Archives for Loans

The Ins And Outs of a Secured Loan

If you are thinking about taking out a secured loan it is important to make sure that you have a clear understanding of exactly what is involved. Secured loans have a number of advantages and disadvantages and whether or not they are the right product for you will depend on your circumstances. If you do decide to opt for this kind of borrowing then you can compare secured loans by using a comparison website to help you determine which lender and product best meet your needs. How Does a Secured Loan Work? You can only get a secured loan if
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Secured Loans – UK Market Still Active

Secured loans in the UK ended up with a pretty bad reputation after all the financial fuss of ’07 kicked off. There is no doubt the secured loan lending practices of the past were just as bad as some of the crazy mortgage offers around at the time with up to 125% of the value of your home being available to borrow. Much like the banks, when the easy money stopped flowing and the industry started to collapse the secured loan companies couldn’t get funding and many of them turned to dust. By 2009 14 lenders had left the market leaving
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Payday Loans – Friend or Foe?

I run a personal finance website and on this site I have affiliate programs and also direct access enquiry forms. An affiliate program allows me to display links to other websites and earn commission when someone clicks or applies. Like this: Virgin Credit Card – 0% for 16 months 2.98% fee (typical 16.6% APR) The direct access enquiry forms send enquiries direct to qualified and waiting advisers. In the past there were virtually unlimited marketing budgets in the finance sector and there were an abundant supply of affiliate programs for loan products. Now there are very few. An emerging loan
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Loan Payment Protection Insurance

It’s been a while since I’ve written anything but this had to be said! A lot more information is being made available regarding loan payment protection and the cost to the borrower and the benefits of shopping around for prices. I recently looked at the figures and found some staggering results. One lender quoted for a £10,000 loan over 7 years, repayments of £158 without loan protection or £213 with protection. That’s £55 per month just for the protection. Whereas, loan repayment protection insurance from an independant provider can cost as little as £2.50 per month. Yes, it’s true. http://www.antinsurance.co.uk will cover
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Secured Loan Arrangement Fees

Have you been shopping around for a secured loan and been quoted what you think is an unnecessarily high fee for arranging the loan? The secured loan market has grown in recent years and as a result there are a lot of companies now providing loans or brokering loans. As with any industry with a lot of activity there are likely to be a few companies charging excessive fees but in some cases the fees are understandable and can be broken down. Secured loans are subject to arrangement fees much like mortgages. A valuation must be made of the property
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A Truly Nobel Gesture

As you may or may not know Muhammad Yunus and his Grameen Bank was awarded the 2006 Nobel Peace Prize for their efforts with micro credits (or microloans or microfinance) in Bangladesh. Providing small cash loans to people in thirld world countries enabling them to start their own small business. Now you can follow in the footsteps of Muhammad Yunus and make a real difference to the world. This has got to be one of the best ways to help under privileged people in third world countries, giving them the opportunity to work themselves out of poverty. The website www.kiva.org makes
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Fake Students Elligible for Loans

This is old news (as in the story came out last month) but I’ve only just found the article. Apparently around 1600 students enrolled across the UK don’t exist. Fraudsters enrol then use their fake status to obtain student loans. One such fraudster borrowed over £65,000 using 17 fake identities! “The government-owned Student Loans Company will not say how much money it has lost in this single fraud but investigators say the figure could reach £1.2m. ” Read the full story  
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Quick Loan Round-Up

Some recent shifts in interest rates have led to a shuffling in the order of unsecured personal loans available online through affiliate programs. The current standings (correct as at 20/06/2007 – information sourced direct from the lenders websites). Ordered by typical APR: Moneyback Bank Loan – 6.2% Alliance & Leicester – 6.4% Halifax – 6.4% Bank of Scotland – 6.4% Liverpool Victoria – 6.7% AA – 6.8% Sainsbury’s – 6.9% Tesco – 6.9% Virgin – 7.3% Marks & Spencer – 7.4% Eskimo Loans – 7.9% Consumers wishing to find out more about each of these loans can find links to all of
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Silly APR

Payday loans have been big business in the USA for many years and are common place alongside credit cards and mortgages. The idea is ‘quick cash’. Small loan amounts for short term borrowing. The name ‘Pay Day’ suggests a ‘loan until payday’. You take out a small loan of up to £1000 and you pay it off in 30 days or when you get paid. Not a bad idea if you can’t get an advance from your boss and you need some emergency money but beyond that, these kinds of loans can be dangerous. Now being advertised in the UK,
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Cheapest & Lowest APR Secured Loans

For many years one of the unique selling points of secured loans has been something of a myth. It has been advertised that the APR of secured loans is often more competitive than unsecured loans because they are less of a risk to lenders. The loan is secured on property so applicants are less likely to risk missing payments. However, this has not strictly been true. Over the last 6 years secured loans have typically been offered at a higher rate than most leading unsecured loans. Until today! (Well, I only found out today…) FirstPlus Homeowner Loans are now available
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