How to Get a Personal Loan that Works for You

Written by Karen Bryan

fan of £10 notes1What words spring to mind when you think about debt? Stress? Complexity? Costliness? It doesn’t need to be that way. It’s hardly a secret that we are living in some of the toughest financial times of the modern era; times where formalities such as home and car ownership that our parents and grandparents used to enjoy instead make way for extortionate rents and debilitating living costs.

Traditional, and indeed affordable credit, isn’t getting any easier to get our hands on either, with banks continually finding new ways to make the process more inefficient, expensive and riddled with obstacles, despite base rates being entrenched at an all-time low and technological advances soaring at unprecedented highs.

Bottom line, there’s certainly no shame in needing a helping hand these days. The question is… where do you get it? The truth is that there are numerous reliable alternatives to banks which are answering the call – not least of all the rapidly emerging peer-to-peer lending platforms in the UK.

One such company is Lending Works, a platform matching ordinary consumers who have extra money to lend directly with those seeking low cost personal loans. By cutting out bloated intermediaries such as banks, and functioning entirely online, peer-to-peer platforms benefit significantly from a dearth of overheads, and this benefit is passed on to both lender and borrower (ie: a borrower receives an affordable loan at a competitive APR , while the lender receives excellent returns on their money lent).

For the borrower, the benefits do not end with value either. In fact, it is arguably the efficiency and flexibility of borrowing with a platform such as Lending Works which makes them particularly appealing. An online personalised loan quote can be attained within two minutes, and the subsequent application process is equally quick too. And, if you are approved by their team of reputable underwriters, you can expect the funds in your account within one working day.

However, rather than being handcuffed to unrealistic and rigid repayment terms, Lending Works offers a high degree of freedom for the applicant to tailor loans to suit them. Any loan amount between £1,000 and £25,000 can be applied for, and over a term of anywhere between 1-5 years. What’s more, if circumstances change, and you find yourself in a position to make overpayments, or even settle your loan early, you can do so at no extra cost.

It’s well worth doing your research, and finding the best personal loan provider to suit your particular situation. The important thing to note though is that, contrary to some schools of thought, there is an array of options out there in the burgeoning world of alternative finance, and those who are either declined a loan by banks, or offered an unreasonable APR, have numerous other avenues to access credit at a fair rate.