A Simple Guide To Comparing Loans

December 12th, 2019

A simple guide to comparing loans

Compare a wide range of loans currently available to you using our loan comparison tools. We do the hard work for you, uploading loan information from a wide range of lenders, to save you time and effort in accessing the best deal for you.

Important considerations when searching for a loan

How much are you looking to borrow? With Free Price Compare you can apply to borrow anything up to £35000 for unsecured loans and up to £100,000 for a secured loan. As part of any application for a secured loan, the following personal information will also be required:

  • sum of any outstanding debts
  • salary
  • applicant’s former credit issues, such as arrears, County Court judgements
  • estimated value of your home
  • mortgage remaining

Comparisons made quick and easy

Comparisons of secured and unsecured loans can be made quickly and painlessly with the comparison tables on the loans homepage.

Or simply enter the amount you’re looking to borrow into our loans calculator along with the length of time the loan is required and the most appropriate loan for your applied criteria will appear. Click on this option and you link automatically to the lender’s website with more detailed access to terms, conditions and application procedures.

It is important you ascertain that any loan taken out will be affordable. Take note of monthly repayments and bear in mind that the longer the duration of any loan, the higher the interest rates are likely to be.

It is worth remembering that if you’re taking out a loan to refinance an existing debt, you will no longer need to budget for the interest payments you are currently making on these.

Making a choice

Use the loan calculator to assess, based on loan APR (Annual Percentage Rate), both the amount to be repaid monthly and the total repayable amount. You can customise your search, choosing to compare either personal or secured loans, or both, by clicking on the preferred option.

Similarly, when it comes to repayments, you can order your search on one of several available criteria: APR, total amount to be repaid or – the default setting – lowest repayment monthly.

If you can’t find a loan to meet the criteria you uploaded, simply adjust these parameters and try again.

Applying for a secured loan

Secured loan applications require you to complete an application form with some basic contact and financial status information (value of property, remaining mortgage, personal debt, employment status and salary) which needs to be supplied before the website can redirect you to the loan provider’s site. his information will be factored in to any loan application to ensure that the most appropriate loan product is located for you.

All personal information supplied remains confidential and is encrypted to ensure security.

Finalising your application

To fully assess your loan request your lender will require further information regarding your finances, employment and credit status along with similar information for any declared partner. A credit check will be made.

It is important that before making any application, you have read all of the terms and conditions attached to any loan

Summary of frequently asked questions

Length of the application process

This varies, depending on the need for a credit check, but could be anything from a matter of minutes to approximately one working week.

Getting turned down for a loan

If this happens there is nothing to prevent you from applying for other loans using our website. The same applies if you feel you are being offered a loan at an unfavourable interest rate.

It is always a good idea to check your credit rating and, if necessary, address factors which may be lowering it. This is an important factor for most lenders when agreeing loans.

Personal and unsecured loans

Don’t be confused, these are the same product: loans which are not secured against the value of your possessions but are decided by your credit rating.

Early repayment

This is an available option with any loan. It is important however when taking out a loan to check terms and conditions as charges for early repayment may apply

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