Loans information
Introduction
We offer a straight forward, easy to understand guide to online loans and supply direct links to a good choice of loan providing companies in the UK, where from their secure sites you can apply for your loan online. Most loan companies use personal credit files, credit rating, and credit scoring to decide whether or not they will grant a loan from the your credit file link you can find out how to obtain your file and how they are compiled.
About: Secured loans
Interest charged on loan is known as the Annual Percentage Rate(APR). The APR's you see advertised are normally preceded by the word typical this is because the eventual offered APR will depend on individual circumstances, there are a number of factors involved here, they are the amount of equity in your property, which will also effects the amount you can borrow, the term of the loan and how the lender assesses your ability to repay the loan, they will consult a credit agency to gain access to your credit file from which they can view your previous credit history performance. You will find out more about credit files from the your credit file link. The APR on offer is obviously a major factor in determining the cost of the loan and therefore whether a quote is completive.
You can use this type of loan for a variety of purposes, they are repaid on a monthly basis over a set agreed term, some lenders may charge you a penalty if the loan is repaid early. As this type of loan is secured against property, in most cases your home, they are easer to obtain than unsecured loans because the lender knows that if your ability to repay the loan is compromised in any way they have the ability to sell your property to satisfy the debt, that is why you will see and here the phrase "your home maybe at risk if you do not make the repayments".
Loan applications can be easily and safely made online, applications are assessed very quickly but loans under £25,000 are regulated, a 7 day consideration period is given, this is to allow you to fully examine the agreement and consider its implications, basically a safe guard period with in which at anytime you or the lender can cancel the agreement.
Free independent advice can be gained from the Financial Services Authority(FSA). If you are having trouble with making your repayments and or have debt problems, it is much better to inform your lender immediately, they may be able to help you. You can also seek free advice from the Citizens Advice Bureau or the Consumer Credit Counselling Service click the name to visit their sites or use the links to the side.
About: Unsecured loans
As with secured loans the amount of interest paid is determined by the annual percentage rate(APR) set on the loan and is the major factor in its overall cost. It is also worth baring in mind that some companies operate a penalty system if a loan is repaid early.
These type of personal loans are available for wide range of purposes and repayment terms. The larger loan generally the longer the repayment period. They will normally be for smaller amounts up to £25,000 and therefore governed by the consumer credit act. As further protection for you and the lender you can take out a payment protection insurance policy, these cover your payments should become unemployed, have an accident or suffer ill health and in the event of your death will clear the whole debt. It is worth pointing out that you are under no obligation to except the policy offered by your potential lender, although this may enhance your chances of being offered the loan. It may be worth shopping around and perhaps using a independent provider if you do wish to have cover.
Applications for this type of loan can also be made online, confirmation usually confirmed by email within minuets of it being received, this will be followed by a written communication in the post and probable telephone call as well. The loan company will make their checks and if your application is successful you will receive a official offer/agreement the terms of which you will need to accept before any monies can be deposited in your account.
Free independent advice can be gained from the Financial Services Authority(FSA). If you are having trouble with making your repayments and or have debt problems, it is much better to inform your lender immediately, they may be able to help you. You can also seek free advice from the Citizens Advice Bureau or the Consumer Credit Counselling Service(CCCS)click the name to visit their sites.
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