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Secured or Unsecured loan? A secured loan is where you borrow money on the basis that if you default on the loan, you sell your home to pay the debt. Yes it is risky, but sometimes it is the only way to get your hands on a large sum of money. Secured loans tend to be higher value, (£1000 - £1 million). An unsecured loan is not lent on the basis of anything valuable you own. Your salary is the deciding factor when you apply for an unsecured loan. Most will not lend more than half of your salary. Unsecured loans are often lower value (£1000 to £15,0000) than a secured loan because it is perceived as higher risk. Your creditors have nothing to take if you default. Who Do I Trust? Many people fear borrowing, and quite rightly so. We will never knowingly place disreputable lenders on our site. All the Site's and loans recommended by Compare group UK Loan are from reputable and well known lenders. Our advice is to always read the small print and always consider how you are to re-pay what you borrow. Should I go for the lowest interest rate? Yes probably, but there are many factors here to consider, for example, is the lender flexible? Can you have a payment holiday? Sometimes you are allowed a few months break from the repayments, or you may not have to start paying for 3 months. What is the early redemption penalty? If you pay the loan off before the end of its term you are charged, most lenders will charge two months interest. How many months do you need to pay the loan off? Some lenders will give a maximum of 5 years, others will give 25 years. What if my credit rating isn't very good? Some lenders are fussier than others, generally, the banks are quite fussy, other smaller companies such as UK Personal Loans charge a slightly higher interest rate but will consider most people's details. What about borrowing from a loan shark? Although they may not be all bad, borrowing from loan sharks is something we would never advise you consider. |
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Perhaps you should consider a
credit card rather than a loan. Visit these recommended sites: Compare Credit Card UK Or Best Credit Card UK These are other websites within the Compare-Group Current Account - Compare Best Online Current Account UK Loan - 1st Loan Application UK, For A Personal Loan Travel Insurance - Compare Travel Insurance UK And Apply Online Home Insurance - Compare Home Insurance UK For Home And Contents Insurance Loan - Compare Loan For An Online UK Loan Car Insurance - Compare Car Insurance UK For An Online Motor Insurance Quote
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You can apply online with all the loan
providers listed on this site, simply by going through to the lenders
relevant page, and following the apply button. Here at Compare Group UK
loan we strongly advise that you check the Details
section of the listing of any lender you are considering, as this
will give you far more data to review, interest rates being not the only
important factor when borrowing money. The details section is a web page
dedicated to the specific loan provider, and gives you an overview of the
loan rates, terms and durations you can get, along with any special loan
features etc. Many of these lenders also have online calculators so you
can go through and actually see what your monthly repayments would be on
your desired loan before making a final decision for a loan. Welcome to the Compare Group UK Loan pages. This site is here to assist you in finding the best low cost UK loan. We have trawled the Internet for online UK lenders to compile this easy to understand, and easy to use shortlist of UK Loans. Most of the loan providers featured on Compare Group UK Loan offer unsecured loans, and many offer both. We have focussed on two types of Personal Loan that we feel are the most popular in the UK. That being the Unsecured Personal Loan, and the Secured Personal Loan. Also included in this list is a broker, and a review service where you can ask them to do the work and find the best loan for you. The idea here at Compare Group UK Loan is that you can compare loan providers and make an informed choice on what is the best loan for you. Most reputable lenders will agree that the best type of loan is a flexible loan. If you have a good credit rating, it is the best to apply for a loan of this type. Flexible loans tend to be from the household names and in turn they tend to offer very low interest rates too. We do however strongly advise you ensure your credit record is good for a loan of this type. You need to remember that any loan application involves a credit check, so any blots on your record can cause you a problem when looking for a loan. When seeking a loan of any sort you of course look for a low rate, but you do need a good credit rating to apply for the better rate personal loans that offer a low interest rate and flexible features such as payment holidays. If it appears a loan provider is a little fussy, we advise you of this. It is after all our intention that when you apply for your loan you get the best possible loan based on your circumstances. If however your credit rating is bad, or have been refused credit in the recent times, we have tried to find loan providers who will take this into account as we believe everyone deserves a second chance. We have therefore included a loan broker on this site who is an adverse credit specialist. These credit specialists also offer unsecured loans, mortgages and secured loans. The true aim of Compare Group is to bring the financial world that bit closer to everyone by providing a totally internet based information and application facility. You can apply for all of these loans and financial products online. There is no need to pick up a phone or a pen. We have tried to supply enough information so that you are not left asking questions. It is important to us that you get the best loan for you.
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