As loans get larger the amount of lenders available in the market contracts, as there is only so much funding in the sector and large loans can eat into a lenders cash book quite quickly. Fortunately many of the guarantor loan lenders at the time of writing still offer up to £7,000 and likewise many Most have loan terms restricted to 5 years or 60 months, however some plans that offer slightly longer 72 month (6 year terms). Repayment periods begin at just one year, but as you can imagine your monthly commitment to the loan is then going to be very noticeable and in reality may not be affordable over such a short period for many of us.
Payment Examples On £5,000 Over Various TermsFortunately all potential loan clients are presented with the facts and figures before they enter into a credit agreement. This gives you the opportunity to consider various loan amounts and terms to work on one set that gets you the money you need at a payment you can afford. Lending is a serious business of course and any loan you enter into will also involve a check on affordability to help ensure you can meet your loan agreement. It is good to have a feel would what you can afford to meet each month and then see how long a term you would need to match that payment.
5000 advance over 60 months payments = 238.14. Total payable if keep for full term is £14,288.40. 5000 borrowed over 3 years (36 months) = 294.34. Total repaid over 3 years is £1,596.24. There are usually no set up, arrangement or broker fees on guarantor or personal unsecured loans secured via ourselves. Representative 49.5%APR Variable.Offers subject to lender discretion.
What Can You Utilise A 5000 Or 7000 Loan ForGuarantor and most personal loan plans are very flexible in how you decide to spend the loan amount. Clearly investment or income as a purpose are not the norm but vacations, cars, caravans, home repairs & enhancements, conservatories / lean to`s, static mobile holiday homes, new kitchens / bathrooms / bedrooms even extensions do come under the `acceptable` any purpose loan banner. Key is be open and honest with that you want to do, write down a breakdown of what you are achieving by getting the money - this will smooth the application process and hopefully speed up the release of funds to you. An example note for a £7,000 loan for a couple about to expand their family might look like this:
3500 New bath, shower, sink and tiling.
1000 Decorate second bedroom.
500 Pram, stroller and car seat.
2000 second car for mum.
7000 Total budget.