Money is the need of the present age. It is not that our ancestors did not require money but they didn’t have so many luxuries of life at their disposal to spend money on. Life has been simplified and comfortable with many inventions but it has also made us more productive and innovative. On the other hand, it has made life in U.K. more expensive and requirement of money in life has increased too many folds. Instead of doing financial planning still, there are many circumstances which require immediate attention. These situations are some time pre- informed but certain situations arise unnoticed and uninformed. They always precede to arrangement of funds from any source what so ever to meet the demand. The best option to arrange the fund is a personal loan which can be obtained by log into Pre requisite for applying for personal loan.
Citizenship: You should be a citizen of U.K. to be eligible to apply for a personal loan in any banking or financial institutions operating in the United Kingdom. This is the first pre requisite which you ought to full fill if you want to apply for a personal loan.
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Age: The minimum age for the person to apply for the personal loan is 21 years of age. Anyone who has not attained the Age of 21 need not apply for the loan.
Having a bank account: This is one of the major eligibility criteria for applying for personal loan. You should have a bank account in any of the banks, irrespective type of account one holds in the bank.
Regular income: As you know bank always looks forward to the paying capacity of the person applying for personal loan. It is the sole consideration by the bank authorities in rejection or approval of the personal loan. You should at least earn 6000 pounds /annum to be eligible to apply for the personal loan. If you do not fulfill these criteria, you need not apply for the loan.
Should not be Bankrupt: This is one of the major conditions for sanction of loan that you should not be declared bankrupt within the last 6 years from the date of applying for a loan. If so then you should not waste your precious time in applying for a loan.
Types of personal loans
There are a number of types of personal loan available in the market, which are as follows: You can apply for a personal loan to buy a pre owned car or to buy a new car. The advantage you have against the car loan is that this loan is not secured. It means that this loan is not against the car or in a simple way you can say that your car is not mortgaged against the loan. Secondly, you need not pay any administrative fees, and your first installment of repayment starts from 30 days after the purchase of the car.
This is one of the many types of personal loan which you can avail depending upon your requirement and your paying capacity.
