A personal loan can be an instant cash solution for you if you need a flexible loan. Sometimes, your quick loan application may fail. Here are some alternatives when you find yourself rejected.
Friends and family
Your friends and family members provide unique loan options. Unlike lending facilities, they will be less likely to be stringent with their review process and will be more likely to give you a quick loan, provided it is not too large. They can be your first go-to alternative in the event that your personal loan application is rejected. You should be careful to pay back loans of this type as they may cause you to develop a reputation that you could be unable to overcome.
Borrowing from pawnbrokers
Pawnbrokers are relatively safer quick loan alternatives. Pawnbrokers will hold a certain item of value and afford you some loan amount. They could be as easy and as quick as any quick loan option, with loans provided instantly. Should you fail to pay back your loan as agreed, they will be eligible to take your item. Pawnbrokers usually offer amounts much lower than the actual value of the item.
Getting a logbook loan
Logbook loans are given with your car as potential collateral. You still retain use of it, but could lose it if you default on your loan. If you need a larger sum of money, or have been rejected by the quick loan check up process, logbook loans can help you access quick funds. They are also usually due over a longer period than quick loans, and can be sizeable especially when your car is higher end in terms of price.
Credit cards as personal loan options
Credit cards may be just as hard as other loans to obtain, particularly if you have a bad credit rating. You could have your credit card within two weeks, depending on your lending institution. Like any other lending option on the list, it necessitates some research into the cost of taking up the loan. Credit cards can be a longer alternative to loans. However, if managed poorly, this type of loan can accumulate high interest rates.
Overdraft
Do you have unexpected transactions? Are you unable to raise necessary cash? Overdraft facilities can be right for you. Usually, your bank may allow you to draw from your account beyond the amount within it, up to a certain negative balance. This is called the overdraft. It may be useful in case of an emergency, as the bank will not need you to undergo any lengthy and thorough measures to verify your information before awarding the amount. Overdrafts can serve as loan alternatives for you. You may need to contact your lender to get the interest rates and charges that these types of loans may attract as they can be unclear about that aspect of overdrafts.
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If you are having trouble with these alternatives, Simple Personal Loans can give you access to a panel of leading UK lenders to increase your chances of getting your desired personal loan.
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