The personal finance landscape has changed a lot in recent years. With diversity and expansion underpinning development in the way that the industry operates there are now many more opportunities for many more people to obtain the finance that they need. From quick, easy loans from non bank loan lenders to mortgages from traditional high street finance providers, today there is a lot of choice. And, as a result, getting a loan is easier than it’s ever been before.
Best loans online
Although traditional lenders still provide a great range of choice for many borrowers, often the best borrowing options exist in the digital world. There are many sources where you can find quick and easy loans online and these are available to a much wider range of people than ever before. If you’ve struggled to find easy loans online in the past you might find it more straightforward today. That’s because there are non-bank lenders out there who are able to cater to a broad selection of different types of borrowers, including:
- Anyone who doesn’t have a perfect credit score
- Potential borrowers who don’t currently have any credit history
- Bad credit score borrowers
- Those who don’t have assets, such as a home or a car
- Low income borrowers who are looking for finance
- Individuals who already have debt
- Borrowers who have had problems in the past, for example with defaults
How to get easy loans
If you’ve struggled to get finance with traditional lenders then you might have more luck with non-bank lenders. Non-bank lenders are more open to a wider range of borrowers and are able to offer a more diverse selection of lending products. Many of these products are specifically designed for people who don’t meet the traditional criteria for borrowing. If that’s you then there are some simple steps involved when it comes to how to get easy loans:
- Identify the right type of loan for your current situation. Being accepted by a lender is often about making the right application for the right type of loan. For example, if you have a poor credit score and you apply for a regular, unsecured loan then you may be rejected. However, if you choose to apply for guarantor loans instead – and you have someone who is willing to guarantee your borrowing – you may have a much better chance of being successful.
- Look for the right lender for you. Non-bank lenders are always a better option if you’re not a traditional borrower. This type of lender won’t reject your application outright just because you don’t have a high income or a perfect credit score. They are much more likely to be able to offer you the opportunity to borrow based on your current circumstances than a traditional high street bank.
- Shop around until you find the best deal. The market of non-bank lenders is very broad today and there are a lot of different options when it comes to borrowing. You don’t have to accept the first deal that you’re offered and you might find better borrowing – with a higher chance of lender approval – if you shop around a range of different deals.
- Pause before you apply. It’s always worth taking a step back and looking at your finances before you make an application for quick easy loans. Is there anything that you could do to improve your credit score before you apply? (for example, correcting mistakes on your credit file or disconnecting it from an old partner or housemate) If you’ve made a lot of applications for credit recently then could you wait six months before applying for any more? There are lots of different factors that can have an impact on how to get easy loans, including how ready you are to make the application.
Non bank business loans
It’s not just the market for personal loans that has been improved by the presence of more non bank loan lenders. The same is true for business finance. If you’re a start-up or an SME looking to finance growth or expansion you might be able to get what you need in the form of non bank business loans from one of the wide range of different types of lenders that now populate the market. Non bank lenders may be a better option for new businesses with little financial history to show or those operating in riskier markets. Where most traditional lenders might shy away from financing this type of enterprise, a non bank lender can be a great choice.
Non bank lenders have changed the way that we apply for, and obtain, finance today whether that is for personal or business purposes. The diversification this has brought to the market is one of the reasons why it’s now a much more open and flexible place to be. If you are interested in taking out a loan for your business, our unsecured business loans could be the right choice for you.