The
Loan Market Compared
With so many outgoings
and not as much coming in people are being stretched financially and still
have to find ways to pay for many items that they need, including utility
bills and monthly insurance cover to basic items such as food.
One longer-term
solution that some people follow is to obtain a personal loan and pay it
off on a monthly basis. Depending on the deal you get this can turn out to
be a godsend or a burden.
Many people now check
sites like uSwitch or The Motley Fool's loans comparison site for tips on
the suitable deals around at the moment. If you don’t know something and
you can’t find it on the site then ask someone. Online this is just a
case of visiting a discussion board that most comprehensive sites provide.
Work out how much you
will be able to borrow by looking at how much you can afford to pay back
every month, while still having money left over just in case. This way you
will not get into difficulties and feel overstretched again if some event
comes about and you have to pay for some unexpected cost.
Before committing to
any one loan or lender it is a good idea to check out one of the many
online loans calculators that are available; don’t worry they are easy
to use and with the competition between lenders you should find one on
most sites. The Alliance and Leicester site has a repayment calculator to
help manage loans;
working out the amount to be borrowed and the length of time to it off.
The calculator will then return the APR, total amount to be repaid and the
amount that the borrower should repay every month.
Remember that is not
definitive, the actual deal will depend on your situation, but it is a
quick and useful indicator of what you could expect and should help you
gauge whether you think you can afford it . You could then compare that
deal with another lender.
The table below shows
some of the typical loan rates for some of the big lenders (figures are
accurate at the time of writing):
|
Lender
|
Loan Type
|
Typical Rate
|
|
ASDA Finance
|
Personal Loans
|
Typical 6.9%
|
|
Natwest
|
Personal Loans
|
Typical 6.9%
|
|
RBS
|
Personal Loans
|
Typical 6.9%
|
|
Alliance & Leicester
|
Personal Loans
|
Typical 6.5%
|
|
Moneyback Bank
|
Personal Loans
|
Typical 6.3%
|
If you get into trouble
keeping up with payments don’t waste time and let your loan company know
as soon as possible, keep in mind that if you do waste time the
consequences on your future borrowing and credit record can be severe. Get
in touch as soon as possible and renegotiate a payment plan.
Whichever ways you
decide to gain extra funds make sure that you do plenty of research and
stick to the figures you decide on.
To
compare loans, try beatthatquote.com
|
FEATURED SITE |
|
Domains From
$6 At RegistryWeb
BIZ, INFO, COM, NET, ORG and more. Choose from over 30 domains in 25 countries. From as low as
$6 per year using advanced tools to find available domains. Loads of free extras at great low prices! |
|
