The smart loans industry is booming. One quick online check and you would find innumerable lenders of smart loans in UK. Not all would be suitable for you owing to the eligibility criteria and the kind of loan amounts they offer. But you can definitely consider more than half a dozen, regardless of your financial profile and credit history.
There are new lenders and established lenders of short term loans. Many people would only like to deal with those that have been around for a while and many don’t mind going ahead with a fresher in the lending industry. Let us explore the differences between established and new lenders of smart loans or short term loans for that matter.
Established lenders have a history so there is enough information you can find about them. New lenders will not have this track record. You will get some information and a few reviews but you cannot really get a holistic assessment. You will have to presume a few things and you have to be willing to take a chance. Established lenders would rarely do anything that will give you a raw deal. New lenders are more likely to take you on a ride.
New lenders will have much better propositions for you. Established lenders are averse to change and they may stick to very high rates of interest and long drawn application procedures. New lenders of smart loans may even be willing to grant you a loan in an hour. Old lenders will be slower in their processes.
There are many aspects where there are no major differences between established and new lenders of smart loans. Both can have a degree of omnipresence online, both can have identical eligibility criteria and both may satiate your needs. At the end of the day, it boils down to which lenders you choose and if they can cater to your requisite.