Loans to suit all needs

With such a wide range of loans available these days it is possible to find a financial solution to suit most needs and circumstances. Many people take out a loan each year to fund different things, such as holidays, consolidation of other loans and debts, home improvements, cars, weddings, education, and various other purposes. The good news is that there are many different types of loans available these days, so finding the right loan solution for your needs should not prove to be a big problem, particularly if you have good credit in which case you will enjoy more choice from a wider range of lenders.

Those that own their own homes will also enjoy greater choice, as it means that you can opt for either a secured or an unsecured loan, although you will need to have good credit to get an unsecured loan in most cases. The Internet has made it far easier to find a suitable loan for your needs, and you can compare and browse different loan options and packages from the comfort and privacy of your own home. It is important that you find the right loan solution to suit your needs and there are two ways of doing this. You can either contact lenders directly by phone, in person, or via their websites in order to see what they have on offer, or you can opt for a broker, who can help to find the right loan for you from amongst the variety of lenders that the broker deals with.

You may find that using a broker is the easiest solution when it comes to finding the most suitable loan, as you won’t have to trawl through different lenders’ sites or contact a whole bunch of lenders, and you won’t have to keep filling in separate applications forms. With a broker you simply complete one application and the broker will then use this information to source a range of lenders in order to try and get the best deal for you based on your needs and the details that you provide.

Amongst the different loans solutions that you can enjoy these days you will find:

• Unsecured loans – These loans are designed for non-homeowners or homeowners with good credit. You can get unsecured loans from a range of lenders, including high street banks, building societies, and Internet lenders. You can use these loans for a wide range of purposes, such as debt consolidation, holidays, a new car, and more. Repayment terms on unsecured loans are generally between one and five years, but you will find some lenders that offer up to ten years by way of repayment periods. Most unsecured lenders offer up to £25,000, and the amount that you can actually borrow will depend on your income, outgoings, employment status, and credit history.

• Secured loans – These loans are designed for those with their own homes, and this type of loan is secured against the home. Many secured lenders will consider lending to those with damaged credit, because the lender has the added security of the loan being secured, which enables them to take a greater risk with regards to who they lend to. The borrowing power that is available with secured loans is generally far greater than with unsecured loans, but the amount that you can actually borrow will depend on your equity levels, your credit rating, and your financial and employment status. Repayment terms are also longer than with unsecured loans, and you will find some lenders that can offer up to thirty years, although this will depend on your circumstances. You can use these loans for a range of purposes, and amongst the popular uses for these loans are debt consolidation and home improvements.

• Payday loans – These loans are designed for those that need emergency funds on a very short term basis. The amount that you can borrow can vary but with most lenders is a maximum of £1000. There are no credit checks involved with this sort of loan, and you will have to repay the loan or pay the fees to roll the loan over within the specified time, which is generally twenty eight days. There are a number of payday lenders in operation, and you will have to provide necessary paperwork to prove your employment, bank account, and address in order to qualify.

• Mortgages – These loans are designed to enable consumers to purchase their own home. Lenders allow the borrower to take a loan based on specified multiples of their single or joint income, and traditionally repayment periods have been up to twenty five years. However, due to rising property costs many lenders have increased their income multiples as well as increasing their repayment terms in order to help potential buyers get the mortgage that they need and keep repayments down as much as possible.

• Car loans – Car specific loans are available from a number of lenders, and can prove a more affordable option than some of the finance packages offered at some dealerships, although it is still important to shop around to ensure that you get value for money on your car loan. Some lenders offer special car loan packages that include various benefits such as free or reduced breakdown cover, discounts on insurance, and free HPI checks.