Loan Guide
- What is a loan?
- Types of loans
- Hints and tips
- Interest rates
- Repayment tips
- Advantages & disadvantages
- Improving credit rating
Types of LoansPersonal Loan
Below is a list of the most popular personal loan providers:
Visit our personal loan page where you can compare all the best rates. Bad Credit LoansBad credit loans are for people who have a poor credit history and have been refused a normal loan from a bank, building society or any other lending institution. A poor credit history usually comes about when people cannot afford to pay off their credit cards or other loans that they may have therefore the credit rating or score is penalized. Once this credit score is low then it may be virtually impossible to get approved for a normal rate loan. Visit our Bad credit loans page where you can compare all the best rates. Bad credit loans are a solution for those who cannot get a normal rate loan but these generally carry a higher rate of interest. Debt consolidation loansDebt consolidation loans have been introduced so that multiple existing debts such as credit cards, loans, car finance etc, can be paid off with one manageable loan. A debt consolidation loan will entail lower monthly repayment but a longer repayment plan and a single payment each month can help you work out your debt more efficiently. A Debt consolidation loan can be secured or unsecured and even if the borrower has a poor credit history, there are many lenders that are willing to help. Visit our loan quote page where you can fill in a form to compare all the best rates. Business LoansBusiness loans are issued to businesses that want to plough money into their business for expansion or other means and are issued by banks and building societies. Business loans are the same as any other loans as they come as secured and unsecured. A secured loan can be taken out against an asset of the business such as company machinery, company car etc. Below are some types of business loans or finance available:
Invoice Finance - An efficient way to borrow money, invoice finance is available to UK businesses. Invoice finance permits businesses to access the money in unpaid invoices within 24 hours of issuing the invoice. For example, if a businesses terms and conditions of payment are 14 days then the money can be retrieved 13 days earlier. Invoice finance is proficient because sometimes a business is doing really well, so well in fact that the cash flow just cannot keep up with demand. This type of finance has really been used by much larger businesses in the past but recently it has been available to businesses of any size. Financial institutions such as banks and building societies usually work on your behalf and in some cases your customers will not even know that you are using this method of finance. Business overdrafts - Business overdrafts are very similar to the normal bank overdrafts that are available from banks and buildings societies. The financial institution will give you an overdraft limit and you can use this whenever you want. Business overdrafts is a unsecured source and good relations with your bank is key to successful borrowing. There are many different types of leasing and many leasing agreements let you own the asset after the lease time is over. Factoring - Factoring is selling business invoices to a factoring company who get the debt and collect it. The factoring company make a profit by paying less back to you. The advantage is that you do not have to collect the debt and you get the outstanding money quicker. This is a type of secured borrowing as it is secured by your debt. Factoring can also help you smooth your cash flow when money is tight. Visit our loan quote page where you can fill in a form to compare all the best rates. Homeowner loansA homeowner loan is different to a mortgage. Homeowner Loans are for people who have a mortgage on a property and are looking to take out an additional loan. This is a type of secured borrowing as the property of the borrower is used as collateral against the loan. Visit our Secured loans page where you can compare all the best rates. Car loansCar loans is one way for getting finance for the purchase of a new car. There are many car loan finance companies that can help you get that new car and these are listed below:
Visit our loan quote page where you can fill in a form to compare all the best rates. Payday LoansPayday loans are available for people who are desperate for money until their next monthly salary payment. Up to a £1000 can be borrowed from some payday loan providers. Interest charges are usually high for payday loans and most providers charge around £20 to £30 pounds per hundred pounds borrowed. Below is a list of the most popular payday loan providers:
Student LoansStudent loans are designed to help students pay for costs that are associated with education such as living maintenance and tuition fees. Student loans are usually low in interest than normal bank loans and are normally issued by a government run establishment. The student loans company (SLC) is the UK’s best known student loan provider. Logbook LoansA log book loan is a type of secured borrowing which has recently become very popular. Money is borrowed by securing your car as collateral against the loan and in return your car log book is kept as a security. This type of loan is best suited for people with bad credit as no credit check is usually needed and you can get up to £50,000. Below is a list of the most popular log book loan lenders:
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