Welcome to 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
