Low Rate LoansWhen seeking a loan, most wise UK consumers seek the lowest rate they can get for their circumstances. At My Sort of Loan not only do we focus on you getting the best rate, we also fine tune your loan to make sure you get affordable monthly repayments and are able to use the money as you really required. If you have a good credit history that`s great - but we always aim for you to get your loan at the lowest rate to fit your circumstances, regardless of your credit scenario, the amount required or your loan purpose.
Our experienced friendly UK loan team are here to listen to your requirements - to find out what your repayments could be via a free, no obligation quote dial freephone 0800 015 9295, or call mobile friendly 0330 0536001. Alternatively complete our short online enquiry (don`t worry no credit search from this form). Before you decide whether to accept a loan find out for yourself just how low our lenders rates can be.
How To Get Low Rate Loans
So you`re looking for a low rate loan, well let`s face it, nobody ever went to their bank manager and asked for the highest possible interest rate and you aren`t going to start that trend! One key area to getting a low rate loan to match your circumstances is choice. Many UK customers are not aware that large amounts of really competitive low rate lenders are looking for consumers to lend to - but many of these potential lenders are not on the high street.
Size also matters in this case, as big loans often carry lower rates than small ones - although you should always borrow just what you need to complete your project. My Sort of Loan has access to an extensive panel of lenders that cover a cross section of today`s unsecured and secured homeowner loan market, including specialist lenders who do consider bad credit such as CCJ`s and defaults. A good way to start may be a confidential, no commitment phone call with a member of our loan team. Please tell us what you would like to achieve and let us do the rest. We will listen to your requirements select the best possible loan product from our panel - whilst providing the most suitable possible advice so you can be sure that you`ll have the right sort of loan.
Low Rate Loans Bad Credit
If you have bad credit you might think that you can`t get a low rate loan, you might even consider taking the first offer of a loan that comes along, which would be understandable if you have been refused a loan elsewhere. However we think that this might be a mistake - at My Sort of Loan we don`t have a one size fits all approach, everyone has a different story to tell, which is why no two loan lenders criteria are the same. Knowing which one you are eligible for is and being able to arrange that loan through being lender approved are just two of our specific skills.
Just because you`ve had bad credit in the past it doesn`t necessarily mean that you have to accept the highest rates around….. or worse still no rate at all. A UK homeowner secured loan arranged by My Sort of Loan will be the best rate that we can obtain for you based on your current circumstances. We`re not saying that we can offer you the lowest possible rates available for no adverse credit clients, as there is likely to be some difference if you have had recent poor credit items (such as mortgage arrears, defaults on loans or credit arrears). Once you begin to improve your credit rating, by getting this loan and keeping up the repayments, you may at some point consider looking to refinance your loan to a lower rate, either via ourselves, another intermediary or a prime lender.
- Get the Lowest Available Rate - My Sort of Loan will review your application against our wide ranging panel of lenders to get you the best deal for you and your goals.
- Low Rate Loans After Bad Credit - Even if you`ve had bad credit we have plans available that may mean you can get you a lower rate loan than you had expected or been offered elsewere.
- Low Rate Loans Fixed For 2, 3, Or 5 years - Even when you prefer a fixed rate My Sort of Loan have a good choice of loans and secured homeowner loans to keep your loan rate low.
Factors Affecting Loan APR Offered
Ok so we`ve talked about how to get a relatively low rate loan with bad credit but that isn`t the only factor that affects any APR that you might be offered. Even if you have a good credit rating there are a number of factors that count towards the rate of interest that you will ultimately pay. For instance if you want a fixed rate of interest you may find that you will pay a little more initially, but this is relative because if interest rates were to suddenly increase you may still find that your fixed rate is lower than the new variable rate that you would otherwise have to pay.
There are of course other factors that affect what kind of APR that you might be offered, each lender has their own set of fees and charges and these all affect how low the loan APR offered is going to be. For homeowner secured loans equity is important as the lower the loan to value of the second mortgage loan the less risk the lender has and so can offer lower rates. So for a bigger loan of up £100,000, a good credit profile, income that makes the loan affordable and a large amount of equity may just get you one of the lowest rates. There will be features that you will want from a loan that can push the rate up, some of these features might be deal makers or breakers for you. At My Sort of we`ll work to find out exactly what you want from a loan and select the best available plan for you from our loan lenders panel whilst always having one eye on keeping the rate as low as possible.
Homeowner Loans VS Personal Loans
So why would you take a homeowner secured loan over a personal unsecured loan? Well to the rate can be cheaper on a homeowner loan, especially if you have had some bad credit, but on the flip side of the coin it`s generally quicker to pet a personal loan. Amount required can be a big factor, there are lots of unsecured loans in range up to £5,000, the options dip though as you go up to the £15,000 mark.
Once you go over that there are a few main players out there who go beyond that at low rates but they are generally looking for a very good credit rating. Because of the equity as security for a secured homeowner loan those lenders will consider larger advances of up to £250,000. Alongside that larger loans can have repayments that are too big over shorter terms (estimated up to 7 years), so you may need to utilise the longer loan terms from secured loans of 60 to 240 months to keep repayments affordable.
So how do you decide which type of loan is the right sort of loan for you? Ultimately it is always quite rightly going to be your choice. We can only offer advice from our panel of lender and you should explore all options before you accept any loan we are able to arrange for you.