans for people regardless of their credit score. You can get a decision within minutes, and many lenders aim to pay out the same day you’re approved.

Can I Apply For a Guarantor Loan with My Financial Broker?

Guarantor loans are often a good alternative for people with a poor credit history, as many lenders are more likely to lend if you have the added security of a guarantor. This is because your guarantor agrees to repay the funds if you are unable to do so.

If you’re looking for a guarantor loan, My Financial Broker can help. We work with a number of direct lenders that offer guarantor loans, which can allow you to borrow even with bad credit. If your guarantor has a good credit rating, is a homeowner and in full time employment, you should be able to get the best rates possible, though these criteria are not always necessary. As long as your guarantor is someone close to you, that you’re happy to discuss your finances with, guarantor loans can help those with poor credit ratings access funds they need.

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