The rate you are offered will depend on your individual circumstances. All loans are subject to status. The interest rate offered will vary depending on our assessment of your financial circumstances and your chosen loan amount. Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54 .

What is a Personal Loan?

A personal loan is a form of credit that is borrowed for at a fixed rate of interest and for a fixed duration of time. Generally, the repayments are spread over a period of 1 year to 7 year. It may also be borrowed for a period of less than a year. The tenure for compensation depends on the financial circumstances of the borrower. The borrower has the authority to choose the period considering their affordability.

As these credit products are unsecured, a borrower doesn’t have to put any of their valuable assets at stake while applying. That means your personal belongings of high value are not at the brink of being seized if you fail to make the repayments to the lender. Also, a borrower availing a personal loan doesn’t have to arrange for a co-signor as well.

How Do Online Personal Loans Work?

After a personal loan is approved online, the loan amount will be directly disbursed to your bank account. You may use the amount for any purpose as there are no limitations on its usage. And the money will be disbursed by the lender.

Once you obtain the loan, you have to repay it within the date agreed by both you and the lender while entering into an agreement. Therefore, you must go through the complete Terms & Conditions thoroughly before signing any documents.

Personal Loans for Bad Credit in the UK

Oyster Loan works with a panel of trusted FCA registered lenders and to protect your credit score, our lenders perform a soft search in the initial phase that will not impact your score. Traditional lenders made their decision based on a borrower’s credit score and history. However, the modern-age lenders took one step towards the convenience and comfort of the borrowers. They definitely conduct a credit check, however, they assess the borrower’s current creditworthiness to make their decision. If you have a manageable and regular stream of income, then the lender may take it as a sign that you may not default.

An unsecured personal loan for bad credit allows a borrower to borrow money despite a bad credit trail. The best benefit of availing this loan is – if you make timely repayments, your credit score will improve gradually. Once you make the repayments, the lender will report this to the Credit Reference Agencies and therefore, many people who do not have a perfect credit score, opt for this loan.

Always remember that a credit score doesn’t get repaired overnight. It will take time and your efforts to build a stellar credit score.

How to Avail a Personal Loan Online at Oyster Loan?

Turn all your plans into reality with Oyster Loan. You just have to fill in one quick application form to initially receive soft quotes from various lenders – who work with us!

1. Simple & Easy

The application form is designed to offer convenience to the borrowers and to save their time. Fill in the form with all the necessary details so that our lenders can run their verification. This will enable them to take a decision.

2. Decision

Once the lenders complete their verification process, they will assess your loan eligibility. Every lender has their own way to determine a borrower’s repayment affordability. So, it may take up to a few minutes. The final decision made by the lender will be displayed on the screen.

3. Disbursal

After the completion of the processes mentioned above, the loan amount will be disbursed to your bank account by the lender. Read the Terms & Conditions of the lender to know the period of loan disbursal.

Make sure you ensure your repayment strategy before you make the final decision. If you fail to make any repayment(s), your credit score may be severely damaged – and this will restrict you from borrowing money in the future.

What Can a Personal Loan Be Used For?

Many people take out a personal loan for a wedding. This loan can also be used to cover some part of your wedding expenses. If you’re looking to avail a personal loan for tying the knot, you may use it or else you may also consider wedding loans.

The list of needs is not finite. A borrower may use the amount received for any financial emergency such as a sudden car repair, renovating their home, an immediate medical expense or to pay off the stockpiled bills. It completely depends on the borrower. A personal loan in the UK can be used for multiple purposes to cope up with financial emergency.

Alternatives to Personal Loans in the UK

If you do not feel that a personal loan is right for you or if you are interested in exploring all the other ways that may help you to cover your emergencies, then consider the below options:

Credit Cards: This is a popular option. However, the rate of interest is higher and the amount used needs to be repaid in a lump sum. The borrower doesn’t get any breathable space to repay it and hence, there are chances that their whole budget may get a bit tipsy.

This is a popular option. However, the rate of interest is higher and the amount used needs to be repaid in a lump sum. The borrower doesn’t get any breathable space to repay it and hence, there are chances that their whole budget may get a bit tipsy. Specific Credit Products: Oyster Loan offers various credit products that have been designed considering a specific financial requirement. Suppose say, you want funds for Christmas, you may try out personal loans for Christmas – Christmas Loans. Or if you have a bad credit and need a loan, you can check out Bad credit loans.

Oyster Loan offers various credit products that have been designed considering a specific financial requirement. Suppose say, you want funds for Christmas, you may try out – Christmas Loans. Or if you have a bad credit and need a loan, you can check out Bad credit loans. Secured Loan: If your financial need is short and if you need the amount for a very short period of time, then a secured loan is definitely not the right choice to make.

Choose a Loan That’s Right for You – With Oyster Loan

It is extremely necessary that you map out the reason for borrowing a short-term loan. Understand your income and the monthly expenses so that it will be easier for you to prepare a sketch of your repayment plan. Draft all these things in detail, then apply for a loan with us and choose the right credit product according to your financial requirements.

Oyster Loan is an FCA registered loan broker that operates in the United Kingdom and doesn’t charge any upfront fees to the borrowers. We deal in a range of short-term loans that may be used for as per the borrower. You may check your loan eligibility with us without affecting your score as we use a soft credit check that doesn’t leave any footprint on your report.

We believe in responsible lending and borrowing. This will enhance the transparency in our relationship and will also help in maintaining the standard industry practices.