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Before getting a loan, it’s important to know whether you can afford it or not. However, even if you know your income is enough to cover it, there are some instances that may hinder a borrower from repaying the debt on time, or even faster.
If you’re having a hard time getting out of debt or you just want to finish your repayments in the soonest possible time, this guide will provide you the best ways to pay off any loan quicker and easier.
How To Settle Any Types Of Debt Faster
Find Extra Money
Basically, this means having another source of income. It doesn’t need to another regular job or a 3-hour side hustle rather, it can be as simple as selling unused but still good-to-use items on eBay. The amount you will get may not be huge but still, it will all add up and you can use this extra money to repay your debt.
If you’re paying £51.86 per month, you can pay £55 or £60 instead. This may cost you a little more but it will help you lower the interest and reduce the term of your loan.
Make An Extra Payment
If ever you get a chance to have extra cash or a bonus from work, you can use the money to make one extra payment a year. Like rounding up your payments, it will help you settle your loan faster and easier. After all, it’s just extra cash and rather than spending it on buying unnecessary items, you can use it get out of debt.
Opt For A Paperless Transaction
Some lending companies and banks offer additional discounts to borrowers who opt for paperless statements. With paperless transactions, companies can save money and resources from paper billing.
You might not think about repaying your loan earlier now but once you know the benefits, you may be encouraged to change. After all, paying your loan earlier can help you save money on fees and interest and reduce the repayment term of your debt. But before doing this, be sure to ask your lender first if there are any penalty charges for paying the loan early.
If you’re wondering whether you can get a loan against property or not, the answer is yes. Yes, you can borrow against collateral by pledging it in exchange or an advance.
What Are Secured Loans
Your credit score, income, and/or the amount you want to borrow may affect the decision of the lender so if you want to increase your chance to get approved, one way to do it is by using your property as a security against the loan.
Also known as a loan against property (LAP), this kind of advance if provided against the mortgage of your asset. It can be used for almost any purposes, including:
Starting or expanding a business
Funding an education
Paying for medical bills
Fulfilling your dream vacation
While it’s normal to use a house as the security against the loan, you can also pledge a piece of land to acquire a loan against property. However, before you get the advance, you need to fulfill the requirements asked by the lender, such as:
Value Of The Property Used
Interest Rate For Loans Against Property
When getting a secured loan, the interest rate could go up to 15% or higher, depending on the lender, and you can settle it up to 15 years or more. This is convenient if you’re borrowing a huge loan amount since you have enough time to repay for it.
As always, it’s best to check several lenders first before sending an application. This will help you find the one that offers the best possible rate. And once you found the right loan provider, read the fine print prior to signing the loan to know the loan provider’s terms and to check for any hidden charges.
And the most important of all, understand the risks. Since you are using your property against the loan, be sure to settle the loan on time and avoid defaulting on it. Otherwise, you may lose your asset since the lender has the right to repossess it in case you stop repaying the loan.