UK LOANS | OVERDRAFTS | UNSECURED LOANS | SECURED LOANS | TENANT LOANS | PERSONAL LOANS FOR ANY PURPOSE | ADVERSE - BAD - POOR CREDIT
As with most financial decisions getting a loan is a serious matter and could have a bearing on your credit rating, which type of loan to choose is the prime consideration, do you want the money secured on your property meaning it is a risk should you default on your payments (see equity loans) or should you get a Unsecured (tenant) loan and accept the fact you may pay a higher rate of interest on the loan repayments. An overdraft can be more cost-effective on short-term loans as the outstanding debt can be repaid at any time unlike a loan which has to be paid off at a fixed period set by the lender (unless it is a flexible loan)
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The advantages of choosing a loan rather than an overdraft is that you know exactly what your repayments will be and when you will pay them, this can be particularly useful if you're buying a car which you will want to renew after three years, knowing this enables you to arrange your repayments over three years or less so you're not paying for a redundant item.
there are plenty of loan options available that can be tailored to your personal needs you can have your loan deferred or for a couple of months while your loan capital gets to work, of course interest is still payable which will be accumulated during your payment holiday, this will need to be repaid once you start repaying the loan proper. Alternatively a lot loan companies will allow you fix the interest rate (fixed rate loan) so you know exactly how much you will pay each month.
You'll have to pay interest on the full amount of the loan which takes away a little bit of flexibility unless you can arrange a loan which allows you to repay earlier than the agreed time limit, there maybe a penalty for doing this but should work out cheaper than paying the full amount of interest on the loan. There is also usually a setting-up cost for a loan which can be (depending on the lender) just as much as setting up an overdraft facility.
Some lenders particularly if you are self-employed or have Adverse / bad credit will insist you take out loan insurance, this is to protect your loan repayments should you have an accident or worse, become unemployed or be made redundant, premiums for this can start at around 10% , if you are out of work for a short period of time (less than 30 days) there may be no excess to pay.
It is not just interest that you will have to pay their are others to bear in mind two
- Loan protection policy fees
- Set-up fees
- Early repayment/redemption penalties
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OVERDRAFTS
there are two main types of overdraft.
- Unauthorised overdraft.
- Authorised overdraft
One of the easiest, and sometimes the simplest and cheapest, ways to raise finances is to use you overdraft facility.
(for more detailed information about overdrafts click here)
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Home Equity Loans
Home equity loans to our similar if not identical to secured loans but this term is used mainly in the US, as with a secured loan your house is put up as security against the loan, so you should think carefully before putting your home risk, because even if you owe �20,000 and your house is worth �100,000 you may still have your house repossessed.
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Tenant Loans
Being a tenant can make it sometimes make it more difficult to get a loan as you not have any security to put up against the loan, however because your property is not taken into account there is only one variable the lender will take into account and that is your ability to pay, so providing you do not have Adverse/bad/Poor Credit then they should be relatively easy to get a loan based on your income, so while you may have to pay a higher rate of interest then you would with a secured loan a tenant does not have the worry of having their home repossessed which may outweigh the fact that you are paying more for the loan. Tenant loans are available for council or housing association tenants people who rent private properties or even people who still live with their parents (graduates and school-leavers etc). More about Tenant Loans
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Self Employed - Try a self certified loan
If you have been self-employed for less than three years then the chances are that you do not have the accounts to prove your income as specified by most loan companies, tou need a self certified loan, however times change as do lenders and it is now possible to self certify your own income and get a loan based on this figure. it is important to remember that if you take out personal loan or payment protection insurance your policy will only pay out if you close down your business probably and report it to the appropriate authorities (Inland Revenue), if you are simply out of work all have no customers they are probably not kind to cover your loan repayments.
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Debt Consolidation
Credit cards are usually repaid at a high interest rate. Consolidation loans can reduce your loan costs by combining all your debts, including credit cards. The debt should be cheaper as the loan should be available at a more competitive interest rate and you may also be able to extend the time over which the money is repaid. A consolidation loan really can ease your financial strain and you only have one payment to make.
See Debt Consolidation Loans
Adverse, Poor or Bad Credit
Have you had problems with Adverse, Poor or Bad Credit in the past or have problems getting credit and have been told that you have been refused a loan because of information held by a credit reference agency? More info
Any purpose loans
You can use Personal Loans for Home Improvements, Buying a new car, going on holiday, debt consolidation/refinancing, to get your mortgage deposit or pay for your wedding. most lenders understand that you will need this money for every kind of circumstance and are more interested in your ability to repay them than what the loan is used for.
Debt Consolidation, Home Improvements, Car Loan, Wedding, Caravan Loan, Mortgage Deposit, Christmas money, Dream Holidays, Boat Loan, Motorcycle Loan, Cosmetic/Life-saving Surgery.
Your home could be at risk should you not keep up repayments on a loans secured on your property.
Loan Protection Insurance
An unexpected event or change in circumstances may affect you ability to pay a loan. That's why Loan Protection Insurance is available to give you an assurance that your payments will be made.
Loan Protection Insurance Eligibility
Loan Protection Insurance is generally available to anyone aged over 18 and under 65, and are working for more than 16 hours a week this applies to self employed or a contract workers.
Loan Protection Insurance for your car (GAP cover)
If your motor vehicle (which you have a loan on is written off by your insurance company, the policy should pay any shortfall between their settlement and the outstanding balance of the loan . You will need to ensure that you have comprehensive motor insurance.
Loan Protection Insurance | Unemployment / Accident & sickness
Consider these facts
- Up to 650 people are made redundant in the UK every day
- Over 45% of unemployed people are out of work for over 6 months
- Every day approximately 3,000 people started claiming DSS benefit because of illness or injury
- nine out of ten people who lose their jobs, won't return to work for at least 6 months
Without Loan Protection Insurance , you could be in trouble!!!
Life cover
Should you die during the term of the loan, your loan should be repaid in full
Loan-back
An arrangement in which an individual can borrow from the accumulated funds of his or her pension scheme. Usually a commercial rate of interest has to be credited to fund for the use of the capital. Some of life assurance companies offer loan facilities on this basis of up to 15 times the annual pension premium.
Loan capital
The principal advantages of loan capital over share capital are that it can be readily repaid when the company has funds', interest charges are deductible for tax purposes, and that there is no capital duty on the issue of loan stock. One like that the share capital, which has a right to share in the organisation's profits, loan capital earns a fixed interest return.
Loan guarantee scheme
A UK government scheme introduced in 1980 that guaranteed 70 per cent of a company's overdraft for a three per cent premium. The bank accepted the risk for the balance of 30 per cent. Its purpose is to support small businesses. The Small Firms Loan Guarantee Scheme has nowbeen suspended.
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- UK Loans - Secured Loans for Homeowners and Unsecured loans for tenants.
- Overdraft facilities an alternative to a personal loan
- Unsecured Loans for Homeowners and Unsecured loans for tenants.
- UK Secured Personal Loans - Secured Loans for Homeowners
- Apply for an Secured Personal Loan
- Apply for an Unsecured Loan
- Apply for an Tenant Loan
- Tenant Loans - loans for tenants, non homeowners applications for people living with parents - Adverse, poor and bad credit
- Adverse, Bad and poor credit loans - How do you get adverse credit
- Debt Consolidation Loans
- Career development loans
- Personal loans
- Bridge Loans