Unlock the Power of Digital Signature Licitness for Home Loan in United Kingdom

How to eSign a document: digital signature licitness for Home Loan in United Kingdom

hello everyone welcome back to my channel before i will start my vlog for the day a big big thank you for all my supporters and if you're new to my channel my name is core and i'm your business nurse from southeast england [Music] in today's vlog i'm going to share to you how i applied and got the proof of a personal loan amounting to 25 000 pounds in less than four to eight hours but before we start this claim is first number one the things that i will be sharing to you are limited to my research in google because google is amazing and personal experience secondly i am no financial expert so if you need professional opinion about applying for personal loan i am not the one you need because as what i have said earlier my knowledge is limited to my research and in my own experience number three the purpose of this video is to enlighten our overseas workers that we can make a personal loan here in the uk even on a working visa so let us proceed with the steps on how to apply for a personal loan the first step is identify why do you want to make personal loan so there are few common reasons why a person wants to take out a loan one of those could be for debt consolidation so debt consolidation this is to pay off all of your existing credits in one monthly payment so actually this is a practical way of paying all of your debts in one go to avoid paying multiple interest fees another reason could be for home renovations big purchases like purchasing of appliance or pieces of furniture if you have emergency purposes like death or any unexpected bills this could also be used for medical expenses like having plastic surgery or if you want to purchase a new car or if you want to use your loan for wedding and vacation expenses on the contrary your personal loan will not be approved if your purposes are to purchase a land or property here in the uk or overseas if you want to purchase a joint stick in a property or buying out a joint owner if the purpose of your personal loan is for mortgage deposit or any mortgage related payments and of course if you want to use a personal loan for gambling for business purposes or for any shared dealing the second step is determine how much you want to borrow and how long you can repay the loan so it is crucial that you have a good understanding of the amount of money that you need well in my case my bank is allowing a maximum of 25 000 pounds of personal loan so i decided to max out my application it was actually a trial and error for me because i was a first-time applicant so once you've figured out how much you need then you have to check how much you can afford to pay each month so i aim to pay a loan of around 350 pounds to 400 pounds a month so i check with the mobile banking app and use a personal loan calculator so in the loan calculator you will input the amount of money that you want to borrow and the period of time that you plan to repay them so this will show you the estimated annual percentage rate or apr so the apr depends on your credit data all right so let's proceed with step number three check your eligibility so i took this data based on my bank's requirements so you can apply for a personal loan if you are over 18 and a resident of the uk if you have an annual income or pension before tax of 10 000 pounds or more and if you have a bank or building society account with a direct debit facility so let's proceed with step number four check your credit score so most of the lenders will run a credit check to determine if you are capable to repay your loan so as far as i know banks are using third-party companies to do the credit checks and they might also find other means to see your credit data so there are multiple mobile applications to check your credit score and this are experian equifax money supermarket and etc so i am personally using experian the better credit score you have the more likely you are to get approved for a loan and the lower your interest rate could be so my credit score when i applied for a loan was 896 which is a good score however if your credit score is low you still have the chance to get approved but with higher interest rates and fees so i would advise for you to put your plan on hold and work on improving your score but what if you don't have a good credit score but you badly needed the money if you feel that you won't get approved expand your loan options you can resort to having a co-signer or do a bad credit loan or a secured loan or having collateral so you can reach to a family member or a friend with healthy financial credit to be your co-signer so step number five search for the best personal loan rates and pick a lender and apply so do not settle for the first offer you receive you have to widen your options in order for you to identify which lender offers the most competitive rate just like checking for your credit score there are also comparison websites and applications to compare loans for free so for example money market compare the market and experian so they will do sub checks so meaning this won't impact your credit score so since i only have limited data about personal loan before i immediately took the offer that was given to me by my bank i didn't have any other options anyway so the average interest rate on a personal loan is 9.41 ing to experian data from q2 of 2019 so depending on the lender and the borrower's credit score and financial history personal loan interest rates can range from six percent to 36 percent so you will likely only be able to get rates close to 3.99 if you have an excellent credit so if you have a bad credit you can probably expect rates between 18 and 36 percent so imagine how high is that so here is step number six comply with the necessary documents so most of the personal loan applications here in the uk are now done online but other lenders may have different qualification requirements right step number seven understand and accept your loan agreement so you have to read and highlight the important clauses in your contract like the key dates so this is the duration of your credit agreement and you have there the annual percentage rate of charge the total amount you pay and other legal aspects of the loan so now that you have accepted your loan agreement you cannot proceed on setting up your payment so set up a direct debit of your loan to avoid missing payments and you can also consider ways to pay your balance faster to save money on interest so early payment of your loan will not affect your score as all of the interest and fees have already been calculated against your applied loan duration so those are the steps you have to undergo if you want to apply for a personal loan now let me share to you my experience why i was able to secure a 25 000 pounds of personal loan first how did i build my credit score so i have my credit card with me since 2017 and i have been using this for online and big purchases so when we go to costco i use my credit card and pay off the amount i spent before my credit card payment due date so i set a direct debit payment monthly which is beyond the minimum fee and on top of that i make extra monthly payments so in this manner i was able to show that i am capable to pay debts on time and i was also keeping track of my credit score through experian mobile app before i decided to apply for a loan so i applied my personal loan online via the mobile banking app and i waited for almost two days to get the approval so before i was approved i received a phone call from the customer service tied up with the bank confirming some details of my personal loan so after answering few questions like what is the purpose of my loan my recent bank transactions what is my source of income and many more the representative laid out the terms of my loan so immediately after the phone call the money was transferred into my account voila very quick so you might be wondering how much is my apr for my 25 000 pounds of personal loan me apr was 7.9 and the duration of payment is set for eight years but i'm planning to pay off this loan earlier than that well if you have a higher um credit score your interest rate is lower well you have the goal to have a credit score of as close to 850 as possible in most scoring models because you will have the best chance of having a lower rate for your personal loan so i have gathered all the common tips that i have read online so this are the tips to successfully apply for a personal loan the first one is build and improve your credit score so this will prove your ability to pay debt so some ways to improve your credit score is of course to have transactions showing that you have paid off a credit like having a credit card or taking out a small form of credit like a mobile phone contract so demonstrate your ability to pay your bills on time by setting your payment into a direct debit so paying your utility bills on time is a different story as these payments do not appear on your individual credit report so they are not going to boost your credit score okay the second tip is check your credit report the credit reference agencies or cras are organizations that collect information about your credit history so they hold data around your accounts and credit applications and they may also hold information about your financial habits so the three main credit reference agencies in the uk are experian equifax and transunion so you can access your credit report through one or all of the cras so you can request a copy of your current report online in writing or verbally so checking your own credit report will not affect your credit score it's only impacted when lenders do a search on your credit file third tip your loan application must be precise so before hitting a submit button on your application make sure information provided is completely accurate and the last step avoid multiple applications in a short period of time so multiple applications in a short period of time can give the impression that you are having trouble managing your finances so if you're just looking to see how much you need to pay back for each month then you can get an estimate from a personal loan calculator that is available widely online i may not have covered everything about personal loan but i do hope that you will still find this video valuable if you think this video is of value please hit the like button and do not forget to subscribe to my channel help me grow my channel in order for me to reach wider audience that could benefit from my vlogs and once i reach 5000 subs we will have another milestone giveaway so please stay tuned once again thank you thank you for watching my vlog for today and i hope i'll see you soon bye [Music]