| Low rate loans are available from our market leading | | | | creditors have been known to act very aggressively in |
| lenders and the one you choose will depend on how | | | | order to protect their money. |
| well they satisfy your particular requirements. One | | | | Low rate loans could be the answer for you if you are |
| way to get the most competitive low rate loans is to | | | | finding it difficult to meet your monthly debt |
| look at the loans that offer the lowest APRs or | | | | repayments on credit cards, store cards or other |
| Annual Percentage Rates. This is usually a good | | | | loans. A debt consolidation loan could enable you to |
| indication but should be considered along with the type | | | | reduce your monthly payments but you will probably |
| of interest rate you are being quoted. Firstly, a typical | | | | be paying back the loan for a much longer period. |
| interest rate is only an indication of the rate you may | | | | Another advantage is that you could find that you are |
| be offered as it is the average rate that over 50% of | | | | under less pressure with just one creditor instead of |
| applicants receive. You will be offered an exact rate | | | | many and this can also simplify your monthly budgeting. |
| from the lender for low rate loans once your specific | | | | It is a good idea to take a look at your income and |
| circumstances, the amount you wish to loan and the | | | | expenditure and the amount you owe and then work |
| length of time you'll need to pay back the loan has | | | | out a budget which also takes emergencies into |
| been considered. When a lender refers to a set rate | | | | consideration. |
| then this is the rate offered to all successful applicants | | | | Another factor to consider with low rate loans is your |
| regardless of their credit history, loan amount or term. | | | | method of application. Lenders can offer different |
| Generally speaking, secured loans are low rate loans | | | | APRs for telephone or postal applications with the |
| which will have the most competitive interest rates. | | | | lowest APRs for online applications. The reason for |
| This is because when you bet your home that you will | | | | this is that when applying online the overheads to the |
| repay the money borrowed; the lending company is | | | | lender are lower and this saving is passed on to you. |
| taking a much lower risk lending you money. If you fail | | | | APRs are a major consideration when looking for low |
| to meet your repayments and don't pay back the loan | | | | rate loans but you should also be aware that some |
| then you will be putting your home at risk of | | | | lenders charge an early settlement fee or redemption |
| repossession. The lower risk is reflected in the lower | | | | penalty for loans which are paid off before the agreed |
| interest rates charged by lenders. In the case of | | | | end date. This could be up to two months interest |
| unsecured loans, there is no requirement to secure the | | | | which is why it is wise to consider whether you would |
| loan with your home and this means that the lender is | | | | rather pay a slightly higher interest rate but with no |
| taking on a higher risk. The lender compensates for | | | | settlement clause. It is also important to check whether |
| this by charging you a higher interest rate. Unsecured | | | | the lender is quoting you a fixed interest rate (remains |
| low rate loans are usually processed quicker than | | | | constant throughout the term of the loan) or a variable |
| secured low rate loans but it is important to make sure | | | | interest rate (can fluctuate with changes in the bank |
| that you can comfortably afford the repayments as | | | | base rate). |