Compare Loan UK

The team @ Compare Loan UK are here to help you find the best deal for a cheap UK loan. We regularly review the products offered by the UK's leading online loan providers so that we can tell you about the best loan deals for low interest loans, flexible loans, internet loans and cheap UK loans as well as all the advantages or disadvantages of each personal loan in the UK featured on this website. We have categorised some details below about UK loans to try and simplify things for you.

FIXED INTEREST RATE LOAN

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.

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.

VARIABLE INTEREST 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.

LOAN FOR BAD CREDIT RATING

If you have a bad credit history or have CCJ's (County Court Judgements) against you then you will be classed as having a bad credit rating. Don't despair, at Compare Loan UK we recommend two loan brokers who can help you to find a loan whatever your past problems. They deal in secured and unsecured loans, and can also help you find a mortgage. You could risk further damaging your credit rating if you apply for loans but are rejected - every loan provider will run a credit check on you before approving a loan - but the loan brokers on Compare Loan UK can advise you which company to apply to before you authorise them to assess your rating.

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.

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.

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.

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.

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.

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.

Happy Loan Hunting!