Loan Guide

Read the most frequently asked questions about loans; compare quotes and find the best deal to suit you. Is it a good idea to take out a loan? If you want to borrow money from a bank, building society or other source, it is called a loan; you will have to pay interest on your repayments and be at risk of debt if you cannot manage to pay back each month. Find out more in our beginners’ guide to loans. What is the amount I should borrow? It depends on what you need the money for but as a general guideline, it’s wiser to borrow only the amount you think will cover your needs. Sometimes though, if you borrow a large sum you may be charged a lower rate of interest and it’s worth shopping around. How should I best calculate what my loan will cost? The APR (annual percentage […]

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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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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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Secured loans are another way to describe homeowner loans; with this loan you can borrow larger sums of money because your home is used as equity to avoid risk. Compare secured loans You can compare a range of secured or homeowner loans for borrowing amounts between £3,000 and £80,000. Shop around and compare secured homeowner loans; if you resist being tempted by the first offer you see you are more likely to get the best deal. Will a secured loan be available to me if I have bad credit? Homeowner loans can be given more easily if you have a non-existent or bad credit rating; this is because the risk to the lender is minimised by being secured against your home; however, the risk to you is that you could lose your home if you fall behind on your monthly payments. Secured loans are subject to prevailing market forces and […]

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Looking for a good loan company may seem a daunting task yet there are ways to simplify the search. The first and most important step is to ascertain what type of loan will be most suited to your needs; to do this it’s best to first do some research on the loans market. After you have done some simple fact finding, you can then compare loans. It makes no difference if you want a personal loan or you are looking for a debt consolidation loan. There are three main sources for acquiring a loan: High street banks and building societies Choosing your loan company Online banks There are so many loans available that finding the best loan company can be hard. Here’s our guide to finding them. What are your options? Online banks Advantages If you need some advice, you can call the online loan company and get help with […]

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Getting the best loan rate is probably going to be high on your list of things to find out before securing your loan. It is less about from whom you borrow and the length of your term because the amount you are looking to borrow will set the rate level; Comparing loans Whether you are considering a personal loans or debt consolidation loan, compare what is on offer. You might well expect to assume, if you borrow less, you will pay back at a lower rate of interest; this is often not the case. A personal loan of £4,500 could set you back more on pay back interest than if you borrowed more than £5000. Why do you pay a higher interest rate for a smaller loan? In general it’s about risk; the APR that a lender stipulates for the loan reflects the risk the company feels it is taking […]

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Early repayment charge Have you ever seen those words ‘early repayment charges apply’ and felt a twinge of anxiety at what they mean? In this article we will clarify the meaning of this term and explain how to find flexible loans. Loans with no repayment charge You will find several loans on our personal loans table which have no early repayment charges attached to them. What are early repayment charges? You may be tempted to think that paying off your loan before expiry of the term sounds like a good idea. Before you take that leap beware, you could be due for penalty fees for discharging the balance early. When comparing different loans, confusingly, you may find a variety of terms appear which all mean the same thing, to whichever loan they apply. Typically, these will be phrases such as: early repayment charge financial penalty redemption charge no early repayment […]

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