Guide To 200 Loans
- Borrow £200 and pay no application fees.
- Monthly repayment periods of 3 to 12 months.
- Cash available in minutes after approval.
Loans have become very popular that it made its way to the Internet, newspaper, and radio; however, not everyone – even those who have borrower beforehand – is aware of how it works, its types, and how to use it. If you’re one of those who has never heard of loans or is still confused about what exactly it is, you are not alone. There are still many people who have not fully understood how a loan operates.
Whether you’re after 200 loans or more, it’s important to know what it is all about. This article will give a glimpse of what a loan is all about, its kind, and how it works.
The Basics Of 200 Loans
There are many types of loans offered by private lenders, banks, and other main street loan providers; each, with differences and similarities. It is normally given to loan seekers who have successfully met their criteria, including a stable source of income, a working bank account, and the right age. A loan agreement protects it; the said loan contract is signed up and acknowledged by both the lender and borrower. It includes the loan’s terms and conditions, repayment date, fees and penalty charges, etc. Every company has their own policy that must be discussed with the loan seeker before they sign up, in return, they must comply with the agreement; otherwise, it will result to a lower credit remark or worse, a court judgment against them.
If you’re planning to apply for 200 loans or a higher loan amount, you must comply with the basic criteria including the:
- Age (borrowers should at least 18 years old and above)
- Residency (borrowers should be a UK resident or citizen)
- Bank Account (borrowers should have a working bank account under his name0
- Stable Source Of Income (borrowers should be employed or at least, own a business)
- Alternative Source Of Funds (in case the borrower is unemployed, he should provide a proof of another source of income, such as pension, benefits, or alimonies)
Small credits, such as 200 loans, often ask for minimal prerequisites, including a payslip or other documents that would prove his capability to settle the loan. Having an active bank account is necessary because it’s useful for the loan’s overall transaction. The lender sends the money to your bank account once you’re approved, so you don’t need to visit their loan office just to get the amount. You can also settle the debt by giving the lender an access to your bank account. On the agreed repayment date, the lender will withdraw the loan amount to repay the loan.
200 Loans Options Available In The Market
A good or excellent credit remark implies that you’ve been a responsible payer before, and as a reward, the lender provides a better deal. A bad credit score, on the other hand, makes creating a new line of credit difficult. However, every bad credit borrower still has a chance to acquire the loan he needs.
Below are some of the loan options available in the market, depending on your financial situation:
Bad Credit Personal Loans
This kind of 200 loans is designed for borrowers with a bad credit rating. This means that their credit report has recorded default, arrears, late payments, CCJs, bankruptcy, and the like. It can be used for any purpose, as the name suggests, such as buying groceries, paying for utility bills, traveling, etc. You can borrow it unsecured or secured; unsecured means you don’t need collateral to back up the loan while secured means using a security or an asset against the loan.
If you’re a business owner who wants to expand the business, buy new machines, or have an additional fund for other expenses, this loan comes handy. The loan is offered for all types of commerce – small, medium, or startup. Once approved, you can borrow an amount ranging from £50,000 to £1,000,000, depending on the loan’s terms and conditions and the lender itself.
Purchasing a property, such as a new car is expensive, and not everyone can handle the entire repayment. Luckily, there are loans which are offered in two ways: Hire Purchase and Manufacturer’s scheme.
With Hire Purchase, you are literally hiring the vehicle from a dealer and it will go on until you’ve fully settled the loan. Even if the repayment isn’t completed, you can take the car home and use it. However, you are not still the owner of the car unless you have fulfilled the entire loan amount.
On the other hand, Manufacturer’s scheme works by arranging with the car manufacturer or with a local dealership. Like Hire Purchase, the ownership will only be transferred when you’re done with the debt. In case you decided to default on the loan, the vehicle will be rightfully repossessed.
Quick loans, 200 loans, payday loans, cash advance – these are just some names of cash loans. It is one of the most popular loans nowadays mainly because of the convenience and accessibility it provides. It is normally used as a resort by people who are running short and in need of immediate funds. The amount given is smaller than the regular loans, amounting to £80 and £400. It is usually settled within two weeks or on the next payday in one lump sum, although there are loan providers who allow loan extensions or rollover. It is convenient in some ways, however, extending the loan means welcoming new charges on top of the original loan amount, interest, and fees.
Debt Consolidation Loan
Having multiple debts is usual for more borrowers, especially with the economy nowadays. However, this doesn’t mean that the debt problem is settled right away. There are many borrowers who are having a hard time fixing their finances. Luckily, this type of loans helps those who want to repay all the outstanding debts and improve the credit remark. It works by combining all the accounts into one, lower-interest credit. In case you’re not granted this kind of loan, you can negotiate with your current lender and ask if they can adjust the repayment term or waive some fees.
£200 Loan FAQs
Can I apply if my credit history is bad?
Yes. These days, many lenders are willing to assist people with loans that would otherwise not be able to obtain them elsewhere.
Is the whole application process completed online?
Yes. All you need to do is complete the application form on the website and lenders who will be willing to assist will contact you and verify your personal information.
How soon will I get the money when my application is approved?
In many cases, you will have the money in your account within an hour or two at the most. Larger amounts may sometimes take up to 48 hours at the most.
Do I have to have a guarantor when applying?
Most lenders will not require a guarantor to be provided when applying for smaller loans.
Can unemployed people apply for these loans?
They most certainly can because there are several lenders who are now willing to lend money to unemployed individuals.
What can I use my loan funds for?
Once the money is in your account, you can use it for anything you like. Many people use these funds to pay for emergency home or car repairs or even cover the cost of their child’s upcoming school trip.