Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 191.2% (fixed). Total repayment amount £1726.68 and total interest is £976.68. 12 monthly payments of £143.89. My Financial Broker is a broker, not a lender*.
* As a broker, we are unable to ascertain exactly how many customers take out a loan or the lender’s rate of interest particular to that customer, therefore our calculation is based on the mean APR of our panel of lenders.
Many UK brokers are partnered with a wide range of UK lenders who can help you borrow money. For people looking for larger loans, of around £10,000, which can be repaid in flexible monthly instalments, borrowing through a broker can be a great option. Brokers will generally present you with a diverse choice of lenders offering a host of loan products for both good and bad credit scores. Funds can be available in just a few hours or days of approval.
With so many different lenders to choose from, and an overwhelming amount of loan products too, it’s understandable that this can be stressful for a customer. So how do you know what loan to choose, and from which lender?
This is where brokers can come to the rescue: by filling out an online application form, a broker can find the best deal for you. When it comes to borrowing a £10,000 loan, a broker service can save you a lot of time and hard work. Even better, most online application forms take less than 5 minutes to complete and provide an instant decision on the screen.
What Can A £10,000 Loan Be Used For?
If you are looking to borrow £10,000, it can be a life changing amount, whether you are looking to buy a new car, start a business, do a little home improvement or consolidate your debts.
With a £10,000 loan, you should be given options so you can choose how long you wish to borrow for, such as over a few years. This will provide you with flexibility to spread your repayments. You also always have the option to repay early if you need to, saving money on interest in the process.
Types Of £10,000 Loans
In terms of the loans you can apply for via direct lenders online, this includes:
- Guarantor Loans – A guarantor loan is often a good option for someone with a less than perfect credit history. As you have a guarantor, who agrees to make any repayments should you be unable to pay, so there is less risk involved for the lender. To take out a guarantor loan, generally your guarantor must have a good credit rating, and sometimes the lender requires that they be a homeowner too.
- Personal Loans – A personal loan is typically a type of unsecured loan, where you can borrow a few thousand pounds. So if you’re looking for a £10,000 loan, personal loans can be a good choice. Many traditional lenders such as banks offer personal loans, and they often come with relatively low interest rates. It should be noted that you may need a high credit score to take out some personal loans, especially if you wish to qualify for lower interest rates.
- Unsecured Loans – An unsecured loan is essentially a loan that doesn’t use collateral. You therefore have no risk of losing your assets with unsecured loans, but there is more risk for the lender. Unsecured loans can have slightly higher interest rates as a result of this.
- Secured Loans – Perhaps the most common example of a secured loan is a mortgage. Your property acts as collateral against the value of the loan. The disadvantage of secured loans is that if you’re unable to keep to the terms of the agreement, you are at risk of losing your assets. However, secured loans generally offer lower interest rates than unsecured loans.
Why Borrow £10,000 With a Broker?
There are a number of benefits to using a broker if you decide to borrow money. Perhaps the main advantage is that a broker will do all the hard work for you, comparing lenders and doing their best to find you a suitable loan provider. We’ve listed a few other benefits below:
When you apply through a broker service, generally there is no need to worry about a long-winded, complicated process, involving lots of phone calls and paperwork! Most brokers offer an online service, and once the application form is completed you could receive an instant decision onscreen. This is far more time and cost-effective than applying for loans of up to £10,000 in person.
Responsible Lenders Only
Most brokers ensure that they only work with lenders in the UK who are reputable and trustworthy – lenders who are authorised by the Financial Conduct Authority (FCA). This also ensures that lenders are adhering to FCA regulations regarding borrowing, interest rates and treating customers fairly.
No Upfront Charges
A lot of brokers, when it comes to short term loans, do not charge customers for using their service. You will need to discuss fees and charges with your broker, to check whether any fees are applicable.
Customers have the ability to adjust the amount they wish to borrow and how long they wish to repay for – and there is always the option to repay early and save money when you do.
Quick Access to Funds
The majority of lenders understand that time can often be of the essence if you are looking to apply for a loan. That’s why they make sure that if your application is successful, you will receive funds within a few days of approval. For smaller amounts, the money can be deposited in your bank account in as little as an hour!
Applying For A £10,000 Loan
Before applying with any broker service, you should ensure you meet the relevant eligibility criteria for a loan. Whilst this criteria can vary from lender to lender, as well as the type of loan you are applying for, generally they include:
- Being a UK based resident
- Over 18 years old
- A valid UK mobile number
- Valid debit card and bank account
- Employed and able to afford repayments
Some products may require a guarantor, or you can choose a loan without a guarantor (unsecured, personal or debt consolidation). This will be made clear to you when you apply.
Make Your Application Today
Applying to borrow £10,000 through a broker is a simple process, and with an online application, it should take no more than a few minutes to get an initial quote. Most online application forms ask you to fill in details such as your loan amount, current employment, salary, expenditures and contact details.
Brokers aim to give an instant decision on the screen. If you then proceed with the lender of choice, subject to further checks, you can usually receive funds to your bank account within a matter of days.Apply Now