It can be difficult to decide whether a loan is right for you and what loan could be right for you. We believe that when it comes to borrowing money, you should have all the information you need to make the right decision. Below is some information that may help you make those decisions.
Sometimes you may think taking out a loan is the only answer to a problem, but you need to make sure that you are able to make the repayments, or it could put you in a worse position.
Before taking out a loan see how much you could afford to repay by completing a budget. There are lots of tools that can help with this and here is a link to get you started
There are lots of different types of credit and below is some information to help you make the best decision for your circumstances.
Unsecured loans are also known as personal loans and can be short term loans (under 1 year) or over 1 year. With these, you make an agreement to make regular payments until the loan is repaid in full, along with any interest owed. These are the loans we offer you at Moneyline. We offer short term loans of under 1 year. Short term loans are often used to borrow small amounts under £1,000.
Buy Now Pay Later is when you buy a product and split the payments instead of paying the full price all at once. This type of credit is often available at the point when you pay for something and you may not think it is credit. Some examples are Klarna, Clearpay.
Home credit is often called doorstep loans. You make regular payments, just like other personal loans. The main difference is someone will come to your door to collect the payments which is why it’s called home credit. Home credit or doorstep loans often allow you to pay weekly as well as monthly. At Moneyline, we are sometimes referred to as an alternative to home credit or doorstep due to our flexibility around repayments. Names you may be familiar with are Provident and Morses.
You pay what you owe over a number of instalments rather than in one lump sum.
A secured loan is a type of credit that allows the lender to take ownership of your assets (like a home or car), if you fail to repay what is owed.
To help you make the right choice about which lender to choose, we want to show you some of the key things you should look out for when comparing your options.
Fees and charges: There are many loan companies that have hidden fees and upfront charges for their loans, such as admin fees, late payment fees or early payment fees. It’s always best to look at the detail to see what fees and charges a loan has. Moneyline has no upfront fees, no late payment fees and no early repayment fees.
Company reviews: Company reviews are a great way to read about customer experiences. Using sites like TrustPilot is a great way to find out more about a company. You can see Moneyline reviews on here.
APR: APR or Annual Percentage Rate is the total cost of your borrowing; it also includes the standard fees and interest you will pay. Our short term loans are less than a year, so APR is not the best way to compare us to organisations who offer loans over a year. The total amount payable is often an easier way to understand how much you will pay back when a loan is less than 12-months.
Total amount payable: The total amount payable is often an easier way to understand how much you will pay back when a loan is less than 12-months.
It is always best to research loan providers before starting an application.
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You will need to apply through the Moneyline App
If you think this information is incorrect you can speak to us by phone 0345 643 1553 or by email at serviceteam@moneyline-uk.com
