There are so many different options available for people who are in need of short-term finance. However, with all of these choices, how can you make absolutely sure that you are getting the best deal for you?
That’s where a loan broker comes in. In this article, the Loan Broker team explain what a loan broker does, how they benefit you, and why you should consider using one in the future.
What is a loan broker?
Loan brokers help you find loans – that’s what we’re here to do. We’re different from lenders because loan brokers don’t actually lend you any money. Instead, they put you in touch with people that do. This way, you don’t have to do all of the searching in order to find the best loan for you.
How do loan brokers help you?
There are lots of benefits of using a loan broker that not many people know about, including:
Because loan brokers compare lots of different loans for you, you will be able to see how much you will be charged by each individual loan provider. It’s the loan broker’s job to find you all these different quotes and then show them to you. Naturally, with all of these quotes in front of you, the chances are that you’ll choose the cheapest one that has the terms you want.
It can take hours, if not days, to scroll through all of the search results that “find a loan” brings up on Google. This can be especially true if you have a specific loan in mind that you need.
For example, if you need to be able to repay the loan over a period of 12 months, you will have to find loans that meet these criteria. You’ll find dozens who offer the type of loan you want but how do you know if you’re going to get the best deal from one that you choose by random online? No-one knows lenders better than brokers so it saves a lot of time and effort to let us do the work.
Only one credit check
If you apply for multiple loans in a short period of time, each loan provider that you apply to will be able to see each application. Unfortunately, this can make it seem like you have been turned down for lot of different loans – even if you haven’t. Lot of applications on a credit file is a red flashing siren for a lender considering whether to offer you a loan or not.
If your credit check comes up saying that you have applied for 20 loans in the past week, then it is unlikely that they will approve your application.
Each loan provider does things a little bit differently. Some will only allow you to borrow smaller amounts of money if it is the first time that you are using their service, some will only allow you to borrow money for a shorter period of time, and some loan providers will only work with you if you have a certain credit score.
By usinga loan broker, you will be able to find all of the loan providers that meet your criteria that are actually willing to provide you with finance. This results in you seeing the most amount of suitable loans as possible. And the more choice you have, the better.
Loan brokers help keep the short-term loan marketplace competitive and this keeps prices down and customers happy.
All kind of loans covered
Whether you need a holiday loan, a home improvement loan, a payday loan, or you’re in a bit of a sticky situation and you need an emergency loan, loan brokers will be able to find all of these for you very quickly.
Loan brokers don’t just arrange payday and short-term loans for borrowers – we’re able to help out on many different types of financial service. This means that, no matter what your individual circumstances are, loan brokers can help.
Do you need good credit to use a loan broker?
Loan brokers don’t actually lend you money – we match you with the lenders who do. So, to us, your credit score doesn’t matter. If you do have a poor credit score, it is our job to find you a set of loan companies which are happy to work with you and want to make you an offer – even if your credit score is low.
How much does Loan Broker cost?
Loan Broker is completely free to use. We don’t have any hidden fees either – in fact, we never charge borrowers any fee, even if we find you a loan and you say “no”.
The way that loan brokers work is by taking a commission on any loans that we arrange for you with a lender. All this is done at no additional cost to the borrower. This way, the loan provider gets more business, the borrower gets more money, and the loan broker takes a small “thank you” payment for getting you and the lender together.
It’s a win-win-win situation.
Find your next loan with Loan Broker
If you’re looking for a loan, try Loan Broker. We link borrowers with the right lenders so that you don’t have to go out and hunt for them yourself.
First off, start with our application form. This is where we ask you how much you would like to borrow, how long you would like to be able to pay back the loan, whether you have a job, and how much you spend each month and on what.
Then, we run a credit and affordability check on you. This is to make sure that you will be able to pay back any of the loans that are offered to you by us. Once that has been sorted, we submit your application to our panel of trusted lenders (each of which is Financial Conduct Authority-licenced). They review your application and see how it matches up to their own individual criteria.
We then take all of the offers that they make and show you them on your screen. That way, you can easily see the best deal for you. It’s important to know that you are under no obligation to accept any of the offers that we show you.
To get started with your application, click here.