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Adjustable Rate Mortgage Loans - Understanding The Basics
Adjustable rate mortgages (ARM), developed when mortgage
interest rates were high, can help you finance the purchase of a
home with low interest rates. An ideal choice for those who
expect their income to rise or move in a couple of years, an...
Consolidating Your Government Student Loans
A Consolidation Loan allows you to combine your federal student loans into a single loan with one monthly payment, which can be significantly lower than the payment required under the standard 10-year repayment option. Under the Federal Family...
Fast Cash Loans - When You Should Borrow And When You Should Wait
A fast cash loan should be an option used as a last resort to avoid a financial emergency. With its interest rates, a cash loan should not be used to purchase the latest gadget or fashion item. Avoid A Late Payment A late payment can cost you more...
Internet Payday Loans: Tricks And Tips
Online payday loans make money available when you need it fast. But many websites offering these cash advances will try to trick or trap you into paying huge interest. Find out how to beat online payday loan lenders at their own game. When you need...
What are VA loans?
VA loans are basically mortgages or home loans geared towards ex-military servicemen and women. The VA loan programme was created in 1944, and was initially known as the Servicemen's Readjustment Act, to help returning servicemen settle down and...
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Lions And Loans: Why Finance Should Always Be Personal
Different types of loans are available for almost every aspect of your life: personal loans, car loans, secured and unsecured loans, home loans, homeowner loans, student loans, graduate loans and career development loans (CDL). If you�ve suffered from credit problems in the past and now hold sub-prime characteristics, then you will be eligible for adverse credit and adverse loans.
You can always borrow money these days, but it is crucial to read the small print as the difference between interest rates is enormous and stories of people forced to pay off amounts which are five times the amount of their original loan are not uncommon.
There are also numerous stories on unemployed couples being sold loans, such as the case of Julie and Kevin Davies, reported by the BBC. The couple were already experiencing difficulty in paying off their existing debts of �4,000, when they were sold another �20,000 loan by Lloyds TSB.
Loans of �1,000 to �25,000 can be taken out and repaid over a period typically varying between six months and 10 years depending on your credit history and available finances. Loans are usually secured or unsecured. Secured loans are tied to your house, so you can be forced to sell the house if you are unable to make the repayments. Unsecured loans do not impose the same restriction, though a default on repayments may result in being �credit blacklisted�. Once blacklisted, you may get future credit card, mortgages and hire purchase applications rejected, as well as face a potential higher rate of interest for all existing debts.
It is absolutely crucial that you shop around for a loan and not just through the high-street banks. The internet offers a wealth of information available and there are many sites which compare the prices of products, and to really ensure you get a good deal � compare the different comparison sites. In the UK
moneyfacts, moneyextra and moneynet ( http://www.moneynet.co.uk ) offer price comparison services for a wide range of loans, amongst other financial products. These sites also offer consumer information guides, which you can either print directly off the website or download on to your computer.
Do read all the terms and conditions carefully and ask friends, family and your financial adviser / bank adviser if you don�t understand a particular statement. The annual percentage rate (APR) is particularly important and can make a difference of thousands of pounds over the term of the loan.
Unsecured loans can be purchased from building societies and banks, as well as certain high street shops. Unsecured loans may be taken out for something specific or simply to make life more �comfortable�. The process usually involves:
* Requesting a typical amount for the loan
* Discussion of interest rate (APR) and possible loan payment protection insurance
* A credit check, you may wish to get one of these first, so you know what to expect
* Reading the terms and conditions and then signing the agreement
* Money can then be transferred into your account
In the discussion of secured versus unsecured loans, moneynet explains that although secured loans can offer lower interest rates and repayments, many people do not wish to jeopardise the potential loss of their home in the default of a repayment of a secured loan. In unsecured loans, pay attention to the difference in APR, term of the loan and any additional charges such as an early settlement charge or redemption penalty.
About the Author
Rachel writes for the personal finance blog Cashzilla: http://www.cashzilla.co.uk Rachel is a disillusioned, disaffected and broke graduate, exploiting new media for financial therapy.
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| Mortgage Loans - Compare Mortgage Rates - MSN Money |
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| Fool.co.uk - Compare Loans - Personal Loans and Unsecured Loans |
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| LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance |
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| Direct Loan Home Page |
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| We search over 200 secured loan plans to find the best deal from our lenders - accepted.co.uk. |
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| UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
| The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
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