A Guide to Low Cost Loans
As an individual looking for low cost loans, you might find yourself confronted with a variety of different offers that make you wonder which one is best for your needs.
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Personal Loans Uk
The UK is a nation of debtors. It is estimated that 15 million
people in the UK are struggling with personal debt, while in
2004 some 46,000 people filed for bankruptcy with personal debts
running at an average of more than £50,000. Despite these
figures though, we continue to borrow on loans and finance
agreements, mainly because it is still very cheap to do so.
Competitive personal loans rates
With the Internet making personal loans more accessible it is
now easier than ever to apply for a personal loan. Just a quick
glance online reveals that adverts for personal loans are
everywhere. In fact, the competition between lenders is so
fierce that many personal loans now come with added benefits
such as discounted interest rates, air miles and even free
insurance products to entice customers to choose a particular
loan.
Loans companies too are relaxing their lending criteria, opening
up personal loans to people who they may not have been willing
to consider some five or ten years ago. Adding to the incentives
for the borrower to apply for loans is the fact that the base
interest rate has maintained a relatively steady course over the
past few years, and looks set not to increase dramatically over
the next year or so either. All in all, this combination of
factors has fuelled the personal loans market, pushing the
nation's total debt past the £1 trillion mark for the first time
in history.
Choices in the personal loans market
When taking out a personal loan, borrowers are confronted with a
plethora of offers from lenders. These personal loan offers are
essentially divided into two
categories - unsecured loans and
secured loans.
Unsecured personal loan products are available to homeowners,
tenants, and people living with their parents. The borrower can
normally apply for loans of between £1000 and £25000 without the
need to commit to any collateral on the loan. Fixed interest
rates from as low as 5.7% are currently available on some loans,
however the rate is normally subject to a high credit score. For
people with a less than ideal credit score, a higher APR than
advertised may be offered on the personal loan.
Secured personal loan products on the other hand are more in the
domain of the homeowner. This is because collateral is required
against the personal loan, so should the borrower default on the
personal loan repayments then the lender can repossess the
borrower's home to recoup their losses. Secured loans of up to
£100,000 are available from many lenders, the limit on how much
can be borrowed being dictated by the equity in the homeowner's
property. Overall, secured loans have lower interest rates than
unsecured loans.
Whichever type of personal loan you decide upon, you must be
confident in your ability to pay back the loan. If you are
unable to meet your personal loan repayments then you will
attract a bad credit rating making it very expensive for you to
obtain credit in the future. If you are a homeowner, you could
also lose your home.
About the author:
Matthew Bourne has been working in the loans, mortgage and life
insurance industry for over 10yrs and is currently working for
1Track Personal Loans