How to Borrow Money Online with Lending Expert
If you are looking to borrow money today, Lending Expert works with the whole of the UK market so you can find the best option for you.
Whether you need money for an emergency or a special purpose, we have a number of options available including unsecured, secured or business loan options – so you are bound to find the right for your needs.
Use our price comparison table to compare different loan amounts, rates and durations. With access to so many lenders, you can find the right fit and click on ‘Check My Eligibility’ when you are ready.
With our selected partners, the entire application is completely online so you can complete your details in under 5 minutes and get an instant decision on the screen. If you are approved, funds can often be sent to your bank account within minutes or just a few hours.
What Can I Borrow Money For?
You can apply with Lending Expert for all kinds of purposes including:
- Borrow money for emergencies, including house repairs, broken boilers and car repairs
- Borrow money for business purposes, including buying stock, paying rent and staff costs
- Borrow money for personal reasons including paying off debts, school fees and weddings (also see Wedding Loans)
Borrow £300, £500 or £1,000 – Or Any Amount!
Lending Expert can help you borrow any amount that you are looking for, whether you want to borrow £300 or £50,000, we are here to help.
The amount you can borrow will depend on factors such as you income, credit score and how much debt you have outstanding. For secured loan products, the amount available will be based on the value of your security such as your home, flat or car. The higher the value of the asset and the more you own of it, the higher you can borrow.
You also have the option to spread repayment over several months or years, with some products allowing you to borrow money for long terms and you can typically borrow more this way (such as mortgages and homeowner loans).
What Type of Options Are Available?
We have a number of loan options available to suit your requirements, income and credit status, including:
Unsecured loans: With unsecured products, you do not require any type of security, so your loan eligibility is based on factors such as your income and credit status. Rates start from 2.9% APR and can often be approved and funded on the same day or next day.
Secured loans: With secured products, you will require some form of collateral to be eligible for a loan. The amount you can borrow is based on the value of your asset such as your home, property or vehicle. Rates start from 3.4 APRC and it is important to note that your property could be repossessed if you do not keep up with repayments.
Guarantor loans: This is where someone you know acts as a guarantor and agrees to cover payments on your behalf if you cannot. A guarantor is typically a spouse, parent, sibling or close friend and you are able to leverage their strong credit score to get the loan you need. Rates start around 49.8% APR over 1 to 5 years.
Payday loans: This is a high-cost loan typically used for just a few weeks or months. You can borrow money fast and usually get funds within a few hours. The idea is that the loan is designed to last you until your next payday from work, so once you have been paid from work, you can simply pay back the loan. Rates are typically around 1,000% APR and become costly if you do not keep up with repayments.
What is The Criteria?
The criteria to borrow money will vary between lenders. For more unsecured loans, you will need to have a stable income, good affordability and a credit score that is better than average.
With secured loans, your eligibility largely depends on the asset that you are using as security. So if you have a valuable home or vehicle, you will be able to leverage its value to borrow money, although some lenders will also take your income and credit status into account too.
Other standard criteria includes:
- Must be over 18 years of age
- Full-time UK resident
- Can afford monthly repayments
- Employed and earning a stable income
- Valid UK bank account, mobile and email address
How Can I Borrow Money Fast?
If you need to borrow money quickly, you are far more likely to find this by applying online rather than going to a local bank, waiting in line and for a decision on your loan.
By applying online, you can complete your details in just a few minutes and often receive an instant decision.
To make the process a bit quicker, make sure that you have all necessary information at hand including your address, your monthly income, bank account details and any proof to support this if requested by the lender (e.g pay slip, bank statements).
Most UK lenders today like to confirm details over the phone or they request further documentation by email. So if you need money fast, make sure that you are available by email or phone soon after applying so that you can be ready to go.
You can also try applying during work hours such as 9am to 5pm and avoiding Sundays and public holidays when loan companies are less likely to be available to respond to your application.
Can I Borrow Money Instantly?
Yes, there are loan providers that allow you to borrow money instantly. Specifically, short term loans and payday loans are designed to deliver quick funds to their customers, provided that you meet the criteria.
Are There Options Available for People with Bad Credit?
Yes, there are options for people who are looking to borrow money with bad credit. One of the most important things that lenders look for is a stable income and employment, since this demonstrates that you have money coming in each month and should be able to make repayments.
If you have been declined for a loan before due to your credit score, you can look at alternatives such as secured loans and guarantor loans which are popular for people with bad credit and allow you to use additional forms of security to get approved for a loan.
Why Should I Use Lending Expert to Borrow Money?
Lending Expert was founded in 2013 and we have helped thousands of people to date to borrow money online and find the best loan products for them.
By offering a full price comparison table, you are able to get a real market overview of rates offered and loan amounts so you can make the best decision possible.
Our entire process is completely free and we do not request any data or sell this to third parties.
You can simply compare products and click on ‘Check My Eligibility’ where you will be taken to the lender of your choice and can effectively borrow money today.