• Twitter
  • Facebook
01442 266614
|
contactus@forwardfinance.net
|
Forward Business Enterprises Ltd, Arquen House, 4-6 Spicer Street, St Albans, AL3 4PQ
Forward Finance
  • Home
  • Request To Call
  • Short Term Loans
    • How it works
    • Collection Methods
    • How did we do?
  • Apply for a Loan
  • FAQ
  • News
  • My Account
  • Menu Menu

Loans – What Are The Options?

Once over loans were only used for certain things, however in recent years they have become much more widely available and are used for a wide range of purposes. There are many different loan options available to choose from and the type you can apply for will depend on things such as your credit history, loan requirements and overall affordability. All lenders will have a set lending criteria and no two lenders are the same and one element might be more important than others when they make their decision.

A lot of people believe loans are purely given off the score your report says, however this isn’t true. Many lenders will look at other things such as what is actually on your credit report, what your current credit debt is, your repayment history and your overall affordability. Before any loan is given, a lender will need to decide whether they believe it is affordable for you. Keep reading below to find out more about the different types of loans available.


Forward Finance

Different Types of Loans

Home Collected / Doorstep Loans

One of the oldest types of loan is what is known as a doorstep loan or home collected loan. These types of loans date back years and offer a much more personal approach to lending and most companies will generally only deal with clients in their local area. The original doorstep loan was always dealt with in person, however as time has moved on repayments can now be paid in office, in person, over the phone or online.

  • The amount you can lend from doorstep lenders might increase, once you prove you are responsible with your repayments.
  • Most loans won’t exceed £1000 or a period of a year.
  • Lenders tend to only work within a specific area.

Short Term Loans

Short term loans are regularly used by people to help account for unexpected expenses or to provide short term cash flow. Loans usually only don’t exceed £1000 and are typically a maximum of 12 months. Most short term loans can be applied for from banks, mainstream lenders and independent loan companies.

  • APR can be higher to account for short lending times.
  • Loans typically range between £100 and £1000.
  • Loans are only available over short lengths of time.

Forward Finance

Bank Loans

One of the most common and known types of loan is a bank loan. These can be applied for with any bank, not just the bank you bank with. Bank loans can range anywhere from £1000 to £100,000, depending on earnings and credit score and repayments. The APR on bank loans is typically the lowest in the industry, however they do also have the strictest lending criterias as well.

  • Bank loans have much stricter lending criterias and the amounts can typically be upto £25,000 on average, although they can be higher.
  • Most banks will offer some form of unsecured and secured loan.
  • Bank loans will have the biggest negative impact if payments are missed or a loan is defaulted.

Payday Loans

Once payday loans were huge and they certainly saw a boom, however due to irresponsible lending complaints, many payday loan companies have gone by the wayside. However, there are still some companies offering them under stricter and more regulated terms. Most payday loans are available for periods covering anywhere from 3 days to 90 days and the amounts tend to be much smaller.

  • The amount you can borrow will typically vary based on the timeframe and your actual earnings.
  • Periods of lending are much shorter, which means repayments can be higher.
  • Many payday loan companies use CPA (Continuous Payment Authority) to ensure repayments are made, this means even if you cancel a bank card, direct debit or standing order, the payment will still be taken.

Latest News

  • Blog Overview Image (73)How Does A Home Collected Loan WorkMarch 30, 2025 - 9:53 am
  • How to Recognise a Loan SharkHow to Recognise a Loan SharkFebruary 11, 2025 - 9:53 am
  • Tips for Managing Door-to-Door Loan RepaymentsTips for Managing Door-to-Door Loan RepaymentsJanuary 30, 2025 - 9:53 am
  • Creating a Holiday Debt Management Plan for the New YearCreating a Holiday Debt Management Plan for the New YearDecember 22, 2024 - 11:42 am
  • Blog Overview Image (76)Understanding the Statute of Limitations on UK DebtNovember 5, 2024 - 10:51 am
  • Understanding Christmas Cash Loan Eligibility CriteriaUnderstanding Christmas Cash Loan Eligibility CriteriaOctober 5, 2024 - 10:51 am
  • Money-Saving Tips for Christmas PresentsMoney-Saving Tips for Christmas PresentsSeptember 5, 2024 - 10:51 am
  • Common Purposes for Taking Out a Short Term LoanCommon Purposes for Taking Out a Short Term LoanAugust 5, 2024 - 10:51 am
  • Help Your Children To Save Their Own MoneyJuly 5, 2024 - 10:51 am
  • Tips for Selecting a Reliable Doorstep Loan CompanyTips for Selecting a Reliable Doorstep Loan CompanyJune 10, 2024 - 7:13 pm
  • Emotional Spending SignsEmotional Spending SignsMay 10, 2024 - 6:56 pm
  • Holiday LoansHoliday LoansApril 5, 2024 - 3:22 pm

Authorised and regulated by the Financial Conduct Authority | FCA Number 670659

Call Forward Finance, your friendly, neighbourhood loan company on

01442 266614

© Copyright 2025 Forward Finance | Forward Business Enterprises Ltd trading as Forward Finance. | Consumer Credit Association | SEO by DUO Digital
GDPR Policy | Privacy Notice | Consumer Duty Policy | Terms & Conditions | Our Complaints Procedure
  • Twitter
  • Facebook
What Is A Credit Check? Forward Finance (75) Can A Loan Be Used For Home Improvements?
Scroll to top