Do you have a hard time looking for the best loan that suits your need? If you have the time and the inclination to search the web and the high street for the best deals, you will certainly find yourself spoilt for choice. However, do bear in mind that the best deal is only the best deal if it completely matches your needs.
Where to find your loan
With the proliferation of comparison sites online, it is now very easy to find the best rates available from the various lending institutions. From the comfort of your own home you can quickly and easily compare different options from various lenders both on and off line. Many sites also have the ability to select and deselect various options, such as whether the loan is secured or how long the repayment period is. By playing around with these options and figures you should be able to compare the best offers for your situation.
Don’t forget to ask in your own bank as well though. Banks frequently offer loans to their existing clients at a favorable rate, so even if their online offers don’t seem that generous it can often be worthwhile having a chat with their advisors to see what they can do for you.
Almost all banks, regardless of size, offer some types of loans. As a rule of thumb, major banks usually offer lower rates than smaller banks will be able to. However, try not to jump right in with a lender just because they have put the best rate on the table. There are other considerations to make, so ensure you take the time to read the fine print and understand what you are being offered.
Types of loans available
There are four main loan options available for borrowers in the market today: secured loans, unsecured loans, consolidation loans and the new kid on the block, pay day loans. For most people the best option is usually an unsecured loan, as these can be substantial enough to fund a new car, once in a lifetime holiday or that kitchen makeover you’ve been dreaming about, but without risking your home in the process.
Unsecured loans usually feature a fixed interest rate for the full term and a set payment taken every month, making it easy for you to manage your household budget. Depending on the amount of loan taken and your capacity to pay each month, unsecured loans typically mature anywhere between one and ten years.
Secured loans, on the other hand, require the borrower to be a homeowner. This is because the loan that you borrow will be secured against your home. This means that if you are not able to pay your loan for any reason, the lender will be able to take and sell your house in order to recover the money you owe. Unsurprisingly this type of loan attracts a more favorable interest rate, but do weigh up the risk involved before jumping into this type of agreement.
A pay day loan, as its name suggests, is available to those who are struggling to make ends meet before the next paycheck arrives. Though this loan is short-term, its interest rate is phenomenally higher than other types of loan.
You apply for a consolidation loan only if you have borrowed money from various institutions and want to consolidate them all so that you only need to deal with a single lender for your repayment obligations. This loan typically lasts longer than other loans.
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