Loans

Unsecured Loans – Find All Details Below Unsecured loans are given to a borrower by checking their credit history. It does not require one to keep any collateral. It is a personal loan but providers offer it with different names. As they do not take any asset like your home or property for security, they base their decision by checking the credit ranking of a person. If you are good with credit and manage your borrowing habits well, then naturally you have a good credit score. To find your credit score, the lenders goes through a credit check before offering an unsecured loan. Company Credit checks – explained in detail: Loan providers take the help of an approved credit agency for examining the credit score and history of a probable borrower. From your personal loan application, they scan your name, address and previous addresses and provide it to the credit […]

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What are Early Repayment Charges? How do they impact loan repayment? Must Know Details about Early Repayment Charges You will often find in the small print of your loan, a term called ‘early repayment charges’. What is it and how cam it impact your loan? Well, this is a smart and calculated step by loan providers who cannot forego any interest on loan repayment. They impose early repayment charges on people who pay off their credit balance early. The business reason behind this is that if a person repays earlier than the scheduled time then the company will not get interest incurred over the repayments. Many of the loan providers apply an early repayment charge which is equal to one or two months of interest on the loan money. This charge is also referred by different names: Early repayment charges Early repayment penalty Early redemption fee Redemption charge Financial penalty […]

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How to get low interest loans? – Find out below! While choosing any kind of loan our focus rests on the lowest interest rate. And why not? Who wouldn’t like to get a financial facility at the lowest extra charges? By getting a low interest loan, one can manage the debt as well as monthly repayments without any stress. Be it borrowing of money for a holiday or getting a secured loan, the idea is to save money by choosing lower interests. The best way is to shop around and find loan providers that offer loans with minimal APR. How to choose a low interest loan? Go for a small loan amount! Before the interest, you must be sure about the kind of loan you want. If it is a personal loan then any amount between £7500 and £15000 would cost you least interest, which could be as low as […]

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There are times when you need a small amount of money like a few hundred pounds extra to meet some immediate expenses like car accident, medical expenses, pet care, business purpose etc. As these expenses could not fit into your monthly budget, you need an additional financial support in the form of small loans. As the name suggests these loans involve lending of small amount of money for a comparatively shorter period of time. It can be any amount from £100 to £3000. However, it may vary according to the terms and conditions of the lender. Why do you need small loans? Small loans for business – You may need some quick bucks for a business start-up or business transactions. Small personal loans – You may need money for any personal things and need not put any asset at stake for this Small loan for bad credit – If you […]

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As the name suggests a student loan is a monetary support given to fund university study or higher education of first time higher education takers. The United Kingdom offers many such loans through government and private companies. The loans are offered to cover the tuition fees and living costs of the student. The benefit with student loans is that they charge lower repayments while you study and is available even if you have a bad credit score. The loan will depend on course type, family income and personal circumstances. Types of loans for the first time students: Loan for tuition fees: If you need financial support for your first undergraduate qualification then apply for this loan. Normally these are offered by government backed loan provider companies. You are eligible for a loan up to £9,000 for government colleges and £6,000 for a private university. The loan amount for the tuition […]

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The loans which are given for a very short period of time like a week or the time until the next salary are called payday loans (Explore a brief guide to personal loan). But the catch here is that these loans are given at an unexpectedly high rate of interest. This method of lending is basically designed for supreme urgency only. Most payday loan providers charge up to £30 for every £100 cash loan borrowed for a period of 31 days. When counted in terms of APR (Annual Percentage Rate), this equals to 2,255% which is flabbergasting. It is a not a wise thing to borrow money at such a high interest. The calculated rate of interest is much higher than any other form of credit. And the pay back turns out to be a whopping figure. But this is a very big price paid for not going to a […]

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Borrowing money can be a tricky task. If we choose a wrong method of borrowing money then it may lead to a bigger debt. The best way is to choose a credit provider or lending method that does not charge high interest. It is the interest which eventually inflates the payback amount. Therefore, one must smartly calculate the total repayment amount and check its feasibility. If it is not affordable in the long run then there is no point going for it. Find methods which are cheaper to borrow than others. Choosing the lending method is based on the individual’s requirements and current financial status. So, compare loans by keeping your actual goal in mind. Why you are borrowing this money and how will you be able to repay? Get clear answers to these questions. Also, check your credit history and income to find which loan method is available for […]

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