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.
If you need to borrow money online, you’re in luck— there are lots of different ways you can get a loan online. At My Financial Broker we’ve made the process of borrowing money online in the UK much more straightforward: there are no paper forms to fill out or send back, and you choose exactly how much you need and when to repay.
Where Can I Borrow Money?
You can borrow money from a bank or lender in person, or you can find a lender online to get access to credit. In either case you can go directly to a lender, or you can use a broker to find the best option for you. With My Financial Broker, we’ll find you the best online loans for your situation. We work with a variety of UK money lenders from payday loans to business loans.
There are many different types of loan when it comes to borrowing online. For people with bad credit, one of the more popular options are short term loans – these are suitable if you need to borrow cash before payday. Short term loans are typically fixed rate, so you know the total cost and term, as well as the amount you borrow, before you take out the loan.
If you are thinking about borrowing money online, you should assess whether your savings will cover the unexpected cost, or if you can wait until next payday to resolve the situation. Is it possible to borrow from friends or family? If these options aren’t available to you, you may need to borrow money online. This is where My Financial Broker can help!
Benefits Of Borrowing Money Online
There are a number of benefits to taking out a loan online rather than applying through a service in person. We’ve outlined some of the biggest advantages below:
Borrow Money Instantly
Gone are the days of waiting around in banks. Our online application can be completed in minutes on the go or in the comfort of your home. Once your application is complete, you could have a loan decision within an hour! You can also get your loan on the same day if your application is approved instantly.
Easy Application Process
To borrower money online, lenders simply need your personal information, details of your monthly income and expenditure, the bank details you want the funds to be sent to and the debit card you want to use to repay. A credit search is conducted too. Some loan applications differ, usually depending on the size and type of loan. Overall, it’s a very straightforward process!
Flexible Loan Terms
My Financial Broker finds online cash loan lenders offering between £100 and £5000 to loan applicants, with loan repayments between 3 and 60 months.
Can You Borrow Money Online If You Have Bad Credit?
A bad credit score can make it difficult to secure an affordable loan. As your credit file shows all previous credit commitments and transaction over the last six years, any defaulted, missed or overdue payments will be visible to lenders. Thus, money lending sites may perceive you as a risky borrower, and be hesitant to lend to you.
You can borrow money with poor credit too – many short term lenders understand that financial mistakes can happen and believe you shouldn’t be punished for errors made years ago. Loans for people with bad credit often come with higher interest rates to reflect the risk of lending to someone with a low credit score, however. Even with a bad credit rating, we can find you a lender that will be suitable for you.
If you’re unaware of your credit rating, check for free with credit reference agencies like Credit Karma.
Is It Safe To Borrow Money Online?
Yes – if you use a trusted site like My Financial Broker!
My Financial Broker is authorised and regulated by the Financial Conduct Authority. We only work with reputable lenders who are likewise authorised by the FCA. Any lender that you choose should make you aware of the total repayment amount, payment dates, interest and charges before signing the agreement and won’t charge any fees for paying off your loan early.
If you’re contemplating applying for a loan, it’s important to consider whether borrowing is the most suitable option. If you’re able to save for what you need, this is a better choice, as it will be interest free. We don’t recommend borrowing to pay back other credit as this could lead to a debt spiral. If you think you need help with your debts, you can contact Step Change for free independent advice.
If you do decide that borrowing money online is the right option for you, our short online application should only take minutes to complete, and if approved, you could have the money you need in your bank account the same day you apply.Apply Now