4 Ways Short-Term Loan Brokers Are Supporting Customers During These Trying Times

published Sep 15, 2020
2 min read

The Covid-19 pandemic has caused havoc for people all around the world, in all different ways. Here in the UK, people have been faced with struggles not seen in a lifetime, and it has taken a toll. For many people, the main cause of concern is their financial situation, with many taking a hit to their income, whether that hit is relatively minor or quite substantial.

And with the world still struggling to create a vaccine that addresses the virus, much of the economy is still extremely fragile and there is an understanding that at any time, lockdowns could return and people could be forced back home again. The financial stress is real for people and something that keeps them up at night.

This is where short-term loan brokers enter into the picture and are offering support to customers during these volatile and uncertain times. Let’s take a look at how these brokers are in fact having an impact.

They Are Producing Resources Meant to Guide Individuals

One of the staples that these short-term loan brokers are currently offering is resources that essentially lay out a road map and guide individuals on how to best navigate these times, what the best options are for them in the market, how to deal with a bad credit score, and loans for bad credit scores specifically.

New Horizons is an example of a short-term loan broker that has taken this approach of educating the public to ensure they have all the material they need to make an informed decision. Its blog on short term loans for bad credit highlights all the important facts and statistics so that you can decide if this is the right route for you. New Horizons is a broker that works with leading lenders in the UK. It is fully authorised and regulated, and 90% of applicants end up being accepted.

Even if you think you know how a bad credit rating would affect your ability to borrow, you may be surprised at the actual facts. You may find getting that loan isn’t quite as difficult as you imagined.

Those with Bad Credit Will Benefit the Most

This brings us to a category that needs highlighting, and that is bad credit. For people that have an exceptionally high credit rating, a broker might not be needed. You will likely be able to find a lender on your own and negotiate a fair and reasonable APR. But for those with bad credit, the options tend to be much slimmer.

Outside of the fact that it is a stressful situation to go to the lender after lender and be rejected, you also don’t want to create that many hits on your credit application. Working with a short-term broker means you don’t make a fresh application to each of the lenders, and you aren’t the one doing all the research and legwork. That is up to the broker. They also have experience working with those who have a bad credit rating, so they know how to guide you, what advice to give, and what the likely outcome will be of your application.

Loans are Being Offered Quickly

Then there is the fact that these short-term loan brokers are moving at breakneck speeds to get customers the funds they need. These brokers understand that you have bills to pay – some of these expenses are very pressing as they may be unplanned emergencies. They understand you don’t have time to wait around on funds; you need the cash in a hurry.

What these brokers can do is match you up with a lender that offers a speedy response, and gets you the money quickly. If it’s one of your stipulations, then the broker will work with that guidance to find an appropriate solution.

They Are Helping Customers to Find the Best Deal

It’s also important that customers don’t just jump on the first loan they come across, as the terms may not end up being the best for them financially. Instead, by working with a broker, they can find you the best deal out there that takes a look at how much cash you will be offered, the interest rate, the repayment term, how fast you will get the cash, and so forth.

In other words, they are making sure that customers have options so that they don’t feel like their back is up against the wall.

These Brokers are Stepping Up Especially During These Trying Times

While short-term loan brokers aren’t anything new, and they are always there to help, the fact is that they are proving to be more essential and more helpful during these very trying times. For individuals and families that feel they have no options out there, or who have bad credit and emergency expenses to cover, these brokers are providing real solutions that eliminate their financial stress.