Corona Virus Loan FAQs

Should You Get A Loan During The Corona Virus?

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Should You Get A Loan During the Corona Virus

Wondering whether you should get a loan during the coronavirus lockdown to pay your bills? Coronavirus lockdowns have disrupted the global economy and if you are worried about your finances, then you are not alone. After all, not everyone has the luxury of working from home and if you are not one of the lucky few, then you are probably worried about your future and even more about your current bills piling up.

So, if you are wondering whether you should get a loan during coronavirus, then there is no definite answer. No one knows when they’ll be able to get back to work and get paid. So, if you are indecisive about whether you should get a loan during the coronavirus outbreak, then here is some sound financial advice. Whether you have a job or are the brink of losing it, there is one thing that is not going to change and those are your utility bills. So, if you have been struggling to pay them off then here is some sound financial advice that can be of use.

FAQs | Getting a loan during the Coronavirus Outbreak

  1. Should I get a loan during the coronavirus outbreak?
  2. How should I manage my expenses during the coronavirus outbreak?
  3. How can I help the economy during the coronavirus outbreak?
  4. Why should I get a loan during the coronavirus outbreak?
  5. Can I get a loan during the coronavirus outbreak without a credit check?
  6. Would you charge higher interest if I apply for a loan during the coronavirus outbreak?
  7. How to manage multiple pre-existing loans during coronavirus?
  8. What if I get a loan during coronavirus and miss repayments?
  9. What unsecured loans can I borrow during the coronavirus outbreak?
  10. Can I get a loan during coronavirus with a bad credit score?
  11. Can I get a loan during coronavirus to pay for child support?
  12. Can I get a loan during coronavirus to deal with emergencies?
  13. How to avoid loan sharks while looking for a loan during coronavirus outbreak?

corona virus loans

Should I get a loan during the coronavirus outbreak?

If you have been rethinking about borrowing a loan over and over again, then you have either lost your job or have had a deep pay cut. Either way, your expenses are not going to decline unless you make certain changes to your lifestyle. Along with that, you may also need some financial assistance but given the current state of affairs, it is not easy to decide whether you should get a loan during the coronavirus lockdown. More so, if you are a responsible citizen who has been abiding by the social distancing norms put forth by the government.

To help you get the necessary financial assistance while you continue to maintain social distancing, Money Pig brings you several online loan options. That means you could borrow the loan from the convenience of your home through Money Pig’s website by submitting an online application. We offer all types of loans through a wide network of direct lenders who offer competitive interest rates and fair deals.

These are FCA licensed lenders who are authorized to lend loans and would be willing to advance all types of short term and long term loans. So, if you really need some financial assistance, then do not hesitate to fill out and submit an online application on our website. If you are worried about the uncertainties and how you would repay the loan, then understand that this is a unique situation that the world is facing, and you are not alone.

How should I manage my expenses during the coronavirus outbreak?

During this period of uncertainty, you need to make some drastic changes to how you manage your finances. These changes include cooking at home, doing your domestic chores, reducing wastage, and more. On average, a person tends to eat out at least twice a week, which adds up to their monthly expenses. So, cut back on all those pizzas deliveries, and get back to the old-fashioned cooking and baking at home. Aside from that, check your credit card statements and evaluate all the subscriptions that you are signed up for, and cancel the ones you don’t need at the moment.

Also, do as many domestic chores as you can, which helps stay safe and also saves up the money that you would otherwise spend on car cleaning, carpet cleaning, backyard maintenance, and other regular services that you hire. These may seem like very small expenses that you may still be able to afford as you work from home, but remember that while the economy is unsteady, a penny saved is a penny earned. So, go ahead and be ruthless with your domestic cost reduction and start doing some extra chores while you work from home.

However, despite all of that if you still find yourself wondering about should you get a loan during the coronavirus lockdown, then Money Pig would be glad to help. Our direct lenders offer quick loans that are released on the same day. So, if you find yourself in a financial crisis, do not hesitate to contact Money Pig. We know that most banks are focused on advancing loans to SMEs and other businesses, with very few online loan options available for individuals like you. Therefore, we bring you a whole bunch of FCA licensed direct lenders who would be willing to advance emergency loans such as personal loans and cash advance loans.

How can I help the economy during the coronavirus outbreak?

Due to the coronavirus outbreak, the global economy has received a massive blow, which is evident by the steep decline in the stock market. As a good citizen and a smart investor, you can help the economy by investing in the stock market and holding up your securities for a couple of years. If you have a job that has suffered a pay reduction, then this could help straighten up your finances. Things will not change immediately, but gradually the economy will bounce back as that is how the business cycle works. There is always a recovery that follows a recession, so if you are willing to invest long term, then the best way to do it is by borrowing a loan. That’s mainly because you may still need your savings to pay for your utilities, just in case you lose your job.

Money Pig is a financial intermediary that connects you to some of the best direct lenders who would be willing to offer you all types of loans. If you have a good credit score, then you can easily manage to get one at very low-interest rates. This means you can make more profits by investing those funds. However, if you are struggling with bad credit scores, our direct lenders may still offer low-interest loans if you can rope in guarantors willing to back you up. So, there are many ways in which our direct lenders and their loan offerings can work to your advantage. If you are still wondering whether you should get a loan during the coronavirus outbreak, then the answer is yes but only if you are thinking long term. For most people, our personal loans are the best borrowing option during this period, which you can borrow at low-interest rates and invest for a couple of years. Not only would this help you, but it would also help the economy.

Why should I get a loan during the coronavirus outbreak?

The UK is one of the strongest economies in the world and also one of the most expensive places to live in. Considering the average living expenses that one incurs in the UK, there are very few people who would have enough savings to hold up for the next six months, assuming that the pandemic persists and the economy remains unstable. While you could be one of those lucky few who have enough savings to hold up for the next few months, here’s why you must still consider borrowing a loan. Living frugal and cutting back on your expenses during these times can turn out to be very profitable because you would then have enough liquidity to make smart investments. As the economy continues to crash, people would start selling their assets at prices much lower than its market price. So, borrowing a loan during this phase would give you the liquidity required to invest in such assets, whether it is a car, real estate, or some other valuable asset that is likely to appreciate in a couple of years.

Can I get a loan during the coronavirus outbreak without credit check?

No, you cannot get a loan from a legitimate lender in the UK without going through a credit check, but there are some licensed lenders who would be willing to advance loans to those with bad credit scores. So, if you are wondering how to get a loan during coronavirus lockdown, then simply fill in and submit the loan application available on our website. Money Pig is a financial intermediary that is well-connected to several licensed direct lenders. Also, most of our loan processing and transfer is done online so there is nothing to worry about endangering your health with personal interaction. You can borrow the loan online, without having to break the social distancing norms that are currently in place.

We understand that other lenders such as banks and financial institutions would be hesitant to advance loans during this phase, so we have worked things out with our direct lenders. As some of them have no problems lending loans to those with bad credit scores during the coronavirus lockdown, you can get what you want without having to go through loan rejection. So, although there are no loans available without credit check in the UK, we bring you licensed direct lenders who are willing to offer loans despite your low credit scores.

A word of caution! Do not fall prey to loan sharks that advertise loans with no credit checks because these are illegal lenders who would trap you into a financial web of troubles. So, always look up for the lender’s status on the online FCA Register. As you will see, all our direct lenders are licensed to operate and therefore work within the legal framework.

Would you charge higher interest if I apply for a loan during the coronavirus outbreak?

No, Money Pig partners up with some of the best direct lenders who have very high ethical standards. Therefore, you can be sure that they would not charge you a higher interest rate during this tough phase. However, the interest rates that you are offered would vary depending on your credit history. If you have a low credit history, you may still be able to negotiate low-interest rates by providing guarantors who have a high credit rating. So, although our direct lenders do not charge higher interest rates during the coronavirus outbreak, you can still negotiate profitable deals. Money Pig has many useful tips that you can read and use to plan and structure your loan to get the most out of it.

How to manage multiple pre-existing loans during coronavirus?

The coronavirus outbreak marked the beginning of a sudden and unexpected recession and if you had borrowed loans already, then repaying them amid economic uncertainties can be complex and challenging. An effective solution would be to consolidate some or all of your loans by borrowing one of Money Pig’s loans to consolidate debts. These loans have become very popular due to the economic slowdown. However, to get the most out of it, you need to structure your debts with a goal that you wish to achieve. Usually, the goal is to either pay lesser total interest or to bring down the monthly payments.

If you wish to pay lesser total interest, then you probably have too many unsecured loans and consolidating them with one that offers lower interest rates should take care of it. On the other hand, if your monthly income has dropped and you wish to cut down on your monthly payments, then you need to adopt an altogether different approach. In this case, you need to consider a long-term loan to consolidate debts so that your overall borrowing is distributed over a longer period. Although this may mean paying higher total interest, your monthly payments would drop. Also, we recommend that you negotiate favorable exit clauses, just in case the economy springs back and you can repay the loan earlier than planned. Money Pig’s direct lenders are flexible and unlike traditional banks, allow you the opportunity to negotiate a profitable deal.

What if I get a loan during coronavirus and miss repayments?

Our lenders are very understanding of how this pandemic is affecting lives and would be willing to negotiate flexible repayment clauses. So, once we put you through a lender, make it a point to confirm if the lender is willing to offer a certain number of delayed payments or missed payments per year and make it a point to have that mentioned in the loan agreement. This should help you maintain your credit score even if you miss repayments, but do not make it a habit.

Also, ensure that the lender would not renew the agreement nor charge a penalty fee for the permitted number of missed or delayed payments. Do your best to negotiate at least two permissible missed or delayed payments, which the lender would not report to the credit agencies. However, if you violate the loan agreement and fail to repay the loan amount then the lender may file a lawsuit against you or forfeit any security that you may have furnished.

What unsecured loans can I borrow during coronavirus?

Borrowing an unsecured loan during coronavirus would be the best financial decision that you can make because asset values have already gone down and may further decline. So, any security that you furnish will not do justice to the amount that the lender would be willing to lend in the current market conditions. Therefore, Money Pig brings you a host of loan options that you can explore. This includes payday loans which are ideal for those who still have a job. Student loans, which are ideal for students struggling to pay their bills due to the coronavirus outbreak, and our classic personal loans. We also offer other emergency same-day loans and cash advances to those who need it. These loans are also advanced on weekends and public holidays, but your options would be limited as all our direct lenders do not work on those days.

Can I get a loan during coronavirus with a bad credit score?

During the coronavirus outbreak, your chances of getting a loan from a leading bank or a financial institution would not be too bright but at Money Pig, we may still be able to help you. Despite the coronavirus outbreak and the economic slowdown, we still have some lenders willing to advance loans during coronavirus to those with a bad credit score. So, if that’s something you want at the moment, then do not think twice before applying for a bad credit loan through Money Pig. However, make it a point to clearly state your requirements and expectations in the loan application so that we can connect you to the most appropriate lenders.

Can I get a loan during coronavirus to pay for child support?

On an ordinary day, borrowing a loan to pay for child support may not be the best financial decision but since the pandemic has interrupted everyone’s lives, here’s what you can do. If you have no savings or cannot borrow money from friends and family, then your only other option is to approach a lender. Money Pig has several direct lenders within its network who offer personal loans without any restrictions on the usage of funds. You could borrow one and use it to pay for child support or anything else.

Can I get a loan during coronavirus to deal with emergencies?

Yes, Money Pig offers several emergency loans that are approved and sanctioned within a matter of hours. However, since we are working with reduced staff, we request you to clearly fill in the details about your requirements and mention the urgency in your loan application. We’ll then do all that it takes to process your application on a priority. Some of the emergency loan options offered by us include Payday loans, student loans, same day loans, cash advance loans, bad credit loans, and several others.

How to avoid loan sharks while looking for a loan during coronavirus?

If you are looking for a loan during the coronavirus outbreak, then it is evident that you are panicky and, in a hurry to receive funds. Now, this is not something that the loan sharks are unaware of, and therefore it is more than likely that an advertisement or article that you stumbled upon, was in fact a part of their targeted ad campaign. So, before finalizing a lender, you need to be realistic in analyzing what the lender offers and if it is something that is too good to be true then chances are that it is an offer from a loan shark. Every lender advances money to make a profit in the form of APRs, so if someone claims otherwise, then you can be sure that it is a scammer.

You can confirm this by checking the status of the lender on the FCA’s online register and confirming the official contact details of the lender. Loan sharks are illegal lenders that are unregulated and won’t be there on that list. That’s because being regulated by the FCA would require them to follow certain guidelines which are issued in the public interest. Now that you know how to identity loan sharks while looking for a loan during coronavirus, you must also know the risks involved. Loan sharks not only charge high-interest rates but may also indulge in illegal debt collection tactics and must, therefore, be avoided.

Are you still worried about whether you can get a loan during coronavirus? To know the answer, Apply Now.

 

 

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