Personal loans - Where to shop

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Debt Consolidation - Will It Take Away My Stress
Most people have taken out plenty of loans and other forms of credit, from various sources over the years. These could include student loans, credit cards, store cards, a bank overdraft, car loan, goods bought on a buy now pay later basis. All of these sources of credit will have different terms depending on who you borrowed from and how much. One important factor with all these loans is that they... Read loans article



The Three Most Popular Types of Loans
Getting a loan can be frustrating. It helps to know a little bit about the types of loans that are most popular. Knowing about what is available will help you make a more informed decision. The bottom line about loans is to make sure you absolutely need them because in the end you have to pay them back.

The most popular loan type is a car loan. Car loans can come from many sources and a... Read loans article



Personal loans - Where to shop
Different types of loans are available for almost every aspect of your life: personal loans, car loans, secured and unsecured loans, home loans, homeowner loans, student loans, graduate loans and career development loans (CDL). If you've suffered from credit problems in the past and now hold sub-prime characteristics, then you will be eligible for adverse credit and adverse loans.

You can always borrow money these days, but it is crucial to read the small print as the difference between interest rates is enormous and stories of people forced to pay off amounts which are five times the amount of their original loan are not uncommon.

There are also numerous stories on unemployed couples being sold loans, such as the case of Julie and Kevin Davies, reported by the BBC. The couple were already experiencing difficulty in paying off their existing debts of £4,000, when they were sold another £20,000 loan by Lloyds TSB.

Loans of £1,000 to £25,000 can be taken out and repaid over a period typically varying between six months and 10 years depending on your credit history and available finances. Loans are usually secured or unsecured. Secured loans are tied to your house, so you can be forced to sell the house if you are unable to make the repayments. Unsecured loans do not impose the same restriction, though a default on repayments may result in being "credit blacklisted". Once blacklisted, you may get future credit card, mortgages and hire purchase applications rejected, as well as face a potential higher rate of interest for all existing debts.

It is absolutely crucial that you shop around for a loan and not just through the high-street banks. The internet offers a wealth of information available and there are many sites which compare the prices of products, and to really ensure you get a good deal - compare the different comparison sites. In the UK moneyfacts, moneyextra and ( moneynet ) offer price comparison services for a wide range of loans, amongst other financial products. These sites also offer consumer information guides, which you can either print directly off the website or download on to your computer.

Do read all the terms and conditions carefully and ask friends, family and your financial adviser / bank adviser if you don't understand a particular statement. The annual percentage rate (APR) is particularly important and can make a difference of thousands of pounds over the term of the loan.

Unsecured loans can be purchased from building societies and banks, as well as certain high street shops. Unsecured loans may be taken out for something specific or simply to make life more ''comfortable'. The process usually involves:

* Requesting a typical amount for the loan

* Discussion of interest rate (APR) and possible loan payment protection insurance

* A credit check, you may wish to get one of these first, so you know what to expect

* Reading the terms and conditions and then signing the agreement

* Money can then be transferred into your account

In the discussion of secured versus unsecured loans, moneynet explains that although secured loans can offer lower interest rates and repayments, many people do not wish to jeopardise the potential loss of their home in the default of a repayment of a secured loan. In unsecured loans, pay attention to the difference in APR, term of the loan and any additional charges such as an early settlement charge or redemption penalty.

Resources:

- Mortgage and loan comparisons Personal finance blog Cashzilla

About Rachel Lane: Rachel writes for the personal finance blog Cashzilla: Rachel is a disillusioned, disaffected and broke graduate, exploiting new media for financial therapy.

E-mail: rachel@positiveinterest.com or online@moneynet.co.uk

Phone: 0131 561 2251

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How to Find and Get Bad Credit Loans

If you don't know where to turn for bad credit loans, you're not alone. Thousands of people struggle with their finances month after month, weighted down by a credit rating that they don't know how to fix.

Bad credit loans can be found in several forms, however, and can occasionally be quite easy to come by.

Whether you only need a little money to tide you over until your next payday or you need a thousand or more, bad credit loans exist to meet your needs.

Cheque advance

A cheque advance is probably the most common of the bad credit loans. These loans work by lending you money in exchange for a personal cheque that you make out for the loan amount plus a service charge.

You usually have around two weeks to pay back the loan, or until your next payday (whichever comes first.)

Should you not repay the loan or make payment arrangements at that time, the cheque advance lender can either cash the cheque or pursue other legal options.

Pawn shops and stores

Pawn shops and stores are another common form of bad credit loans. These stores allow you to bring personal property of value in and use it as collateral on a cash loan... the loan being an amount that's equal to or less than their estimated value of the item minus service charges and holding fees.

Most pawned items have one month to be claimed or renewed, and if they are not then late fees can be assessed and added to the amount that you owe.

After 90 days pass, most pawn shops will put unclaimed items on their shelves to sell in order to regain the money that they loaned to the original owner.

Title loans

Yet another common form of bad credit loans are title loans. These loans work much like pawn shops, but differ in two major ways... the property used as collateral is the title for an automobile or truck, and the owner usually gets to keep the vehicle after they get the loan.

The lender gains a legal claim to the title (known as a lien), and should the borrower not repay the loan then they can repossess the vehicle to sell in order to regain their money.

Other loans

Other forms of bad credit loans exist... some banks offer bad credit loans in exchange for some collateral of value, or as a remortgage of real estate.

Other finance companies and lenders offer some of these same types of loans, with a variety of interest rates and repayment terms.

While you may have to pay slightly more for these loans, they can be a definite assistance when you need the money.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.


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Personal loans - Where to shop
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