tag:blogger.com,1999:blog-83681798125191299632024-02-20T18:42:16.802-08:00Secured LoanUnknownnoreply@blogger.comBlogger8125tag:blogger.com,1999:blog-8368179812519129963.post-83707965879722056432007-12-15T19:21:00.000-08:002007-12-15T19:29:49.459-08:00How to Find the Best Secured Loans<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiyYkLbb63fW5myrDxZkBrlMeyWAJDbv5ZKF1np4oz-AZkCsn46yrZW_N5JUc1VA6sdQ3kZf1wZ1yIintqijD0tmRVtpvDTSkSk5mau9Zs3Mh2bIOX6itIsXGO9uqDG11pVdr-ZH-88Hu4/s1600-h/securedloan-contract.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiyYkLbb63fW5myrDxZkBrlMeyWAJDbv5ZKF1np4oz-AZkCsn46yrZW_N5JUc1VA6sdQ3kZf1wZ1yIintqijD0tmRVtpvDTSkSk5mau9Zs3Mh2bIOX6itIsXGO9uqDG11pVdr-ZH-88Hu4/s320/securedloan-contract.jpg" alt="" id="BLOGGER_PHOTO_ID_5144407143397124866" border="0" /></a><br /><div style="text-align: justify;">When you're in the market for a secured loan, you, of course, want the best loan possible. You may wonder, however, just what makes a secured loan the best. Generally speaking, the best secured loans feature low interest rates, maximum flexibility, and low monthly payments, all with a minimum of hassle for the borrower.<br /><br /><span style="font-weight: bold;">So where do you find the best secured loans?</span><br /><br />Shop around and gather information from various lenders, including quotes. Review each loan quote to determine which loan offers provide for the lowest rates. After you've determined which loans offer the best interest rates, narrow the selection further by gathering the quotes that include the lowest monthly payments, as well as the best loan terms. Select the loan that offers the lowest rates, lowest payments, and best repayment options for your particular situation.<br /><br />Carefully read the fine print of the loan offers you are considering. Some lenders add in unnecessary fees, cleverly hidden within fine print, that serve to increase the total cost of the loan. Always carefully read all terms of any loan offer you consider, including the fine print, and ask your lender for an explanation of anything you do not understand.<br /><br />Don't be afraid to contact a loan officer or customer service representative for help with the application process or deciphering the details of a loan offer. Discuss the loan terms and rates in detail and make sure you're comfortable with everything the loan entails before you proceed.<br /><br /><span style="font-weight: bold;">What to Consider Before Applying For a Secured Loan</span><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh21GLOZwbWpaGE68isocRAdYjw8309X8znBuo8u_qOWX6qQMbqwRwg9uHVZgKSVkbYZvkAI8ACTcIc2WOOvT-1rqWUo4GxJP8juDtv2762qlZkb53dBPPNn41Ii_D6WNkIBUELLr8sW6lV/s1600-h/money_lender.jpg"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh21GLOZwbWpaGE68isocRAdYjw8309X8znBuo8u_qOWX6qQMbqwRwg9uHVZgKSVkbYZvkAI8ACTcIc2WOOvT-1rqWUo4GxJP8juDtv2762qlZkb53dBPPNn41Ii_D6WNkIBUELLr8sW6lV/s320/money_lender.jpg" alt="" id="BLOGGER_PHOTO_ID_5144407422569999122" border="0" /></a><br />Without a doubt, secured loans offer many benefits. Be careful, however, that you don't let the benefits obscure your vision of your financial situation. Carefully review your income and debts to make certain you can actually afford the loan you seek.<br /><br />Think about your employment situation. Is it secure? If not, a secured loan may not be the best option for you. If there is a good possibility that you will have difficulty making your loan payments, consider other options for obtaining the money you need. Remember, that biting off more than you can chew financially could cause you to lose your home or other property.<br /><br />After you've concluded that you can actually afford a secured loan, contact several lenders and ask for information about the best loan for which you would be eligible. Obtain quotes and compare such things as the annual percentage rate (APR), repayment terms, fees, and any early repayment penalties. Of these things, the APR is the most important. The APR accounts for such things as the interest rate, fees, and certain other charges, calculated on a yearly basis.<br /><br />Also, be sure to consider whether or not the loan you seek carries an increased interest rate if you miss a payment. Some loans start out with a lower interest rate, but increase to a higher rate if you miss a payment or are late. This increased interest rate then remains valid for the rest of the loan term.<br /><br /><span style="font-weight: bold;">About the Author</span><br />Luke Ashworth is the founder of Accepted.co.uk which helps homeowners search for loans via the website www.accepted.co.uk.</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8368179812519129963.post-124654645993317342007-10-29T08:56:00.000-07:002007-11-30T04:04:50.794-08:00Personal Loan BasicsWhat should you look for when choosing a personal loan?<br /><br />A personal loan is a standard method of borrowing money from a building society, bank or specialist loan company. Loans can be anything up to £15,000 and the payback period can be anything from six months to ten years, depending on your financial situation.<br /><br />You can have either a secured loan or an unsecured loan. A <a href="http://secure-loan.blogspot.com/2007/10/how-do-secured-loans-work.html">secured loan</a> is one that is tied to something that you own of very high value – that is usually your house. This means that if you can’t keep up your repayments, you might have to sell your home to help you to pay back the loan.<br /><br />An unsecured loan is not tied up with anything. In this case, if you can’t make the repayments you could instead end up being on a credit blacklist. The result of that might be that you are prevented from taking out new credit cards, or a mortgage, or even an interest-free deal in a shop.<br /><br />You should shop around to try and get yourself the best deal. The general rule is, the more you borrow, the lower the interest rate. Rates can vary considerably, from maybe as low as 7% way up to 20%.<br /><br />As well as banks, buildings societies and traditional loan companies, organisations like supermarkets now offer loans too, so it is worth casting your net wide to see what is on offer.<br /><br />Although annual percentage rate (APR) is supposed to help you compare personal loans, be aware that lenders calculate APR in different ways. There are also usually loans available for specific items, such as a new car, and these can sometimes have lower rates of interest.<br /><br />It is important that you are comparing like for like. The headline interest rates – those, for example, in building society windows – are always lower than the annual rate you will end up paying. This is often because the rate they suggest is the low rate for a loan of £20,000 or more – and you might only want £5,000, where the rate will be higher. So those headlines can mislead you into thinking you’re going to get a great deal. Look at the small print and work out exactly what you will be repaying.<br /><br />The money you borrow has to be repaid in monthly instalments over the agreed period of the loan. This length of time is almost always fixed, and therefore is you decide you can and want to pay the loan off early, you may end up paying a penalty. The longer the period of the repayment, the more interest you will end up paying, so it is wise to go for the shortest time you are able to manage.<br /><br />If you apply for a loan and you are turned down, the lender must tell you the main reasons for saying no.<br /><br />Flexible loans are becoming more popular. These enable you to pay the money back whenever you want, but the interest rate on these loans is usually higher.<br /><br />You should read the small print and understand exactly what your monthly repayments will be, and work out the total amount you will be paying back over the loan period.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8368179812519129963.post-51679025016333284682007-10-29T08:55:00.000-07:002007-11-30T04:16:09.739-08:00Student LoansLeaving their university education with a debt average of £12,000, it seems to look as if students, who are finished with their education, don’t seem too worried about having to pay off student loans payments for a few years after leaving.<br /><br />And there seems like there is not going to be any let up in the amount of students who are following in behind the ones who have left university with the same type of attitude to student loans. With this in mind a rise in this figure for the coming year is also expected.<br /><br />Every student who starts on the road to a university education this year, is due help on the cost of it, and the help that they get has seen a increase in the help that they receive from the government for tuition fees, though they have set aside a little more for less well off students.<br /><br /><strong>Don't Let Finances Get In The Way Of Education</strong><br /><br />The thought of going to university can be an exciting time for any student who is considering it and one of the main thoughts on the decision is always going to be about money and how will they cope financially. If it is something that you really want to do and to be honest it will be worth it in the long haul of life, then you should go for it. Though dealing with the cash issue won’t make it easy, but if you do apply for a student loan, then you will have to show that you have grown up and let it help you get the education that you are there for, by being responsible with it.<br /><br />This is not to say that you can’t enjoy that infamous student life and stop you having some fun, but make sure that the loan you get is first and foremost for your degree and if you have any spare then the world is your oyster. Since, once you are finished with your education, you don’t want to be paying off a student loan for years to come that is nothing more than a bar bill. Or maybe you do..<br /><br />So how does a student loan work? Well first of all the <a href="http://secure-loan.blogspot.com/2007/10/personal-loan-rate-rocket-as-result-of.html">financial</a> situation of a students household will be taken into account and the college or university that you have set yourself on going to, also makes a difference.<br /><br /><strong>Qualify for Student Loans</strong><br /><br />For students who come from a family that has an income under £22,010 will not have to pay any fees at all and families who have an income in the region of £22,010 and £32,744 will receive some help, with a contribution to help them start out. Only students with a household income of more than £32,000 will not receive help and will have to pay full fees.<br /><br />But extra help is on hand for students who are coming from a household where they are earning less than £15,580, where a grant is paid by the government, to help them get as much chance of the right education as the better off, this grant will be in the amount of £1,000 for each year that they are there. With even more help made available, for students who have disabilities, came from care or are dependants.<br /><br />All students who start up in college or university are eligible to apply for a student loan, which can be anywhere up to a maximum of £5,175 for every year that you stay in education and will be deposited into your bank account by the Student Loans Company (SLC).<br /><br />So how and when do you start to repay your student loan? This is made easy for you as you will not be required to pay anything back while you are still in education, it will only be paid back, when you have got what you went there for by graduating or simply if you leave the college or university to take up work, though you will only have to pay it back if your earnings exceed £15,000.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8368179812519129963.post-73851067229186038162007-10-29T08:54:00.000-07:002007-10-29T08:55:02.641-07:00Time ran out for fans of Toyota or Lexus hybrid vehiclesPicture Loans, a secured UK lender, has been pulled up by the advertising agency over one of its TV ads, after being accused of making taking out finance sound light hearted. <br /><br />The TV commercial showed a woman wondering around the house on the phone going about her business and being interrupted by various members of the family. Whilst on the phone to the loan company she states that it is always like that around the home, but at least she can get her credit sorted.<br /><br />A number of consumers complained to the advertising regulator, the Advertising Standards Agency. The company was accused of making borrowing large sums of money sound light hearted and the regulator has now banned Picture from running the advertisement again in its current form. Officials from the ASA state that taking out a large loan, such as the £25000 that the woman in the advertisement wants to take, need to be given careful consideration, and this is not reflected in the advertisement.<br /><br />Whilst being interrupted by family members when trying to arrange her loan the woman in the advertise light heartedly tells the loan adviser: 'Don't worry it's always like this here. But at least I can get my credit sorted. We'd like to borrow £25,000.' <br /><br />An official from the ASA stated: 'We considered that the light-hearted tone of the ad, including the interruptions from family members, suggested that the decision to take out the loan had not been carefully considered and that it was an everyday occurrence.' <br /><br />Another complaint has been made against MBNA regarding a mailing sent to Alliance and Leicester customers, which read: 'Simply by spending £300 or more on your credit card every month for the next two months, you'll receive a return flight for two to Europe.' <br /><br />However, no mention was made about the consumer having to pay for their own accommodation. This complaint has also been upheld.<br /><br />Tom Smith<br />17th October 2007Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8368179812519129963.post-12561474922019068822007-10-29T08:49:00.000-07:002007-11-30T04:20:21.642-08:00Personal loan rate rocket as a result of credit crunchAccording to recent reports the interest rates on many personal loan have rocketed recently as the result of the global credit crunch that was sparked in the United States and has started to take its toll in the UK and in other countries.<br /><br />Reports suggest that personal loan rates have gone up by up to 4% in many cases, as a result of the repercussions from the turmoil that has hit the financial markets.<br /><br />Interest rates have been raised by around nine lenders so far as a result of these problems. The interest rates have affected unsecured personal loans, with lenders taking increased risk from borrowers into account when raising these interest rates.<br /><br />Amongst the lenders that have raised interest rates on their borrowing are the Bradford and Bingley, Goldfish, the Cheshire and Derbyshire Building Society, and the Norwich and Peterborough Building Society.<br /><br />One industry professional stated: "With increasing uncertainty in the financial markets, rising levels of bad debt and a year of interest rate rises putting pressure on our disposable incomes, it comes as no surprise to see lenders increasing their lending margins."<br /><br />Many of the lenders that have hiked up their rates have done so by up to 4%, making the cost of borrowing on an unsecured basis far more costly for the consumer.<br /><br />Increased worries about the high risk of lending, coupled with higher inter-bank lending rates, has seen the cost of both loans and <a href="http://secure-loan.blogspot.com/2007/10/using-secured-loan-to-increase-space-in.html">mortgages</a> go up since the credit problems spread across to the UK.<br /><br />According to one industry professional: "Lenders are already tightening their attitude to risk and hiking up rates for the riskier categories of lending."<br /><br />Tom Smith<br />9th October 2007Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8368179812519129963.post-55030099282003685802007-10-29T08:42:00.000-07:002007-11-30T04:24:36.980-08:00Benefit from a home improvement loanMany homeowners take out secured home improvement loans every year, and these loans provide an effective solution for those that want to improve the look and practicality of their homes, increase saleability, and add to the value of their homes.<br /><br />A number of lenders offer some very competitive deals on home improvement loans, and homeowners can benefit on a number of levels by carrying out certain home improvements with the help of these loans.<br /><br />Of course, it is important that you carry out the right type of home improvements in order to gain maximum investment value from one of these loans. With the right improvements you can enjoy improving the appearance of your home, greater practicality, and increased comfort. What's more you can also increase the value of your home, in some cases to the extent where you can actually recoup the value of the loan if and when you decide to sell up.<br /><br />Home improvement loans can therefore be seen as an important investment for some homeowners. In order to ensure that you get the right deal on a home improvement loan you do need to shop around, as the interest rates charged on these loans can vary from one provider to another, and this can make a difference to the total amount that you have to repay as well as to the amount you have to pay each month. Other factors can also vary, such as the repayment periods offered and the amount that you are able to borrow.<br /><br />With a secured homeowner loan the amount that you are able to borrow will depend upon the level of equity in your home amongst other things. Some lenders will enable you to borrow over and above the level of equity in your home, but you do need to be careful as this could put you at risk of falling into negative equity if house prices fall even with the added value from your home improvements. Other lenders will let you borrow up to the level of equity in your property, and some will allow you to borrow up to a set percentage of the level of equity in your home.<br /><br />Repayment periods on these homeowner loans can also vary, and the longer the repayment period the lower your monthly repayments will be. Because these home improvement loans are secured in nature, you will find that many lenders will offer repayment periods of up to twenty five years or more, although this does depend on the individual lenders' criteria as well as on your circumstances.<br /><br />As with any other loan you will need to meet certain criteria when it comes to your eligibility for a home improvement loan. Your equity, credit rating, financial and employment status, and age at the time that the loan term ends may be taken into account when determining your eligibility for different home improvement loan deals. Again, shopping around and comparing home improvement loans will help to ensure that you get the best deal possible based on your needs and circumstances.<br /><br />You should make sure that you use your home improvement loan wisely in order to increase the value of your home as much as possible. Amongst the home improvements that can help to increase your <a href="http://secure-loan.blogspot.com/2007/10/time-ran-out-for-fans-of-toyota-or.html">property</a> value are: replacement kitchen or bathroom, replacement windows, improved heating and insulation, adding extra space, loft conversions, and adding a conservatory.<br /><br />Tom Smith<br />16th October 2007Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8368179812519129963.post-72027974497640357862007-10-29T08:29:00.000-07:002007-11-30T04:22:45.708-08:00Using a secured loan to increase space in your homeEvery year many people in the UK decide to move home for one of a variety of reasons. Some people decide to move because of work location, to be nearer to loved ones, or simply because they want to move to a different area.<br /><br />However, there are also many people that like the area that they live in and love their home but have to move because of lack of space – for example those that increase their family size or those that need extra room to study or run a home business.<br /><br />Having to move home can be a real hassle, as it means that you have to spend time and money on uprooting yourself and your family. On top of this you may end up moving to a problematic home, find yourself living near to undesirable neighbours, or find yourself in a dodgy area, having left behind a home that you know and love, neighbours that you get along with, and an area that you feel settled and comfortable in. The costs involved in selling your home and moving to another can really add up, and include stamp duty, HIPs, mortgage arrangement and exit fees where applicable, removal costs, legal fees, valuation fees, and more.<br /><br />If the only reason that you are intending to move is due to needing increased space then you may want to consider an alternative, which could work out far cheaper, could save you time and hassle, and will enable you to enjoy increased space without having to uproot yourself and move on. Taking out a secured loan will enable you to increase the size of your property, thus enabling you to remain in your home whilst enjoying more space.<br /><br />With a home improvement loan that is secured against your home you can enjoy spreading the repayments over a longer term, thus keeping your monthly outgoings as low as possible. The amount that you will be able to borrow will depend on a number of factors, such as your financial and employment status, your income and outgoings, and your equity levels. You can work out your equity by deducting any outstanding mortgage or secured loan balance from the market value of your home – the figure that you are left with is your equity.<br /><br />Some lenders will allow you to borrow up to the full level of your equity, whereas some will only allow you to borrow up to a certain percentage of your equity. In some cases you may even be able to borrow over and above the level of equity in your home. Depending on the amount of money that you are able to borrow you can increase the size of your home in one of a number of ways.<br /><br />In order to increase the size of your <a href="http://secure-loan.blogspot.com/2007/10/benefit-from-home-improvement-loan.html">home</a> you can look at adding an extension subject to council permission. This will give you extra rooms and far more space. Another option is to make use of room that already exists but is currently unusable. This can include converting your loft space in order to use it as another bedroom or even as a study, or converting garage space. This type of home improvement can really boost the value of your property as well, so you can recoup much of the amount that you borrow if and when you sell your home.<br /><br />Tom Smith<br />24th October 2007Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8368179812519129963.post-13973779102789603722007-10-29T08:20:00.000-07:002007-11-30T04:10:23.535-08:00How do secured loans work?A secured loan is one that is secured against an asset, usually your home, and these loans can often take longer to process that unsecured loans simply because of the additional information required, such as property valuations and proof of home ownership. However, this type of loan is also the most affordable option for many borrowers and there are a number of factors that can determine how much you will end up repaying on a monthly basis.<br /><br />You will often find that the interest rates charged on secured loans are very competitive, so you can enjoy real value for money, as lenders can afford to offer lower interest rates because the loan is secured against an asset. You will also find that secured loans are available over a longer term, which can help to keep the monthly repayments down because the overall debt is stretched over a lengthy period. In addition to this, you will also find that your borrowing power is likely to be far higher with a secured loan that with an unsecured loan, and most lenders will base the amount that you can borrow on the available equity in your home, which is the market value of your property minus any mortgage or other loans already secured upon it.<br /><br />Another great thing about secured loans is that they are suitable for those with a bad credit rating. Providing you are a homeowner, you should be able to find a lender that can provide you with a competitive bad credit loan even if you have a tarnished credit rating, whereas you could find it very difficult or even impossible to get an unsecured loan if you have a poor credit history.<br /><br />Comparing secured loans is easier than ever these days, as you can simply go online and compare the different <a href="http://secure-loan.blogspot.com/2007/10/student-loans.html">loans</a> and rates available. You can then make your decision and even your application online, and in many cases you will receive an instant decision in principle on your loan applicationUnknownnoreply@blogger.com0