Will It Be Any Easier To Get A Loan Now?

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Reports out this week suggest that the UK economy is beginning to recover. The predicted growth has grown from 0.8% earlier in the year to 1.5% expected by the end of the year. The manufacturing industries are seeing growth as is the housing market and unemployment figures are down. Despite this good news, Mark Carney, the big boss at the Bank of England warned that the recovery was in its early stages.

Carney said we should proceed with caution basically. He doesn’t want to move too fast in case this is a ‘false dawn’ like the one in 2010-2011 when after an initial spurt, ‘growth petered out’.

So what does all this mean? Can we expect easier-to-get-loans and cheaper rates? Well conditions are said to be easing but like we’ve said, don’t expect huge changes anytime soon. Carney still expects it to take three years before bank rates rise.

So in the meantime if you find yourself in need of financial help, you may have to look elsewhere.

Need a loan fast?

There are several reasons why you might need a loan fast and some online companies can help. Choose a financial services company that can search several products as this gives you a wider choice.

Some lenders will loan money even to those with a poor credit history but each lender has different criteria. If you are a risk as a borrower, a loan may also cost you more. Be sure that you have the means to pay the loan back. If you do get accepted and agree to a fast loan or pay day loan the costs can escalate if you fall behind with your repayments.

So many possibilities

There are many possibilities for borrowing money on the internet and it would take you hours to search them all. An online broker or service that can search for you can match your needs and circumstances more quickly than you can.

Of course with wider options, you are more likely to find the perfect financial product too. Your circumstances might be better matched to a credit card than a loan for instance or there may be special deals available via one of these online services which you can take advantage of.

How can I trust an online financial services provider?

It is no different than an in-person financial advisor and they are available to speak on the telephone too if you need some reassurance.

Online service providers sometimes charge one-off membership fees. Although at first you might wonder why, when you realise that they do not rely on commissions and their recommendations are completely objective, you can see it makes sense.

Be thorough

In some ways an online provider gives you more time to look at the products you are offered. But just as you would if you were meeting face to face, be thorough when you are looking at products from online financial services like Loans Direct UK or Norton Finance. They have many products for you to choose from but you need to decide which is the correct one for you.

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