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Most of us have been in a position at some point when we simply have had insufficient funds to pay for something. This could be car insurance/repairs, course fees, holiday, Christmas presents, electrical items or even the weekly shopping. According to Credit Action, 2.4 million personal loan agreements were recorded in the first quarter of 2005, totalling £13.5 billion. The national debt education charity reported that 30% of the personal loans were for cars, 24% for home improvements and 20% for debt consolidation. The total outstanding balance for personal loans reached £93 billion by March 2005.
Personal loans can help you out of a difficult period when cash-flow is restricted, but don’t go for the first one you find or you may find that your loan becomes a lifetime commitment and lifetime strain. There are numerous personal finance comparison websites available for personal loans including moneynet, moneyfacts and lowermybills.
In their consumer loans guide, moneynet advise that as a general rule of thumb, the more you borrow – the cheaper the rate of interest. For example, a loan of £1,000 may carry an interest rate as high as 20% - reportedly justified by the lenders because of the relatively high administration costs associated with arranging a loan. For larger personal loans, lenders might only charge interest rates of around 6%.
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Several valuable resources for Consumer Credit can be found on this site...
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Personal loans fall into two categories: secured and unsecured. Unsecured personal loans are the most popular, as secured loans may jeopardise the borrower’s property or other asset. Secured loans are arranged on the assumption that the borrower puts up a form of security to the lender, typically the borrower’s property. This allows the lender to take ownership of the asset should loan repayments be jeopardised. Whilst the prospect of losing your home may seem like a major disadvantage, the benefits of a secured loan often allow you to borrow more money at a lower rate of interest.
Despite such benefits however, most people are reluctant to lose their home and therefore take out unsecured loans because of this.
When reviewing personal loans and researching the cheapest loan on offer, you should be aware that you need to investigate the terms and conditions, as well as the annual percentage rate (APR). Note that if your credit history is poor – then the terms of the loan may reflect this. Do your homework on redemption penalties and any other charges which might be associated with your loan. Some lenders will also offer payment breaks (deferred payment) either at the beginning of the loan period, or perhaps during the term, but again read the terms and conditions and check that excessive interest will not accumulate over any break periods.
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Additional commentary and news regarding
Consumer Credit
can be found
below... |
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Personal loans in the UK are governed by the Consumer Credit Act 1974, but remember that you are ultimately responsible for borrowing a given sum of money and that once you sign a credit agreement, you are bound by the terms and conditions.
If you are finding the repayments challenging, always tell the lender as soon as possible and remember that any loan repayment problems are likely to be captured in your credit record/history, which will later impact on any other borrowing.
Resources:
http://www.moneynet.co.uk/loans/index.shtml (loan comparisons)
http://www.moneynet.co.uk/personal-loan-guide/index.shtml (personal loan guide)
| Ray Corbett |
Editor -
Consumer Credit
Facts,
Information
Resources And Benefits
| More Links And Related Information For Consumer Credit |
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The Single Most
Effective Method
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Some
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listed
below... |
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The Four Most
Important Things You
Need To Know About
Consumer Credit That
Could Save You
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All About Integrity
And Service. |
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1.)
Is the website reliable? A high search engine ranking usually indicates a website of substance and quality. Search Engines don't rank sites for integrity. However, they do rank them for the overall accuracy and relevancy of the sites' content, and this it what is important to you.
Also, it
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Chamber
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Commerce
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from
former
customers. |
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2.)
What is the website's Privacy Policy? All trustworthy websites have a Privacy Policy statement that states their legal position with regard to the use of your name and personal information. The privacy statement is usually located on the home page at the bottom navigation bar. You do not want to provide your email address, only to be constantly spammed by a company's email advertising campaign in the future. What's worse, some disreputable companies sell the email addresses they have collected to other online companies, including porn sites. Read the Privacy Policy carefully before you provide any detailed personal information.
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3.)
Does the company have a Terms Of Service agreement on their website?
After you have selected a
Consumer Credit
Website, read their Terms Of Service Agreement, usually located in the bottom navigation bar of the home page. This agreement will cover the responsibilities of the
Consumer Credit provider if you choose to
use
their
products
or
services. If you don't see a terms of use or service agreement on the home page, ask for a copy to be emailed to you. |
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4.)
Does the firm advertise with Google, Yahoo or MSN? Simply advertising with one of these search engine giants isn't a guaranteed a seal of approval. However, no
Consumer Credit
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All
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fraud. |
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While
following
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Finally,
and most
important,
the most
accurate information
for
Consumer Credit
is based on many
variables and can
vary
considerably.
Check
with several online
resources to insure
that you are getting
the best information
possible for your
situation.
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