Choosing the right Loan Product?
Getting accepted for a personal loan can sometimes prove difficult if you’ve got bad credit, CCJ's (County Court Judgements) or Credit Defaults, have no previous credit history or are self-employed. There are Personal Finance Credit Lenders that sometimes can help those who need a personal loan and meet the criteria mentioned above. The interest rate will be higher than that offered by a Bank or Building Society, but the chances of getting your loan application approved are far greater.
Personal loans are available for a range of different amounts and repayment terms. Depending on the amount and purpose of the loan, you can normally choose from a greater range of repayment periods. Larger loans such as those over £10,000 can usually be taken over longer terms i.e. 7 to 10 years. The minimum loan amount is typically £1,000 although some lenders do offer £500 at a starting loan agreement. The maximum amount you can lend when getting a personal loan 'unsecured credit' is £25,000, although this will vary between Banks and Building Societies and Loan products.
Secured Loan Guide
Own a House or Property, Need a loan over £25,000. If you’re a homeowner or have property in the UK you can apply for a secured loan.
The amount borrowed is subject to an monthly interest charge, and the interest rate applied is known as the Annual Percentage Rate (APR) for short. Generally, it is advisable to compare the Annual Percentage Rate of
different secured loans as a means of determining how competitive they really are. It is not unusual for major Hight Street Lenders to offer different APRs depending on the method of application e.g. applications by telephone may receive a higher APR than those done online, so it’s well worth shopping around for the cheapest secured loan deal.
Secured loan facts
A secured loan - is a loan in which the borrower offers some kind of asset or collateral, normally a property or house as collateral for rasing the funds of the loan. The loan is then secured against the asset — in the event that the borrower defaults on the secured loan payments, if the borrower does default, the lender can then take possession of the asset used as collateral for the loan and may sell the asset to regain the secured loan amount originally lent to the borrower. As the loan is secured, the lender is relieved of most of the financial risks involved; The loan lender may offer an attractive low APR for the borrower on interest rates and loan repayment period.
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