Taking out a loan - things to consider
What are the most important factors when taking out a loan?
Comparing loans in the UK
If you`re looking for a loan, you`ll want the very best interest rate you can find for your circumstances. That`s one reason it`s important that you take some time to search the market and compare the various deals on offer.
How to get a loan in the credit crunch
Over the past two years or so, borrowing money - whether it`s a personal loan or a mortgage - has been a lot more difficult than it has been in recent years.
Debt consolidation loan calculator
Our loan calculator isn`t just for personal loans - it can also help you to work out how much your monthly repayments might be on a debt consolidation loan.
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.
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