Finding the right loan

There are loans to suit all sorts of needs and circumstances these days, and despite the tight credit conditions many people consumers can still enjoy a good choice of loans from a wide range of lenders.

With so many different loan products and types on the market it is important for consumers to make the right decision so that they do not end up paying over the odds on their borrowing.

If you are looking to take out a loan there are a number of decisions that you need to make before you start comparing different loans.

The main decision is whether you want your loan to be secured or unsecured – you may not have a choice, as secured loans are only available to homeowners, and most unsecured loans are only available to those with decent credit. If you are a homeowner with good credit then you can enjoy choosing between the two types of loans.

Below are some commonly asked questions relating to finding the right loan:

What sorts of loans are available on the market these days?

All loans come under one of two categories, which are secured and unsecured loans.

Within these categories you can choose from a wide choice of loan types to suit your needs, and this includes consolidation loans, home improvement loans, car loans, any purpose loans, personal loans, payday loans, mortgage loans, and more.

Can I get a loan if I do not own my own home?

If you are a non-homeowner you can only get an unsecured loan, and this is subject to status and eligibility.

In order to get an unsecured loan you will normally have to have good credit, but if your credit is good then you should be able to enjoy a choice of providers and loans.

If I own my own home can I still opt for an unsecured loan?

If you are a homeowner with good credit you can opt for either a secured or an unsecured loan subject to eligibility and status.

Some homeowners prefer not to put their homes at risk and decide to opt for an unsecured loan that is based on contract rather than secured against the home.

Can I get a loan if I have bad credit?

If you have bad credit you will find it difficult to get an unsecured loan. However, if you are also a homeowner you may find that secured loans are far more accessible, although you will pay higher rates on interest on your borrowing than those with good credit.

What’s the best way to try and find the best loan for my needs?

Once you have decided whether you are looking for a secured or an unsecured loan, based on your tenure, circumstances, credit, and preferences, you can use the internet to compare a range of loans from different lenders so that you can see which ones offer the most competitive deals.

By using the Internet to browse and compare loans you can find the right loan from the comfort of your own home, and you can save yourself time and inconvenience.

I don’t have time to compare so many loans – is here any help available?

It can be a long and arduous task to compare so many loans from such a wide range of lenders. There are a number of options available if you need help to save time.

Loan brokers are professionals with links to a wide range of lenders and loan products. You can provide your details to the loan broker, and this information will then be used by the broker to source a range of loans from a variety of lenders in order to find you the most suitable and competitive deal for your circumstances.

Alternatively you can use a price comparison site, where you enter your details and needs, and a number of suitable loan products will be brought up on the site, which you can then browse and choose from. In both cases you should remember that the loans and lenders covered do not cover the whole of the market but only a percentage of it, so there is no guarantee that there is not a better deal out there somewhere.

What sort of things do I need to compare to help me to find the right loan?

There are a number of factors and areas that you should compare in order to help you find the right loan. You need to check the eligibility requirements to ensure that you are not wasting your time looking at a loan that you do not qualify for.

You also need to compare the typical APR, the repayment periods offered, and any additional charges such as set up or administrative costs (usually found with secured loans rather than unsecured).

Use our loan comparison service to find the best loan