While lenders offer a wide range of different types of credit to customers, one of the most common forms is a short-term loan. These loans are sometimes used to help people pay for an unexpected expense.
Actual loan amount, APR and term may vary based on actual application details.
On Stride Financial gives hardworking people the opportunity to apply for the funds they need. If used responsibly, our straightforward loans may give you the flexibility to deal with the financial hurdles that life may place in front of you.
On Stride Financial loans are unsecured. The amounts range from £1,000 to £10,000, and loan durations last 1 to 5 years. We have APR rates determined for each customer by their unique financial history: 29% - 89%. The actual loan amount, APR and terms may vary based on the loan application details.
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The term "cash loan" is often used to describe short-term loans. Though the term “cash loan” could also describe larger loans that have longer terms, it most often applies to smaller loans with shorter terms.
Most cash loans are for smaller amounts, and are often unsecured. What does it mean for a loan to be unsecured? An unsecured loan is one that does not require collateral. For secured loans, a borrower offers something of value — property, for example — that the creditor can rightfully claim if the loan is not repaid. This gives the lender a certain amount of security against losing some or all of the money they loaned.
An unsecured loan, on the other hand, offers the lender no such security. If a borrower does not keep up with their loan repayments, the lender may lose out on the outstanding balance of the loan. Because these types of loans present more risk for the lender, they usually come with higher interest rates; lenders charge more for their money since they run a higher risk in lending it. For the same reason, these loans also tend to come in smaller amounts.
Many of the reasons to apply for a cash loan involve expenses that arise unexpectedly and must be dealt with in a timely manner. These may range from fixing a broken washing machine to paying an unexpected bill.
Budgeting your income and expenses is an important step before applying for a cash loan. Since you're committing to repaying your loan on time, you should be sure that you will have enough money to comfortably repay what you owe, whether just once or at the end of each repayment period. Getting a good idea of how much you earn and spend can help you understand how much you can afford to repay.
If you take out more money than you can easily repay, you may find yourself in financial trouble when it comes to re-paying the loan, leaving you without enough money for other expenses or simply unable to pay. This can have serious consequences for your ability to get loans or other types of credit in the future. Therefore, be responsible and only request to borrow an amount that can be comfortably repaid.
On Stride Financial offers cash loans between £1,000 and £10,000 to approved applicants. Depending on credit history and other information provided, our online customers can repay their loans over 1 to 5 years.
Loans can be used for many purposes, but one of the most common is an emergency expense. However, before you decide to take out a loan, you should make sure you have carefully considered all your options. Ask yourself whether the expense is truly necessary and whether there are other ways you could raise the funds. Taking out a loan is a big financial responsibility you should only undertake after carefully weighing up all your options.
Taking out a loan is a serious responsibility. Before you decide to take one out, you should make sure you really need the loan and have the resources to pay it off according to the terms of your agreement. It's a good idea to make sure you understand how much you will owe and when, and create a budget of your finances to make sure you can make the necessary repayments on time. With a clear view of your financial situation and an awareness of the loan's terms, you'll be able to decide whether taking out a cash loan is the right choice for you.
The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.