 
|
|
Welcome to iBuy-Direct.co.uk Loan zone
iBuy-Direct.co.uk Recommended
Need a Loan? STOP! don't do anything until you have read this
There are many ways raise money. The best solution really depends on why you need the money and your personal circumstances. In other words, are you borrowing to get consolidate your existing debt or to make a special purchase? Do you own your own home (or mortgage payer), do you work full or part time? Have you been refused a loan previously or missed payments on existing credit arrangements? Whatever your circumstances, the good news is that there are many loan companies out there willing to help.....however, be careful. Interest rates charged can be very high subject to your circumstances and we would always recommend thta you think very carefully about any kind of loan. As we do not provide advice ourselves, please read our recommended loan companies terms and conditions which will be found on their websites and please think carefully before accepting any loan which may be offered.
(Search, Compare, Buy)
Secured Loans
A secured loan is any loan that requires the borrower to provide the lender with some form of security. In the case of secured loans the security will be the borrower’s property, regardless of whether it is mortgages or owned outright. Secured home-owner loans are available in varying amounts and for many different purposes, including debt consolidation. Typically from £3,000 to £50,000 (some lenders may consider up to £100,000) the amount borrowed is repaid monthly over a term agreed at the outset, which will usually range between three years and twenty five years. Penalties may be charged if you repay your loan earlier than agreed, and you should check each lender’s individual policy with regards to this.
Lenders charge interest on the amount you borrow, which is referred to as the Annual Percentage Rate (A.P.R). The amount you can borrow, the term available and the A.P.R will all depend upon the equity you have in your property and your personal circumstances. You may even be able to borrow more than your home is actually worth, up to 125% of the property value. Generally speaking, secured loans are much easier to obtain than unsecured loans (see below for unsecured loans). This is because the lender has the added benefit of security, which provides protection in the event of a customer's inability to repay. This also means that persons who are self-employed, have recently changed jobs or who have adverse credit can take out a loan. They are also useful for larger amounts or where the applicant requires a longer repayment period.
iBuy-Direct.co.uk Recommended
Unsecured Loans
Unsecured Loans are available from many banks, building societies and specialist loan companies. They are called 'un' secured because the lender does not require the borrower to secured the debt against an asset (your home). Personal loans are usually available from £1,000 to £25,000. Depending on the amount and purpose of the loan, you will be able to choose from a range of repayment periods. If you need a loan over £25,000? If you’re a homeowner you can consider a secured loan (please see above) The amount borrowed is subject to an interest charge, and the interest rate applied is known as the Annual Percentage Rate (APR). Generally, it is advisable to compare the APRs of different products as a means of determining how competitive they really are. It is not unusual for lenders to offer different APRs depending on the method of application e.g. applications by telephone may receive a higher APR than those done online, so it’s well worth shopping around for the best deal.
Some lenders do apply an early settlement charge (also known as a redemption penalty) if the debt is repaid in full before the agreed end date. This can be up to 2 months interest so it pays to check this out before you commit. If you think you'll clear the debt before the end of the term then your best bet will probably be a loan with no early settlement costs, even if the APR is slightly higher. Whatever you decide, you’ll need to do your sums before you sign on the dotted line. Getting accepted for a personal loan can sometimes prove difficult if you’ve got bad credit, have changed addresses frequently, have no previous credit history or are self-employed. There are lenders who can help those who need 'bad credit' loans and those who have difficult personal circumstances. The APR is likely to be higher than that offered by a standard personal loan provider, but the chances of getting accepted are far greater.
iBuy-Direct.co.uk Recommended
Debt advice and IVA Help
If you are in debt, you are not alone! Getting help and advice is easier than you might think but be careful, Bad debt advice could plunge youeven further into debt and cost you money for the privilage. Debt solutions and finance management that will ultimately help you to clear your debts is possible, whether your debts are loans, overdrafts, credit cards or something else.
These companies specialise in creating individually tailored debt management plans and arranging Individual Voluntary Arrangements (IVAs) so they should be able to help by showing you solutions which can be matched to your particular circumstances. Expert Licenced Debt Counsellors should always be used especially when considering an IVA so make sure you find the right one for you. Whether you need debt management services, an IVA or another debt solution, our partners should be able to help.
Disclaimer:- all information, advice, recommendations and opinions are for information purposes only.
iBuy-Direct.co.uk accepts no liability © iBuy-Direct.com 2008
|
