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What is the best loan for you?

There is no such thing as the ‘best loan’, as everyone’s circumstances are different and one option for one borrower may not be the best solution for someone else.

The importance of finding a loan that suits your needs

If you decide you need a loan to either provide cash flow support or to help in the event of an emergency, it’s important to consider all the options that are available to you. There are also a number of factors to think about before deciding which personal loan to apply for.

You must make sure that taking a loan is right for you and you should only take out a loan if you’re sure you can repay it on time. Keeping a tight rein on how you manage your money and being in control of your finances will help you in the long run, especially when it comes to repaying any borrowing or debts.

Why do people borrow money?

Different types of loan may be used for different types of expenditure:

  • Emergencies, e.g. an unexpected bill

  • Purchase of a home improvements

  • Debt consolidation

  • New car

How to search for the best loans

Understanding which type of loan is right for you requires you to research and shop around. You’ll also need to understand the difference between types of loans. Follow this link to the Money Advice Service to find out the difference between secured and unsecured loans.

Remember you should always think carefully before committing to any form of credit.

Ways to research the best loan deals

There are various methods you can use to find the loan that best suits your financial circumstances.

Your bank or building society – If you have an account with a bank you may benefit from preferential rates as an existing customer. But it’s always good to remember there may be better options available from other lenders.

Shopping around – It always helps to do the research yourself so you get all the facts you need first hand. Second hand information from friends might not always be accurate. It may be useful to visit comparison sites like Moneysupermarket.com or Money.co.uk to help you find the best loan for you.

What to consider

How much and for how long – Think about how much you  need to borrow and whether you can comfortably afford to pay it back on time.  Make sure you know the full costs of taking the loan before you apply, including the costs if you can’t repay on time.

Application process – When applying for a loan, most lenders will carry out a credit check. In most cases you’ll be asked to have some information to hand, such as your personal details, residential address history, details of your monthly income and expenditure, your employment details, other debts and your bank account details.  

When will you receive the funds? – If you’re applying for a loan to cover emergency costs and need the money as soon as possible, you may be able to get a same day loan. If you’re approved for this type of loan, you may receive the funds on the same day which could help you if the unexpected happens.

Before applying for any loan, make sure that it’s right for you and only apply if you’re sure you repay it on time.

Why apply for a loan from Wonga?

Wonga could help if you need emergency or short term cash.

Wonga is committed to lending responsibly and will only lend to people that they believe can afford to pay back their loans. Find out if a Wonga loan is right for you.

Wonga loans are for short term use only and may not be the cheapest option. You shouldn’t use them to manage existing debt or if you’re already under financial strain.

Sources of debt help

If you feel you may benefit from some impartial advice, you can contact one of the UK`s free debt advice services, such as: