Borrowing money doesn’t have to be complicated. At Palma Violets Loans, we’ve made sure the whole process of applying and receiving the funds is as simple and straight forward as possible. Everything can be done online without the need to visit a bank or office and you’ll get an answer quickly so you know where you stand.
1st Step: Complete the application form
As long as you’re over 18 years, live and work in the UK and have an open, British bank account, you can apply from the comfort of your sofa. Complete all the easy-to-answer questions on the online form – nothing on there is too difficult and we’ve made the form as short as possible.
2nd Step: Lenders compete for your business
Using the answers on your application form, we will match you with a select group of trusted lenders from our panel of partners. The diverse range of companies we have on our panel increases the chance of finding a loan for you. Within minutes, we will know who is happy to work with you and lend you the money required. With access to lenders who help people with less than perfect credit, we can swiftly put you in touch with more open-minded companies. Even if you’ve been turned down for a loan before.
Some companies might want to know a little more about you before agreeing to a loan. If this happens, you will be asked to provide extra details so they can come to the right decision. Although you’ll be keen to borrow extra cash, it would be irresponsible to lend you more money than you can comfortably pay back. To make sure the lenders are acting responsibly, they may want to understand a bit more about your circumstances.
3rd Step: Agree the loan terms
When you are approved for the loan, you will be directed to the website of the lender. This will give you the opportunity to understand exactly what is being offered to you and the fees involved. Take a little time to read through all the terms carefully so you understand what’s involved. If you are happy with all the conditions, finalise the process and agree to the term so of the loan. You can, of course, turn it down if you decide it’s not for you.
4th Step: Collect the cash
When you have agreed and signed the loan, your money will be sent straight to your bank account. It should be there the same day, but the exact timing will have been mentioned in your loan agreement. Once the cash is in your bank account you are free to use it.
How much do I have to repay?
The number of repayments, the interest rate charged and the amount to pay back each month varies. It will depend upon the amount of money borrowed, the APR charged and the kind of loan you have agreed to. There are loans that require all of the money to be repaid the next month, and others will let you spread the amount over 6 months. When you are offered the loan, the terms and agreements will let you know how much money is due and when. Make sure you understand these details and check that you are able to afford these repayments.
Usually, loan repayments are set up to be paid automatically from your bank account. The amount often comes out of your account just after payday. This is easier for you – you don’t have to remember anything and you don’t have to visit the bank in person.
What happens if I can’t make the repayments?
Each lender will have their own set of policies when it comes to non-payment. These should also be stated in the loan agreement. Failing to make payments when they are due will have an impact on your finances, so contact the lender quickly to understand what will happen. Keeping up with agreed repayments should always be your first aim.
What is the APR?
APR, or Annual Percentage Rate can be confusing. In a nutshell, the APR sets the fee for borrowing the money. When you repay the money borrowed, you have to pay the fee on top as well. With short-term loans and payday loans, the APR is high. The quicker you repay all the money, the lower the fee will be, so choose the shortest loan you can comfortably afford.