Yes, you can receive approval for a FiguralLoans loan in Scotland. FiguralLoans is a direct lender in the UK which provides various types of short-term loans. Most of the loans involve shorter repayment terms, generally between 14 days and 12 months.
Types of loans that FiguralLoans provides
Here are the types of loans that FiguralLoans provides:
1. Bad credit loans
Loans for bad credit in Scotland are aimed at subprime borrowers. While most people apply for these loans when they are short of cash to meet small unexpected expenses, they can be used for larger expenses.
- The repayment term for bad credit loans can be up to a year. If the loan amount is small, you are required to repay it in a month. In some cases, it cannot be more than 14 days.
- You can borrow between £100 and £5,000.
- Loans for bad credit charge very high interest rates.
- They are meant to ameliorate your credit score as long as you are able to repay the debt over a period of time.
- Loans that require a lump sum payment on the due date do not help with credit score building.
Poor credit loans require a hard check only when you borrow a large sum. Otherwise, lenders make the decision based on your income sources. If the borrowing sum is not more than £500, they will run soft inquiries that do not get recorded in your credit file.
2. Small cash loans
Small cash loans are similar to payday loans. They are aimed at subprime borrowers. The maximum repayment term of these loans is not more than a month, meaning you will be required to discharge the debt in one fell swoop.
- Small cash loans allow you to borrow between £100 and £1,000.
- Despite a bad credit score, you are eligible for these loans.
- Small cash loans cannot help improve your credit score as they are paid in a lump sum within a shorter period.
- These loans charge very high interest rates.
Since small cash loans charge exorbitant interest rates, you might find it hard to repay them. Falling behind on payments will result in rolling over a loan. This will lead to accumulated debt.
3. Personal loans
Personal loans in Scotland can be used to cover emergency expenses as well as planned expenses. You can borrow as little as £5,000. However, if you need money for big expenses like home improvement, you can borrow up to £25,000. While other lenders do not let you borrow more than £20,000 without putting down collateral, FiguralLoans provides more than this without collateral.
- Small personal loans are paid down in fixed instalments over an extended period of time, which helps build credit history. You can ameliorate your credit score only if you pay down the debt in fixed instalments.
- You can easily budget around these debts as every month a fixed instalment will go out. There is a lower chance of falling into debt.
Qualifying for personal loans is not a cinch. Unlike other small loans, personal loans are approbated after perusal of your credit rating. No lender will let you borrow a larger sum if your credit history is not up to scratch, but FiguralLoans accept applications from bad credit borrowers. The lender sees your intent rather than your credit history to decide the lending amount. Interest rates for subprime borrowers will undoubtedly be high, but they are still competitive compared to other lenders.
4. Doorstep loans
Doorstep loans in Scotland are also small emergency loans. It is worth noting that doorstep loans are not a specific type of loan. They are, instead, payday loans that come with doorstep service. These small loans are provided to you on your doorstep.
- Doorstep loans can be between £100 and £1,000.
- Home credit loans are discharged on the due date in full.
- They charge exorbitant interest rates. The APR can go up to 1500%.
- Doorstep loans cannot help you improve your credit score despite on-time payments.
At the time of taking out home collection loans, you should be careful about your repayment capacity. Borrowing more than you can afford will tie you to an ongoing cycle of debt.
Why FiguralLoans is the first choice of borrowers?
FiguralLoans is an online lender known for providing short-term loans across the UK. This is the first choice of many borrowers because of the following reasons:
- No upfront fees and no hidden fees are charged. The lender believes in transparency.
- The approval is made the same day. Applications are processed quickly.
- Your credit score and income sources are checked when you borrow a large amount of money, so that you do not struggle to repay the debt.
- FiguralLoans provides flexible repayment terms. They can be weekly, bi-weekly or monthly based on your overall financial condition.
- The lender accepts applications from subprime borrowers, too. Interest rates for less-than-perfect credit holders will be competitive.
- If it is found that you are borrowing more than your affordability, the lender will lend you less than that instead of rejecting your application.
How to apply for a FiguralLoans loan in Scotland?
Here is the straightforward application procedure:
- Go to the apply now page, fill in the given particulars and submit the application form.
- Receive a decision. For small loans, the decision is made instantly. Large personal loans can take a day or two.
- Once the approval is made, you will receive funds in your bank account.
You will be responsible for making payments as per the agreed terms and conditions.
To wrap up
Yes, you can get a FiguralLoans loan in Scotland, as FiguralLoans is an online lender that provides short-term loans across the UK. All small loans are ideal for a specific situation, and they work differently. Make sure that you choose the right loan for you and do not struggle to keep up with payments.