Our Loans and Finance Products
At
PowerMoney
we see it as a large part of our job to educate our customers, by bringing to your
attention the options that are available to you. Like most people you may not be
aware of the wide variety of products and lenders out there. One constant example
of this is the fact that many of our customers who are familiar with payday loans
have never heard of a logbook loan. Once they join
PowerMoney
and are presented with lending solutions from all financial sectors they quickly
become aware that they were not restricted to just payday loans.
You are not a financial expert so why should you know the wide variety of products
available to you. We have provided a list below of the major types of different
loans available to you to borrow the money you need in the current market.
Below is a selection of our unsecured loan types:
Payday Loans
A payday loan is a short term financial solution for a short term cash flow problem.
The money can be used for anything from a home emergency to a weekend away. If you
need the money now and don't get paid until later in the month payday loans are
the most transparent, easy to understand and fastest was to borrow the money you
need instantly. Payday loans are available to people with all types of credit history
– good and bad. A typical loan is for 30 to 90 days for between £100 and £750.
Back to top Guarantor Loans
It has become very difficult for anyone to borrow £1,000 or more. It is almost impossible
for anyone with a bad credit history or no credit history at all. Guarantor Loans
are a new and fast emerging type of loan which is the only option to many people.
All you need to do is get a homeowner to back your application. Practically anybody
you know could be your Guarantor, so even if there isn't a relative who could help,
you can still ask a friend, colleague or neighbour to help you. Typically Guarantor
Loan are set up over 12 to 36 months for up to £3,500.
Back to top Unsecured Personal Loan
Unsecured Personal Loans are almost impossible to qualify for these days in the
mainstream lending community. Thankfully with the extensive panel of loan providers
available to PowerMoney
we have a lot more chance of being successful. Typically unsecured personal loans
are for £5,000 over a 36 to 60 month period and as the name suggests require no
security.
Back to top Credit Cards
Maybe you're on a low income or retired? Perhaps you've run into difficulties and
been left with bad credit? You may simply have no credit history. These questions
are relevant to an increasing number of people and as a result it is almost impossible
to get a high street, mainstream credit card. There are certain niche credit cards
available designed to help those people mentioned above and as you would expect
PowerMoney
have them on their panel. Typical first borrowings on these non- high street cards
are up to £500 which increases with a proven track record.
Back to top Logbook Loans
A Logbook loan is a loan secured on your vehicle. As a result there is no need for
a credit check so as long as you can prove you can afford the repayments. Very often
the lender will lend you up to 50% of the value of your car as long as you have
no finance on it and it is less than 10 years old. This is another short term solution
available to get money fast.
Back to top Prepaid Credit Cards
As long as your identification can be verified in the usual way with a passport,
driving licence or utility bill you will qualify for a Prepaid Credit Card. A prepaid
card is much like the gift cards available from most high street chains in the UK,
however, prepaid cards have a much wider acceptance, and can be used internationally.
They are the same as credit cards, but without the credit. If you cannot get hold
of a credit card for some reason a prepaid card can be the first step to repairing
a very badly damaged credit rating or starting a new one.
Back to top Secured Loans
A Secured Loan, or Home Loan, is a loan secured on your property, which enables
lenders to offer a higher loan amount, usually at lower interest rates. You must
ensure that you can re-pay the loan as your property may be at risk if you cannot
repay the amount you borrow. A Secured Loan is often a good way of reducing your
outgoings by consolidating more expensive borrowings, such as credit cards, store
cards and higher rate unsecured loans. Like all ways lending products the availability
of secured loans has been severely restricted in the current market.
Back to top