The term ‘personal loan’ can be a little confusing and some people think it is something a little bit special and hard to come by but put simply it is something that one person (or sometimes a couple, either married or not) arranges with a lending entity, such as a bank or special loan provider. Terms vary enormously and loans which are secured, either on a home or, increasingly often these days against high value personal possessions, tend to have lower interest rates because the lender is not taking so much of a risk.
Short term personal loans are simpler to manage in some ways, because the repayments are made over a shorter period and so the interest rate is fixed. Longer term loans may have variable interest rates and this can be a problem if the rates go up.
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Arranging a personal loan
Ealing Trading only deals in short term loans and the amounts we lend and repayment amounts are quite strictly adhered to, although there is a degree of flexibility available should the circumstances of a borrower change. Unlike many lenders, Ealing Trading will lend to borrowers who don’t have a bank account and we don’t take the whole loan repayment in one, on the next payday – put simply, we are not payday lenders.
All the personal loans we approve are payable in fifteen weekly payments, which makes it very simple to manage and the money can be collected from the borrower at home if that is more convenient. The agent helps with the paperwork too, which is a huge help to many people who find this a bit daunting.
Are Ealing Trading personal loans credit checked?
Although some lenders don’t credit check their clients, Ealing Trading prefers to credit check our borrowers before lending money. This means that the rates can be kept lower for everyone because there are less risks being taken on the whole. This does mean that some people may be turned down, but if this happens you can apply for a personal loan from Ealing Trading at a later date when your personal circumstances have improved. Personal loans from Ealing Trading can also be taken as shopping vouchers, with repayments on the same schedule as a cash loan, which many people prefer as they can give them as gifts; repayments are collected from home and the vouchers are delivered in person.
Personal loans from Ealing Trading are available in Bedfordshire, Buckinghamshire, Essex, Leicester, Hertfordshire and Northamptonshire.