Unsecured loans \u2013 they do not require collateral. They are ideal when you want to borrow only \u00a3200. They usually have shorter loan terms.<\/li>\n<\/ul>\nThe unsecured loans are further broken down into different types, including short term loans, personal loans, payday loans, and more. Below are brief descriptions of each type.<\/p>\n
\u00a3200 payday loans<\/h3>\n
These loans have high costs because of their convenience and financial risk. They are often repaid on the next payday. Bear in mind that the longer you take to repay this loan, the more it will cost.<\/p>\n
\u00a3200 doorstep loans<\/h3>\n
These are regular short term loans. The only difference is that after application review and approval of the loan, the lender delivers the cash to your doorstep. These loans improve the convenience of \u00a3200 short term loans.<\/p>\n
\u00a3200 instalment loans<\/h3>\n
You can repay the \u00a3200 loan in a lump sum or instalments. If you take a \u00a3200 loan for four weeks, you will pay it back every week. This mode is more relaxed than paying back in a lump sum.<\/p>\n
Moreover, you get to reduce the loan cost since the interest is charged on the reducing balance.<\/p>\n
\u00a3200 loan direct lender<\/h3>\n
There are two kinds of loan lenders: brokers and direct loan lenders. With direct loan lenders, you get to deal with the lending company. The application, loan review, and approval are all handled by the lender. On the flip side, with broker firms, you submit an application which they later distribute to lenders in your region. If you get loan approval, they charge a commission and remove themselves from the equation.<\/p>\n
With direct loan lenders, you can either have payday loans or instalment loans. The application is simple and tasks minimal time.<\/p>\n
\u00a3200 instant loan approval<\/h3>\n
There are times you\u2019ll need the \u00a3200 urgently and times you can wait a little longer. In cases where time is of the essence, instant approval loans come in handy. Now, you might be tempted to think that these loans are approved immediately, but they are not. But, in comparison to traditional loan options, the approval process is fast and almost instantaneous. You can use the loan to clear a hospital bill or repair your car.<\/p>\n
\u00a3200 bad credit loans<\/h3>\n
Every person who has a credit card has a file with a credit bureau. This means that they have a credit score, which reflects on their ability to repay loans on time. The credit scores range between 300 and 850. And though there are different types of credit score systems, the most common one defines scores below 620 as poor credit scores. \u00a0With such credit scores, you come with high financial risks and no traditional financial institutions will help you. Only short-term loan lenders with high APR will consider it. And with these lenders, no credit score is too bad to handle.<\/p>\n
\u00a3200 bank overdraft<\/h3>\n
Think of a bank overdraft as an agreement to withdraw more money than you have in your account. When you run short of cash, you can withdraw extra money up to a predetermined limit. For instance, if you have \u00a3500 and need \u00a3700, you can take the \u00a3200 as an overdraft.<\/p>\n
If the ban is aware of this agreement in writing, then the overdraft is called an authorized overdraft, but if it\u2019s not, it\u2019s called an unauthorized overdraft. The latter is costlier than the former. A bank overdraft also comes in handy when you don\u2019t have money to repay your short term loan on time.<\/p>\n
\u00a3200 revolving credit<\/h3>\n
This is similar to an overdraft but different from a line of credit. With revolving credit, you have a set limit (in this case \u00a3200), and pay interest (cheaper than an overdraft). It differs from a line of credit because it is recurrent. The limit is in play until you end the agreement. With a line of credit, once you hit the limit, the agreement ends.<\/p>\n
\u00a3200 no credit check loan<\/h3>\n
With this loan, the lender doesn\u2019t check your credit score with financial bureaus. They only determine affordability. This loan type is great for individuals with poor credit scores. This loan has the potential to bury you in debt if you default.<\/p>\n
Tips to Choosing a \u00a3200 Loan Lender<\/h2>\n
Lenders offering \u00a3200 loans are in plenty in the UK. But before you get into any contract, do your due diligence. Choosing the wrong lender might leave you with a bad experience or ruin your credit score further. Below are some tips to consider when choosing a lender.<\/p>\n
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There is always some emergency that pops up mid-month that throws your budget through the window. It could be a broken boiler, or your car will not start. It happens to everyone, so do not beat yourself up. In such times, a \u00a3200 loan comes in handy in covering unexpected costs before your next payday.<\/p>\n