Cheapest Loan UK
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Choosing the right UK Loans
A personal loan is an agreement that allows you to borrow money from a lender such as a bank or building society. Personal loans can be taken out. The loan is paid back to the lender in monthly instalments over a set time period, usually between six months and ten years, and you will pay interest on the loan.
The rate of interest that you pay can either be fixed or variable. With a fixed interest rate the rate is fixed at the same amount for the duration of the loan. This offers the security of knowing exactly how much you will be paying, but could be more expensive than a loan with a variable interest rate. With a variable rate loan, the rate of interest may move up or down depending on general interest rates in the market. As a general guide, it is advisable to compare the Annual Percentage Rate, (A.P.R) of different lenders.
According to the Council of Mortgage Lenders, every year up to two million County Court Judgements are obtained against individuals in the UK; 30 per cent of all mortgage applications are rejected because they don't meet the strict lending criteria demanded by high street lenders; five per cent of those people with mortgages are behind with their repayments by over two months; and 30,000 homes are repossessed.
It is only a few years ago that you would find it almost impossible to obtain a loan if you didn't have a near perfect credit record. This meant that many people never owned their own home, bought a new car or experienced some of the little luxuries in life - even though, in many cases, they earned good salaries. Alternatively you could consult one of the following organisations who may be able to help you.
Just as with a mortgage, you may take out a payment protection policy with your loan to ensure that you continue to meet your repayments in the event that you fall ill or lose your job. Sometimes lenders will charge a lower rate of interest if you take out a payment protection policy, although a payment protection fee will be added to your monthly repayments.
Personal Loans are governed by the Consumer Credit Act. The Act contains strict regulations about how money is lent. When taking out a Personal Loan you will be asked to sign a credit agreement. Read this through carefully before you sign, as you will be bound by its terms.
Personal loans can either be secured or unsecured. With a secured loan the borrower agrees to set aside an asset such as a car or home as security for the borrowed amount. Interest rates tend to be lower for secured loans.
Loan Payment Protection
Most people some time in their lives will need to borrow money, some of the ways can be more expensive than others. There are two types of loans, Secured and Unsecured. Secured loans are usually tied to your house so if payments are not made you can lose your home, this then makes rates cheaper. Unsecured loans are not tied to your home so when payments are not made you don’t lose your home but get a poor credit rating, this then means it is more expensive. When taking out a loan there are certain things that need to consider, the first is the Annual Percentage Rate (APR). This is what comprises the interest rate charged on a loan plus any other charges such as an arrangement fee. It is calculated using a formula to give you the true cost of borrowing calculated over a year. Interest rates are another thing to consider when taking a loan. Low interest rates are best. Interest rates on a loan are fixed at the outset, so you know exactly how much you are paying back each month.
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Useful
Motor Insurance Service |
UK Loans - Your local Advice Bureau
Money Advice Centre
Details are in your Yellow pages or Thompsons Local Directory.
National Debtline
Telephone 0808 808 4000 Monday and Thursday 10am to 4pm, Tuesday
and Wednesday 10am to 7pm and Friday 10am to 12pm. Outside
these hours, there is an answerphone service to request information.
The National Debtline provides a free and confidential telephone
advice and support service. They also produce their own very
detailed self help guide which they will send to you free
of charge.
