1. Secured Loans although sometimes cheaper, carry a higher risk of causing financial problems if you find yourself unable to pay for a period of time.
2. Check the penalties you will be required to pay if you are unable to make a repayment.
3. Debt Consolidation loans usually reduce your payments because they spread your existing borrowing over a longer period of time.
4. Consider the total interest payable
5. Consider the cost of early settlement, especially for large loans.
6. When you compare interest rates, take into account any arrangement fees.
7. Seek independent financial advice if you are at all unsure about anything before you apply.
8. Some of the loan companies below may provide online applications with instant decisions.

What sort of loan is best for you? There are secured loans, unsecured loans, fixed rate loans, variable rate loans, capped rate loans, car loans, homeowner loans, consolidation loans, and more. What do you need the loan for?

Fixed Rate Loans

A fixed rate loan or mortgage, as the name suggests, is a loan where the rate of interest is fixed for at least part of the loan period but not necessarily the entire loan period. The advantage of this form of borrowing is that it means the borrower and the lender will have a more accurate idea of how much will be paid back by the borrower in the final analysis. Furthermore, as the interest rate is fixed, it will not be affected by fluctuations in interest rates. Thus, you will not benefit from reduced interest payments that would accompany a drop in interest rates but you also wouldn't be required to pay more in the event of interest rates going up. When the likelihood is that interest rates are set to rise and remain at a high or higher level for some time then fixed rate loans are likely to increase in popularity.

Variable Rate Loans

Capped Rate Loans

Personal Loans

A personal loan is simply a loan to an individual that can be for any number things. A personal loan can be a secured or unsecured loan and is not always dependent upon your credit standing. There are loans for people with adverse credit as well as for those with good credit. Personal loans are still available to people who may have, for example, defaults or a CCJ (county court judgement) against them. However, personal loans for people with bad credit history tend to be secured loans as a result of the perceived increase in risk.

Homeowner Loans

A form of personal loan is a homeowner loan. As inferred by the title, a homeowner loan requires you to own you own home which the loan you get will be then secured against. Homeowner loans tend to be easier to get provided that you have equity in your property. For this reason, those with CCJs (county court judgements) or arrears or poor credit history could find it easier to apply for homeowner loans.

Payment Protection

When taking out loans or mortgages of any kind, it is often advisable to take out payment protection. Payment protection insurance could prove essential if your income should be interrupted for any number of reasons (e.g. illness, injury, or unemployment). Payment protection insurance can then take over your monthly payments for you until such a time that you can resume the monthly repayments yourself. Payment protection can be offered by a lender at the same time as the loan or can be obtained separately from a third party company.

Consolidation Loans

On the face of it, the idea of getting a loan to help manage your debts may seem contradictory. However, a consolidation loan could prove the ideal way to reduce your monthly outgoings to an amount that you can afford. You can get a loan to payoff your other debts so that you are left with one debt, one interest rate and one monthly repayment which is lower than your previous monthly repayments combined.

Car Loans

Car loans are self-explanatory and you will not need us to tell you what a car loan is about. However, there are car loans (or all purpose loans) that you can get that will provide you with a loan and no more. On the other hand, there are other car loans companies from whom you can purchase a car. This in itself can include benefits like break down cover, the car delivered to your door, collection or part exchanging of your old car. For this reason, you could think of such car loans specialists in the same vain as you might any car dealership because there may be additional benefits offered from different lenders that you might find more appealing.

You should remember that if you do not keep up repayments on a secured loan or mortgage then your home or other security is at risk

Being refused credit

How creditors decide whether or not to give credit

Lenders use a number of methods to decide whether or not to give credit. If you are told you cannot have credit you can apply again, either to the same company or another one. You have no right to be granted credit or to be given a reason why credit has not been granted, although some creditors may give this information.

Credit scoring

Points are awarded for such things as occupation, salary, marital status and area of residence. Credit is given if you score enough points. If you apply for credit, you must be told if this method has been used.

If your application has been refused, you can ask for the main reason for refusal and for the decision to be reviewed by the creditor. You should give the creditor any additional information that you think should be taken into account.

Credit reference agencies

A credit reference agency builds up information on your financial position from the electoral roll, county court judgments, bankruptcy details, and payment record in previous agreements. The payment record may include details of other people living at the same address, and their record may affect whether or not you are given credit.

If you have had your application for credit refused because of information on a credit reference agency’s records you can ask the creditor which credit reference agency it used. You can then get a copy of the record from the agency. You will have to pay a fee for this. You can ask for your record to be corrected if it is incorrect or misleading. If the record includes details of other people living at the same address, you can ask to be dissociated from them. You may also be able to ask to be assessed as a separate individual. There is, however, still no guarantee that credit will be given.The contact details of the main credit reference agencies are:-

For an afforable unsecured personal loan bad credit in the UK visit this list of companies' offering a personal loan for People in the UK with a poor credit history at Fast Cash Today .

Laon and finance tips

1. Don’t make the common mistake of looking only at the monthly payments required under a credit agreement. Work out the total amount payable over the term of the loan – bearing in mind that with some loans you may be paying a variable interest rate.
   
   
2. What seems like a good deal can have hidden costs. For example, reduced monthly minimum payments or 'payment holidays' result in significantly larger total payments. And store cards may seem like a convenient way to pay but some of them charge a rate of interest of over 30% a year.
   
   
3. Interest-free credit may seem like a good idea, but make sure you repay the full amount before the free interest period expires.
   
   
4. Even if you are only one day late, you may have to pay interest on the total cost from the very moment you bought the goods.
   
   
5. Think carefully whether you need the optional insurance to cover your payments and make sure it really is suitable for you. This can be highly expensive, add massively to your loan and may not be worth the paper it's written on.
   
   
6. Extended warranties can be poor value. Research has shown that the cost of a repair is likely to be less than the cost of an extended warranty. You may also be covered under consumer protection legislation.
   
   
7. Think twice before taking out a consolidation loan to manage other debts. You may be able to arrange to pay back existing debts over a longer period of time - at less cost and less risk than a new loan.
   
   
8. Make sure you know the difference between secured and unsecured lending, and don’t put your home at risk unnecessarily.
   
   
9. Do your homework. Spend time shopping around, researching what’s on offer and getting advice - the internet can be a useful resource for this. You may think it will take too much time when you need a loan quickly, but if you skip this vital part of the process, you could be paying the price for years to come.
   
   
10. If you can afford to pay for your goods outright, don't be persuaded to take out credit unless it really does work out cheaper or
    better meets your financial plans.
    
    
11. Don't be intimidated by money matters. Take an interest in your finances and keep track of how much money you have coming in, and how much you have to set aside for essential bills. You can become well-informed by reading money pages and listening to personal finance programmes.
    

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Why are these type of loan known as "personal loans"?

Whilst a mortgage isn't a personal loan, if you are simply making improvements to your home, that can be said to be personal. You can take out a loan secured on your home, sometimes with your mortgage provider. Should you default on the loan, they can get your home, and yet the home improvements will probably have increased the value of the property. You should understand that if you do take out a secured loan, you are taking a risk on your property, so you should ensure that you can make the repayments.

Then there is the option of buying a car. You can get a personal loan for amounts between £5000 and £25000. This is the most appropriate size for a car purchase. You'll find that one of the most convenient ways to do this is through 'car finance', offered by the dealer who sells you the car. Be careful with this. It's really another type of personal loan. But, is the finance offered by the dealer a good deal? They might not offer you the best rates, and may hope that the convenience for you of arranging a loan at the same time will be a sufficient quid pro quo for you. If it is, then that's up to you.

You can also restructure all of your other debts in to one single payment using what is known as a debt consolidation loan. You may have a few credit card debts, and maybe one or two personal loans as well. You can get the repayments for these "restructured" into a smaller payment per month in total over a longer period than normal, which is how they make the payments smaller. The loan is normally large enough to cover the debts you want to consolidate. However, it is not unusual for people to take out a consolidation loan that adds up to more than the amount they wish to pay off. This is in order to get access to a particular lump sum in order to fund home improvements or maybe a car. These are secured so make sure you can afford the payments.

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