Amount of credit: £1,800 for 24 months at £135.47 per month. Total repayment of £3,251.27. Interest: £1,451.27. Interest rate: 65% pa (fixed). 88.1% APR Representative.
Need funding to cover an unexpected emergency or a larger, planned expense? On Stride Financial may be able to help!
We offer funds from £1,000 to £3,000 and a straightforward application process, allowing approved customers to apply at home or on the go. Our loans are unsecured and have durations of 1 or 2 years.
Personal loans are the most common type of loan available for everyday use. Most consumers looking for a 2000 pound loan will be looking for a personal loan to use for a variety of personal reasons.
Many loan types and amounts can fall into the category of personal loans. One lender might offer a personal loan for £50, and another might offer a personal loan for £50,000. Obviously, these are two wildly different loans, and would inevitably have very different rates and terms. A short-term loan for a lesser amount is likely to be unsecured, meaning that the lender won't need any collateral from the borrower. On the other hand, many secured loans are for larger amounts, which can result in a lower interest rate.
"Any lender worth considering will review your credit history, and make an assessment of the kind of borrower you will be."
This can be a confusing mix of possibilities, but the most important thing to understand is that you should never take out a loan that you cannot pay back. A lender you’re thinking of borrowing from will review your credit history, and make an assessment of the kind of borrower you will be; they want to know that the money they are lending will be affordable to you and returned to them. Determining whether their loans will be secured or unsecured, or how high the interest rates will be, are ways to avoid taking on an overwhelming amount of risk.
There are a host of reasons that you might need a loan, or a £2000 loan in particular. One common reason someone might need a loan for as much as 2000 pounds is if they're having trouble with their car. Depending on the issue, this can be a sizable expense, and may require more funds than the individual has, resulting in the need for a loan.
"Ultimately, a personal loan can be used for a huge variety of things..."
That said, a broken-down car is hardly the only use for a loan. You can use a personal loan for whatever you wish once you’ve secured one. If, for instance, you were planning on redecorating because of a leak, a personal loan might be the best way to cover that cost. Ultimately, a personal loan can be used for a huge variety of things and should only be used responsibly.
That said, taking on any kind of loan is a serious financial commitment, with very real consequences for not repaying on time and in full. That's why we recommend taking out a loan only when you absolutely need one, can afford it and after fully exploring all of your options beforehand (payment plans, asks a friend/family, etc.).
First of all, the search for the right lender shouldn't start online, but with you. Think about your own budget, how much cash you want to borrow, as well as how quickly you need it. Also consider whether taking out a loan can wait. If you have extra time, you should put it into examining your options and doing your best to ensure you make the right choice.
Once you have determined the amount you need, and created a budget so you have a clear idea of what you're capable of repaying, you're ready to compare different lenders. Look into the intricacies of each lender's offering, understanding whether their loans are secured or unsecured, short-term or instalment, etc. If possible, look for testimonials about the lender to get an idea of what previous customers think. You should feel free to ask any questions you might have; understanding the way a potential lender works will help you know what to expect in terms of customer support if you decide to take out a loan with them.
Because the loan amounts offered by On Stride Financial are paid monthly, our service is an instalment loan. This means that repayments are scheduled in a number of payments over longer periods of time. When someone applies for an On Stride Financial loan, they have the option to choose to borrow from 1 or 2 years, which in turn affects the number of repayments they will make. On Stride Financial has an APR of 89% — if a borrower is approved, and this is the annualized interest rate.
There are a few differences between an online lender and a brick-and-mortar lender. For starters, an online lender offers a degree of convenience that a brick-and-mortar lender simply can't. While an online lender allows you to apply for a loan from the comfort of your own home (or even on the go with your mobile device), an in-person lender requires you to come to them.
The process of applying for a loan in person means showing the lender a number of different elements — bank statements, proof of income, etc. — things that are almost certainly easier to gather if you're already home. Additionally, because using a brick-and-mortar lender may require a few trips, this can mean a longer wait for a loan.
Because the most important aspect of finding a lender is finding one that works for you, convenience or urgency may not be an issue. For some customers, a brick-and-mortar lender may truly offer the best loan for your unique financial circumstances. The only way to know for sure is to understand your needs and do your research. Still, at On Stride Financial, we do our best to offer loans that can cover the needs of a wide variety of customers.
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