Personal Loan

Being brand new to a country can make you vulnerable in many ways. A lack of understanding regarding the rules about borrowing money can feel daunting, but paired with all the financial pressure of setting up a new life, this can sometimes lead to huge credit card debt and unpaid overdrafts. 
If you need help with getting your finances in order and borrowing money, a personal loan may be an option for you. 
At STARTIN we make sure our clients fully understand their options so you can make the best decision about what kind of borrowing solution will work best for you and your circumstances
What is a personal loan?

Personal loans are a way of borrowing money in your personal capacity. A bank or another type of lender usually does not secure the loan against any of your assets, such as your home. They’re also known as unsecured loans.
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What is personal financial planning?

Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.

How do I handle personal financial planning?

Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.

 STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.

Advantages

  • You may be able to borrow more than with a credit card.
  • Lenders often charge a lower rate of interest when compared to credit cards on larger balances.
  • Loan repayments are usually a fixed amount each month, which makes it easier to budget.
  • Interest rates on personal loans are usually fixed (but not always - check that it is fixed and not variable).
  • The borrower can often decide on how long they would like to repay the loan. (Don’t forget that the length of a loan will affect the amount you’re charged in interest. A longer loan period will make the cost of borrowing higher.)
  • It’s possible to consolidate several debts into one personal loan, which can sometimes reduce your monthly repayment costs. But be careful: this might mean extending the length of the loan and paying more overall.

Advantages

  • You may be able to borrow more than with a credit card.
  • Lenders often charge a lower rate of interest when compared to credit cards on larger balances.
  • Loan repayments are usually a fixed amount each month, which makes it easier to budget.
  • Interest rates on personal loans are usually fixed (but not always - check that it is fixed and not variable).
  • The borrower can often decide on how long they would like to repay the loan. (Don’t forget that the length of a loan will affect the amount you’re charged in interest. A longer loan period will make the cost of borrowing higher.)
  • It’s possible to consolidate several debts into one personal loan, which can sometimes reduce your monthly repayment costs. But be careful: this might mean extending the length of the loan and paying more overall.

Advantages

  • You may be able to borrow more than with a credit card.
  • Lenders often charge a lower rate of interest when compared to credit cards on larger balances.
  • Loan repayments are usually a fixed amount each month, which makes it easier to budget.
  • Interest rates on personal loans are usually fixed (but not always - check that it is fixed and not variable).
  • The borrower can often decide on how long they would like to repay the loan. (Don’t forget that the length of a loan will affect the amount you’re charged in interest. A longer loan period will make the cost of borrowing higher.)
  • It’s possible to consolidate several debts into one personal loan, which can sometimes reduce your monthly repayment costs. But be careful: this might mean extending the length of the loan and paying more overall.
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What is personal financial planning?

Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.

How do I handle personal financial planning?

Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.

 STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.

Disadvantages 

  • Personal loans often have higher interest rates than other forms of borrowing, particularly if you only want to borrow a small amount.
  • Because the interest rate might reduce the more you borrow, you could be tempted to take out a bigger loan than you need
  • Most UK banks won’t lend out less than £1,000 for less than 12 months. In some circumstances it can be tempting to borrow more than you need or can afford.

Disadvantages 

  • Personal loans often have higher interest rates than other forms of borrowing, particularly if you only want to borrow a small amount.
  • Because the interest rate might reduce the more you borrow, you could be tempted to take out a bigger loan than you need
  • Most UK banks won’t lend out less than £1,000 for less than 12 months. In some circumstances it can be tempting to borrow more than you need or can afford.
New paragraph






What is personal financial planning?

Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.

How do I handle personal financial planning?

Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.

 STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.

What to watch out for with a personal loan

You might not get the interest rate advertised. Advertisements usually show a representative APR (or annual percentage rate).
Most people who apply for and are given a personal loan usually get offered this rate or better, but that could mean a large group of applicants have to pay more. If your credit rating is less than perfect, you might be accepted for a loan but charged a much higher rate of interest.

STARTIN believes that strong relationships and communication can help immigrants access the best options available to them that actually suit their needs.
To this end, STARTIN has developed a partnership with AA Loans. 
AA Loans offer unsecured personal loans that can be used for debt consolidation, buying a car or even home improvements. Their rate is currently 3.1% (from 1 April 2019) and their services are underwritten by Bank of Ireland UK.

What to watch out for with a personal loan

You might not get the interest rate advertised. Advertisements usually show a representative APR (or annual percentage rate).
Most people who apply for and are given a personal loan usually get offered this rate or better, but that could mean a large group of applicants have to pay more. If your credit rating is less than perfect, you might be accepted for a loan but charged a much higher rate of interest.

STARTIN believes that strong relationships and communication can help immigrants access the best options available to them that actually suit their needs.
To this end, STARTIN has developed a partnership with AA Loans. 
AA Loans offer unsecured personal loans that can be used for debt consolidation, buying a car or even home improvements. Their rate is currently 3.1% (from 1 April 2019) and their services are underwritten by Bank of Ireland UK.

What to watch out for with a personal loan

You might not get the interest rate advertised. Advertisements usually show a representative APR (or annual percentage rate).
Most people who apply for and are given a personal loan usually get offered this rate or better, but that could mean a large group of applicants have to pay more. If your credit rating is less than perfect, you might be accepted for a loan but charged a much higher rate of interest.

STARTIN believes that strong relationships and communication can help immigrants access the best options available to them that actually suit their needs.
To this end, STARTIN has developed a partnership with AA Loans. 
AA Loans offer unsecured personal loans that can be used for debt consolidation, buying a car or even home improvements. Their rate is currently 3.1% (from 1 April 2019) and their services are underwritten by Bank of Ireland UK.
New paragraph






What is personal financial planning?

Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.

How do I handle personal financial planning?

Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.

 STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.

Some of the benefits of taking out a personal loan through AA Loans are:

  • Fixed monthly repayments for the duration of the loan
  • You can spread the repayments over 1-7 years
  • There are no admin or set up fees
  • They offer other loan amounts and terms. With AA Loans, loan amounts range from £1,000 to £25,000.
New paragraph






What is personal financial planning?

Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.

How do I handle personal financial planning?

Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.

 STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.

To apply for an AA Loan applicant must:

  • Have been a UK resident for at least 3 years 
  • Be over 21 and no older than 70 when the loan term ends
  • Have a regular (minimum) annual income of £12,000 (gross). If you are self-employed you must have been employed for a minimum of 2 years
  • Have a UK-based bank account or a Building Society current account that can issue direct debits
  • Ensure that they can meet the repayments, as missed payments incur charges and could have severe consequences on their ability to qualify for future credit
CLICK HERE TO APPLY

To apply for an AA Loan applicant must:

  • Have been a UK resident for at least 3 years 
  • Be over 21 and no older than 70 when the loan term ends
  • Have a regular (minimum) annual income of £12,000 (gross). If you are self-employed you must have been employed for a minimum of 2 years
  • Have a UK-based bank account or a Building Society current account that can issue direct debits
  • Ensure that they can meet the repayments, as missed payments incur charges and could have severe consequences on their ability to qualify for future credit
CLICK HERE TO APPLY

To apply for an AA Loan applicant must:

  • Have been a UK resident for at least 3 years 
  • Be over 21 and no older than 70 when the loan term ends
  • Have a regular (minimum) annual income of £12,000 (gross). If you are self-employed you must have been employed for a minimum of 2 years
  • Have a UK-based bank account or a Building Society current account that can issue direct debits
  • Ensure that they can meet the repayments, as missed payments incur charges and could have severe consequences on their ability to qualify for future credit
CLICK HERE TO APPLY
ANY QUESTIONS? 

We can help! Call us on 01793 313017 or WhatsApp us on 07535 138562 or complete our quick enquiry form here.
Take control of your finances. Get started with STARTIN today. 
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