Monday, 16 April 2018

What You Need To Know About Loan Broker Uk?

Loan broker in UK are becoming very popular due to the several beneficial services that they provide. First of all loan brokers are associated with many different lenders so that you get a wide variety of loan products in one place. Then again the specialist lenders associated with loan brokers have a very modern approach towards lending.

With loan brokers you don’t have to go through the lengthy and tedious application and approval process of traditional banks and lenders. Instead the entire process is very fast easy and simple. All you have to do is apply for a loan on the website of the loan broker and they will pass it on to the lenders associated with them.

Within half an hour your loan will be approved and the loan money will be transferred to your bank account on the same day or the next working day. The best part is that you don’t even have to visit the physical office of the broker or lender like you have to do with traditional banks and lenders. The entire process of loan application and approval is online. There is minimal paper work and no hassles involved in the process of loan application and approval with loan brokers.

What you should bear in mind while choosing a loan broker?

There are many loan brokers in the market, but you need to be careful while choosing a loan broker. The first thing that you should ascertain is that the loan broker is registered with and licensed by the Financial Control Authority of the UK. They should follow the regulations and guidelines of the FCA and follow ethical work practices.

At the same time, the lenders associated with the loan brokers should also be registered with and licensed by the FCA. The best part about applying for loans through loan brokers is that you will be protected from loan sharks and other unscrupulous elements. This is because all loan brokers thoroughly vet the background and work ethics of the specialist lenders with whom they get associated.

Special loans

Usually traditional banks and lenders refuse to provide loans to people with bad credit, students an unemployed people. However the specialist lenders associated with loan brokers are ready to provide special loans like short term loans for bad credit, unemployed loans, loans for students and much more.

These specialist lenders are only concerned with your current ability to repay the loan. This is the reason that they don’t pay attention to your credit history. But this does not mean that the specialist lenders don’t conduct a credit check. This is because according to the regulations and guidelines of the FCA it is mandatory for lenders to conduct a credit check of the loan applicant.

However, the specialist lenders go soft on the credit check and provide loans also to people who have bad credit. They analyse only your current income and expenditure graph and determine your ability to repay the loan on time. This is the reason that more and more people are turning towards the loan brokers in the country when they want to take a loan of any kind.

1 comment:

  1. Thanks for sharing such great Article. You really shared such a useful Information with us which helped me a lot and I have bookmarked your page so that i can get to learn new things each time you share any great Information to us.If somebody is in need of some immediate cash with bad credit
    Instant cash loansFrisky loans is the reliable option for your immediate money requirements.