High street banks and building societies still offer a wide choice of personal loan products but they are no longer the only option. Traditional sources now have to compete with the many internet companies offering easy access to online loans.
Whatever type of loan you are looking for, the key to getting the best deal is to shop around and do some research. Loan calculators are available on many websites and will instantly give you some idea of interest rates and monthly payments for the amount you would like to borrow. You may also see a list of the most popular loans available. However, further research will be necessary as these figures will not always correspond to any offer you actually receive. This will depend on features of the loan and other factors, such as your credit history.
It is important to look at the total amount payable on the loan, including fees, as well as the headline APR and the monthly payment figure. You also need to look at the features of the loan to decide what is important for you. This will depend on your circumstances and the purpose of the loan. Do you want a fixed or variable rate deal, payment protection insurance, flexibility with your payments and are you looking for a secured or unsecured offer?
An internet site which will compare loans online is likely to save you time and money. The site will do all the time consuming work, once you have completed a short form online giving details of your situation and requirements. The service will include comparing rates, loan features and other small print to come up with a short list of finance options. They have access to many different finance sources including well known names and new internet companies. If you wish to go ahead with an application then this can also be processed online.
Some companies specialise in finding loans for particular circumstances. This could be useful if, for example, you are self-employed or have an adverse credit rating which may restrict your options.
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