Loan Information on All Loan Types
Loan Information – All about Short Term Loans, Installment Loans, Homeowner Secured Loans and Guarantor Loans.
Short Term Loan Information
Short Term loans uk can be a good idea if they are used properly and as they were originally intended for use. It is true that the APR rates are extremely high if looked at on their own, but short term loans were never intended to be spread over years.
The ideal use of this product is better over a few months, as then you know exactly the costs and fees involved and you can budget for paying the full amount back.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
Short Term loans are for unexpected emergencies and should only be entered into in the knowledge that you can pay the loan back in full by the original period agreed.
Installment Loan Information
These are loans for higher amounts and they can be spread over longer periods, typically 1 year to 5 years. The APR interest rates are much lower than payday loans and can also be referred to as unsecured loans or personal loans. Some all credit types or adverse credit is allowed
Homeowner Secured Loan Information
As the title suggests, this type of loan would be for a person who owns property with equity in it, so as the loan is secured on the home or property as a second charge.
Rates are normally a lot cheaper and you can borrow from £5,000 to £500,000, providing there is enough equity in the property and you can prove you have enough income to repay the loan.
The secured loans can be secured on home, BTL properties or commercial property. Some all credit types is allowed.
Guarantor Loan Information
There are two types of guarantor loans available and there are an increasing number of lenders moving into this market like Amigo Loans, Solution Loans, UK Credit Loans, etc.
If you borrow up to £500, the person that is your guarantor does not have to be a homeowner but if you borrow up to £5,000 you will need a guarantor that is a homeowner.
Everything can be done online and this type of loan is becoming more popular.