A
Fixed-rate loan is an agreement between yourself and the loan company
where the interest rate is set at the beginning of the loan, so you know
exactly how much your monthly repayments will be and for how long. Even if
the Bank of England interest rates change your repayments will always stay
the same. At a time when interest rates are low (they are now) it can be a
great advantage to agree to a fixed rate low interest loan and have the
security of knowing that even if the interest rate doubles over the next
five years (it has happened in the past) your repayments are locked at the
original rate.
UNSECURED LOAN
The most
popular loan taken out in Britain in an unsecured personal loan where the
loan company will assess your personal circumstances and credit rating to
make a decision as to whether they can offer you a loan, or if you are
considered high-risk, what interest rate to charge you. The alternative is
a secured personal loan where the repayment of the loan is guaranteed by
the value of your house or other assets.
SHORT-TERM LOAN
If you're
looking for a short-term loan have you considered a credit card? With many
credit card companies offering an interest free period on transfers and
balances you could get a totally interest-free loan.
CAR LOAN
If you're
taking out a car loan then two of our providers have special deals -
Virgin offer a discount on a new or nearly-new car, and Cahoot offer a
special low-rate loan which defers some of the purchase price until the
end of the loan period, leaving you free to sell the car, trade it in, or
keep it and extend/pay off the loan. One of the most popular reasons for a
loan is to purchase a new car.
DEBT CONSOLIDATION LOAN
If you owe
money on a variety of different financial services, i.e. credit cards,
store cards, overdraft, bank loans etc. then you are probably paying too
much in interest charges. By taking out a debt consolidation loan you can
pay off all of your outstanding balances and reduce them to one regular
low interest loan repayment, leaving you free to either pay everything off
more quickly or, reduce your monthly payment and regain control over your
finances.
FLEXIBLE LOAN
A flexible
loan is probably the ideal agreement for most people. The loan provider
usually charges a slightly higher interest rate for this service, but
gives you the option of changing repayments on the loan to vary the
duration of the loan, or you can take a payment holiday if you go through
a tough patch, or you can top up your loan with a new agreement. The
chance to change every part of the loan agreement as you go along makes
this the best loan out there for many people. You are usually subject to a
variable interest rate with this type of loan, and you will also need a
good credit rating to get a flexible loan.
HOME IMPROVEMENT LOAN
If you're taking out a home improvement
loan then some of our loan providers offer a deferred first payment -
agree your loan and start working on your home knowing that the first
repayment isn't due for three months. If you take the time to browse
through the rates on offer we'll try to point you towards the best loan
for you, be it low interest, high flexibility, debt consolidation, or
whatever you need. A home improvement loan can be a sound investment as
you are putting your money into the one thing you are confident can yield
a good return. Home improvement loans are very popular at present as
people use this type of loan to either improve their property and thus
enhance the home they live in, or to capitalise on the re-sale value prior
to marketing a property they wish to sell.
BANK LOAN
You have
probably received letters through your door from your bank offering you a
personal loan, but before you apply for a bank loan you really should take
the time to look through Compare Loan UK - our cheap loan comparison
tables will help you to find a low interest loan deal that will save you a
fortune when compared to your bank's offer. Even if you already have a
bank loan then check the repayments and have a look at our loan providers
to see if you could take out a consolidation loan to pay off the bank with
a cheap low interest loan and save money. Here at Compare loan UK we
feature several high street banks who will lend you money via an Internet
application at a reduced interest rate. The banks can offer these
"internet only rates" because by applying online you save them money in
marketing and administration costs.
VARIABLE RATE LOAN
A variable
rate loan means that the loan company will vary the interest rate
according to base rates set by the Bank of England. Most people are wary
of signing up to this type of loan other than for mortgages, as no-one can
predict what might happen to the economy over the period of, say, a
five-year loan - if interest rates rise what started as a cheap loan could
turn out very expensive in the long run.
Compare
Group is an Internet based information and application resource for
financial products. We aim to give you all the information that you need
to make an informed decision about your financial future. There should be
no need to pick up the phone, or even a pen, the best deals are out there
on the internet and Compare Loan UK are out there finding them for you.
Any financial decision should not be taken lightly, and any loan requires
careful consideration. The advantage of using a website like Compare Loan
UK is you can take the time to review all the details on many lenders, and
make an informed decision on the best UK loan for you.
