Many people are confused by
the different types of loans available. Here is a helpful summary
of the most common loans available today.
Bad Credit Personal Loan
A Bad Credit Personal Loan is
a loan designed for the many people with a bad credit rating.
However, your past record of County Court Judgements, mortgage or
other loan arrears can live on to deny you access to finance that
other people regard as normal. If you are a home owner with
equity in your property, a Bad Credit Personal Loan can bring that
normality back to your life. Secured on your home, a Bad Credit
Personal Loan can give you the freedom, for example, to do the home
improvements or buy the new car you really wanted. With a Bad
Credit Personal Loan you can borrow from £5,000 to £75,000 and up to
125% of your property value in some cases.
Bridging
Loan
A bridging loan as the name implies is a loan used to
“bridge” the financial gap between monies required for your new
property completion prior to your existing property having been
sold. Bridging loans are short term loans arranged when you need
to purchase a house but are unable to arrange the mortgage for some
reason, such as there is a delay in selling your existing property.
The beauty of bridging loans is that a bridging loan can be used
to cover the financial gap when buying one property before the
existing one is sold A bridging loan can also be used to raise
capital pending the sale of a property. Bridging loans can be
arranged for any sum between £25000 to a few million pounds and can
be borrowed for periods from a week to up to six months. A
bridging loan is similar to a mortgage where the amount borrowed is
secured on your home but the advantage of a mortgage is that it
attracts a much lower interest rate. While bridging loans are
convenient the interest rates can be very high.
Business
Loan
A business loan is designed for a wide range of small,
medium and startup business needs including the purchase, refinance,
expansion of a business, development loans or any type of commercial
investment. Business loans are generally available from £50,000
to £1,000,000 at highly competitive interest rates from leading
commercial loan lenders. A business loan can be secured by all
types of UK business property, commercial and residential
properties. Business Loans can offer up to 79% LTV (Loan to
Valuation) with variable rates, depending on status and length of
term. Business loans are normally offered on Freehold and long
Leasehold properties with Bricks and Mortar valuations required.
Legal and valuation fees are payable by the client.
Debt
Consolidation Loan
Debt consolidation loans can give you a
fresh start, allowing you to consolidate all of your loans into one
- giving you one easy to manage payment, and in most cases, at a
lower rate of interest. Secured on your home debt consolidation
loans can sweep away the pile of repayments to your credit and store
cards, HP, loans and replace them with one, low cost, monthly
payment – one calculated to be well within your means. With a
Debt Consolidation Loan you can borrow from £5,000 to £75,000 and up
to 125% of your property value in some cases. It can reduce BOTH
your interest costs AND your monthly repayments, putting you back in
control of your life.
Home Improvement Loan
A Home
Improvement Loan is a low interest loan secured on your property.
With a Home Improvement Loan you can borrow from £5,000 to
£75,000 with low monthly repayments. The loan can be repaid over
any term between 5 and 25 years, depending on your available income
and the amount of equity in the property that is to provide the
security for the loan. A Home Improvement Loan can help you with
a new kitchen, bathroom, extension, loft conversion,
conservatory, landscaping your garden or new furniture. You can
even use it on non-house expenditure like a new car or repaying
credit card or other debts.
Home Owner Loan
A Home
Owner Loan is a loan secured on your home. You can unlock the value
tied up in your property with a great value secured Home Owner
loan. The loan can be used for any purpose, and is available to
anyone who owns their home. Home owner loans can be used for any
purpose such as, home improvements, new car, luxury holiday, pay of
store card or credit card debt and debt consolidation. With a
Home Owner Loan you can borrow from £5,000 to £75,000. Another
good reason for a taking a home owner loan would be if you had a
poor credit history. Many of the home owner loan companies will
accept an adverse credit card loan application. Personal Loan
There are two categories of personal loans: secured personal
loans and unsecured personal loans – See individual titles below.
Homeowners can apply for a Secured personal loan (using their
property as security), whereas tenants only have the option of an
unsecured personal loan.
Remortgage Loan
A remortgage
is changing your mortgage without moving your home. Remortgaging is
the process of switching your mortgage to another lender that is
offering a better deal than your current lender thereby saving
money. A remortgage can also be used to raise additional finances by
releasing equity in your property. You can borrow from £25,000
up to £500,000. Rates are variable, depending on
status.
Secured Loan
A secured loan is simply a loan
that uses your home as security against the loan. Secured loans are
suitable for when you are trying to raise a large amount; are having
difficulty getting an unsecured loan; or, have a poor credit
history. Lenders can be more flexible when it comes to secured
loans, making a secured loan possible when you may have been turned
down for an unsecured loan. Secured loans are also worth considering
if you need a new car, or need to make home improvements, or take
that luxury holiday of a lifetime. You can borrow any amount from
£5,000 to £75,000 and repay it over any period from 5 to 25 years.
You simply select a monthly payment that fits in your current
circumstances.
Secured Personal Loan
A Secured
Personal Loan is simply a loan that is secured against
property. Secured personal loans are suitable for when you are
trying to raise a large amount; are having difficulty getting an
unsecured personal loan; or, have a poor credit history. Lenders
can be more flexible when it comes to Secured personal loans, making
a Secured personal loan possible when you may have been turned down
for an unsecured personal loan. Secured personal loans are also
worth considering if you need a new car, or need to make home
improvements, or take that luxury holiday of a lifetime. You can
borrow any amount from £5,000 to £75,000 and repay it over any
period from 5 to 25 years.
Unsecured Loan
An
unsecured loan is a personal loan where the lender has no claim on a
homeowner's property should they fail to repay. Instead, the lender
is relying solely on the ability of a borrower to meet their loan
borrowing repayments. The amount you are able to borrow can start
from as little as £500 and go up to £25,000. Because you not
securing the money you are borrowing, lenders tend to limit the
value of unsecured loans to £25,000. The repayment period will
range from anywhere between six months and ten years. Unsecured
loans are offered by traditional financial institutions like
building societies and banks but also recently by the larger
supermarkets chains. An unsecured loan can be used for almost
anything - a luxury holiday, a new car, a wedding, or home
improvements. An unsecured loan is good for people who are not
homeowners and cannot obtain a secured loan for example; a tenant
living in rented accommodation.
Unsecured Personal
Loan
An Unsecured personal loan is a personal loan where the
lender has no claim on a homeowner's property should they fail to
repay. Instead, the lender is relying solely on the ability of a
borrower to meet their loan borrowing repayments. The amount you
are able to borrow can start from as little as £500 and go up to
£25,000. The repayment period will range from anywhere between six
months and ten years. An Unsecured personal loan can be used for
almost anything - a luxury holiday, a new car, a wedding, or home
improvements. An Unsecured personal loan is good for people who
are not homeowners and cannot obtain a secured loan for example; a
tenant living in rented accommodation.
“This
information courtesy of http://www.directonlineloans.co.uk Click
here to see full range of loans.”