Home loans, car loans, business and personal loans, student loans or any type of secured traditional loans are more complicated than unsecured short term loans. You can have a completely different approach, which will also be long drawn. Short term loans are easy to apply for and they are available sooner than traditional secured loans, you can use the money for whatever purpose you deem fit and you can repay the loan in onetime installment or in just a few months, compared to many years.
It is rare for a homebuyer to apply for multiple home loans or mortgages. Some people use mortgage brokers and some homebuyers will get preapproved by more than one bank. But when it comes to applying, they would typically apply with one and see how it goes. With short term loans, you don’t need to have that approach. You can apply for multiple smart loans at the same time.
Right now, there are websites offering or facilitating smart loans in UK wherein you can apply with multiple lenders at the same time with a few clicks and get them respond to your requests. You can follow up with them and file the applications with as many as you deem fit. Let them get back to you with approval and you can decide which lender you would pick. In the interim, you can conduct all the relevant research and background check. You can accept or reject a particular offer.
While you can and perhaps should apply for multiple smart loans in UK to save time and to increase your chances of getting at least one loan, you should not agree to automatic disbursal. There are some lenders that would follow up with your application, approve the loan amount and immediately disburse it. This will hurt you if you don’t need the money as you will have to pay the interest. Stop automatic disbursal when you apply with multiple lenders of short term loans.