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Loan typesSecured Loans
A secured loan is a loan that is secured against property. This means that it is less of a risk to the lender and therefore a more competitive rate of interest is offered. Loans are on average available for amounts between £3,000 and £50,000 and payable over anything from 3 to 25 years depending on the monthly repayment amount. If one has had previous credit problems or have found it difficult to prove income status it is an ideal solution.
Click here for secured loans.
Unsecured Loans
An unsecured loan is not secured against property and is therefore a greater risk to the lender. A typical unsecured loan will have a predominantly higher rate of interest compared to a secured loan and harder to obtain. Credit checks will normally be conducted by the provider and will be more rigorous than that of a secured loan. These loans are available from £3,000 to £25,000 and payable over terms of between 1 and 10 years.
Click here for unsecured loans.
Flexible Loans
As the loan market develops and matures providers have had to become more competitive. This means that certain providers now offer the facility to over pay the loans. This is either done by regular monthly payments or by lump sums as and when one's budget allows. This combined with a low interest rate assures that one can reduce the term of their loan and greatly reduce the overall interest paid.
Click here for flexible loans.
Fixed Rate Loans
The majority of the secured loans available in the UK offer a fixed rate facility. This in turn means there is a consistent monthly repayment amount for the term of the loan irrespective of the variable Bank of England base interest rate.
Click here for fixed rate loans.
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