Loans

Read the most frequently asked questions about credit report and ratings; see the answers, compare quotes and find the best deal to suit you. What is a credit report? A credit report, often referred to as a credit file, is a record of your financial history. It is compiled by one of the three major credit reference bureaus: Equifax, Experian and Callcredit; your record will be used by various third-party agencies, including banks and mortgage brokers. Lenders will check a credit report of someone applying for a loan with one or more of these bureaus and agencies; this will happen each time you apply for a credit card, loan, mortgage or other financial product. It helps the lender to judge you financially fit enough to offer credit. By paying a one-off or monthly fee to an agency or bureau, you can check a credit report yourself. Find out more in our […]

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Property owners take out home improvement loans for a variety of reasons. For some, an expanding family dictates the need to extend; for others it’s a mini-investment opportunity to add value to their home. For some it is simply about creating the home they always wanted. Whatever the motivation, it pays to research the loan options available, both secured and unsecured, to find the best possible option for you. Secured versus unsecured loans When choosing between a secured or unsecured loan, it’s important to examine the advantages and disadvantages of both. A secured loan is one which will be secured against key assets, usually property. The advantages are that the interest rate tends to be lower than with an unsecured loan; you can generally borrow a larger sum and repayments tend to be spread over a longer period. The significant disadvantage is that, should you default on repayments, you will […]

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Personal Loans Explained

Loans

Personal loans can provide some of the cheapest credit available for mid-range borrowing – between £1000 – £25000. Greater competition between lenders has seen advertised interest rates falling in recent years, which is obviously good news. However, many lenders have taken to concealing hidden costs within loans to offset the reduction in advertised APR. It is important to be fully informed about these additional costs, often concealed in the small print of many loan agreements, namely Representative APR and early repayment charges. How Representative APR (Annual Percentage Rate) can be misleading This is not as straightforward as it sounds; the Representative APR is the figure quoted by lenders when advertising a specific loan but may not be the rate at which the loan is given to you. Any lender is only legally obliged to offer this loan rate to half of the applicants who are accepted onto the loan. The […]

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Defining a secured loan A secured loan is a loan secured against your personal assets (house or car). This means that if for any reason you are unable to meet your loan repayments, these assets could be seized. Because of the assurance this offers your lender, secured loans tend to be offered at lower APR than unsecured loans. The risk to you does however mean that secured loans should not be entered into lightly. You need to be fully confident of your ability to meet monthly repayments. The size of your loan Secured loans tend to be for large sums, ranging from a few thousand pounds to £100,000. The size of loan you are able to procure will depend on your individual situation and the criteria applied by different lenders. Factors taken into consideration will include the value of your secured assets (home, car) and your income. The advantages of […]

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Secured Loans Explained

Loans

A secured loan is a loan secured against your personal assets (such as property or vehicle). This allows you to borrow a larger amount and at a lower APR than with a personal loan. However, your assets are at risk of being seized if you fail to keep up repayments, so it is vital you are confident of your ability to repay the loan. Length and size of loan Secured loans range in size from a few thousand to £100,000, repayable over a period of 5 – 25 years, although the amount you can borrow differs between lenders. It often depends on your personal financial circumstances. The length and size of this type of loan make it all the more important to find the best secured loan option for you. Comparison You are likely to be paying back the loan over a range of years; it is worthwhile looking at […]

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A Brief Guide To Loans

Loans

Overview There are three main categories of loan: personal, secured and debt consolidation These can be sourced from banks and online lenders The single most important consideration when taking a loan is whether you will be able to afford repayments Also be aware that taking out a loan can affect your credit score By law (The Consumer Credit Act) you must be made fully aware by the lender of the total cost of repaying the loan before you enter upon an agreement The term ‘typical APR’ refers to the generic interest rate for a loan that most customers will receive, though lenders are not compelled to lend at this rate To secure a loan you will need to divulge some personal details and agree to a credit score check. Types of loans: clarifying the definitions Personal loans Also referred to as unsecured loans, these are issued by lenders based upon […]

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A secured loan is one which is borrowed against the protection of a personal or business asset (house, car) which in turn can be redeemed against any failure to meet repayments. This page is designed to take you through the process involved in applying for a secured loan. Use the Free Price Compare search tool to compare secured loans. Click on the Free Price Compare loans calculator to enter a loan amount and see repayment costs. Obviously, as this type of loan is secured against your assets, there are more potential risks so it is vital that you understand the loan criteria and are fully confident in your ability to meet these. Application procedureBottom of Form First, consider the period of repayment. The maximum period of repayment for a secured loan is 25 years. Generally, the longer the repayment period, the greater the interest repayment. It is important to remember […]

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