Debt consolidation loan rates
A debt consolidation loan is one way of simplifying your finances and reducing your outgoings each month. However, because of the way debt consolidation works, you may sometimes end up paying more in the long term.
Are secured loans for homeowners still available?
In a word: yes. Secured loans are still very much available for homeowners - but that doesn`t mean every homeowner will be able to find one. If you`re looking for a secured loan, start by asking yourself these three questions...
Can I get a loan if I own a home?
If you`re looking for a loan, owning a home can make a big difference. Why? When you ask a lender about getting a loan, they obviously want to be sure you`re going to pay it back!
Loans: how the base rate affects availability
Anyone looking for a loan may have been pleased to see the raft of base rate cuts announced since October, hoping they’ll help reduce the cost – and increase the availability – of loans. But how likely is that?
Secured loan rates
If a loan is `secured`, it means that the loan is secured against your home. That means that if you can no longer afford your loan payments, the lender can repossess your home (although this is generally a last resort).
Loan costs & the base rate
When the Bank of England’s base rate comes down, why don’t loan costs come down at the same rate? The simple answer is: the loan markets aren’t ruled by the base rate.
Secured loans & the base rate cuts
Why aren`t secured loans coming down in price? As the Bank of England cuts its base rate again and again, many would-be borrowers are asking why lenders aren`t passing these cuts on to borrowers in the form of cheaper - and more readily available - secured loans.
What is an unsecured loan?
An unsecured loan is a loan that isn’t secured against something valuable (like a house or flat). So, from the lender’s perspective, it’s riskier than a secured loan. That means they’ll probably charge more interest than they would for a secured loan, and they’re more likely to restrict the maximum loan amount.
Getting a loan
It’s true that loans are more difficult to come by than they were only a year-to-18-months ago. Fears of losses from years of relatively relaxed lending have caused banks and other financial institutions tightened their lending criteria in order to protect themselves.
That said, it’s still very much possible to get a loan. Lenders still want to be competitive in the loans market in order to make money, and with the potential for further base rate cuts on the horizon, we may soon see interest rates on personal loans come down.
What is a secured loan?
A secured loan is a loan that is secured against something valuable - in most cases, a house or flat. This means there`s less risk for the lender, and that means secured loans tend to come with lower interest rates than unsecured loans. It also means lenders are likely to lend people greater amounts than they would if the loan wasn`t secured.
What is a personal loan?
A ‘personal loan’ is, generally speaking, a loan intended for personal use. Typical uses for personal loans include funding large purchases (e.g. home appliances), holidays, further education, debt consolidation, etc.
What types of loan are there?
With so many different types of loan available for different purposes, looking for a loan can be a daunting task.
Why can`t tenants get secured loans?
Secured loans, in general, come with lower interest rates than unsecured loans. In other words, lenders will charge less to loan the same amount of money for the same amount of time. However, secured loans are not available to everyone - and the reason for that is in the name...
Secured Loans & the Special Liquidity Scheme
Credit, from mortgages and secured loans to unsecured loans and credit cards, has become, in general, harder to obtain and more expensive since the credit crunch began.
Consumers `shunning loans in favour of savings`
As fears surrounding personal finance problems rise in the UK, consumers are increasingly shunning loans in favour of saving their cash.<
Secured Loans & the BoE Credit Conditions Survey
For anyone with enough equity in their home, a secured loan can be an effective way of ‘freeing it up’: basically, turning some of it into cash.
What happens if I’m falling behind on loan repayments?
Many people currently feel the pressure when it comes to meeting their financial commitments – and loans are no exception. The credit crunch and rising costs of living mean that what was once a matter of simple budgeting has now become a balancing act, trying to make sure all your commitments are met without going into the red.
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