Halifax has claimed that its unsecured personal loans can be useful to those people looking to buy a new car.
As the launch of the 57 registration plate approaches, many people might be considering purchasing a new vehicle.
Halifax unsecured personal loans allow the borrower to forego repayments for the first three months, which can allow car buyers breathing space while they arrange insurance, tax or an MOT.
"Purchasing a new car takes a lot of time and thought as it is a big financial commitment," said Neil Chandler, head of Halifax unsecured personal loans.
"It is important to choose a finance deal which suits you best, leaving you free to sit back and enjoy your new car."
In its Deals on Wheels report, the AA revealed that one in three people who buy a car in the next year will do so using a loan.
Source:http://www.moneynews.co.uk/3674/halifax-unsecured-personal-loans-good-for-car-buyers-/
Friday, August 31, 2007
Tuesday, August 28, 2007
Unsecured loans to become cheap
Starting first week of next month, unsecured loans are to become cheap says Personal LoansX. The loans arranged by this online loan agency are going to cost less to borrowers as the lending rates charged by the lenders associated with this agency is lowered.
Announcing this, its spokesperson Ms. Rebecca Dorothy told, “The lenders associated with us have been too generous to offer lower the loan rates to borrowers. When we approached the borrowers, they opined that given the kind of service we give to the lenders and borrowers they will be able to lower APR associated with the loans. In addition, they also said that they will be coming up with new loan solutions to empower our borrowers.”
Ms. Rebecca also said, “The unsecured loans arranged us are of lower APR plus the lenders does not have a say on the way a borrower wishes to spend it. In addition, the flexibility in terms of repayment of these loans, and terms and conditions associated with such loans are conducive for a borrower in the UK. The facility of online application process is another factor that eases up the process of loan application.”
The statement from Ms. Rebecca implies that Personal LoansX is arranging unsecured loans at lower APR with numerous benefits. With the rising bank rate, the lowering of APR by the lenders associated with this online loan agency will be something that is hard to sell. Only future will tell whether the lowering of APR by the lenders are helpful for a borrower to borrow finance through Personal LoansX or not.
Personal Loansx is a trustworthy loan arranger. Personal loans, bad credit personal
loans, personal secured loans, debt consolidation loans, cheap personal loans are some of the loans, which are organized at Personal Loansx. Free no obligation loan quote service is also available at Personal Loansx, which enhances customer experience.
Source:http://www.prleap.com/pr/91035/
Announcing this, its spokesperson Ms. Rebecca Dorothy told, “The lenders associated with us have been too generous to offer lower the loan rates to borrowers. When we approached the borrowers, they opined that given the kind of service we give to the lenders and borrowers they will be able to lower APR associated with the loans. In addition, they also said that they will be coming up with new loan solutions to empower our borrowers.”
Ms. Rebecca also said, “The unsecured loans arranged us are of lower APR plus the lenders does not have a say on the way a borrower wishes to spend it. In addition, the flexibility in terms of repayment of these loans, and terms and conditions associated with such loans are conducive for a borrower in the UK. The facility of online application process is another factor that eases up the process of loan application.”
The statement from Ms. Rebecca implies that Personal LoansX is arranging unsecured loans at lower APR with numerous benefits. With the rising bank rate, the lowering of APR by the lenders associated with this online loan agency will be something that is hard to sell. Only future will tell whether the lowering of APR by the lenders are helpful for a borrower to borrow finance through Personal LoansX or not.
Personal Loansx is a trustworthy loan arranger. Personal loans, bad credit personal
loans, personal secured loans, debt consolidation loans, cheap personal loans are some of the loans, which are organized at Personal Loansx. Free no obligation loan quote service is also available at Personal Loansx, which enhances customer experience.
Source:http://www.prleap.com/pr/91035/
Monday, August 27, 2007
Tips For Getting A Personal Loan
Credit cards can easily be mis-used, but it's hard to mis-use an unsecured personal loan with a fixed interest rate. You simply set aside enough money to pay off each monthly bill. That's why I like them.
But getting a half decent one can be tricky if your credit rating isn't perfect and, regardless of your credit history, there are some booby traps to watch out for whilst you're doing it. Here are some tips for any and all hopeful borrowers:
1. If your credit record isn't perfect
If you apply for a loan beyond your reach, you may be offered a much worse interest rate than the 'typical' APR advertised or, more likely, you'll be rejected. This will make your credit record even worse, because making multiple applications in a short space of time looks bad to many lenders.
Consider a tactical application. You're more likely to be accepted if you go for a loan with a slightly higher typical APR. Take a look at our loan partners page, for example. (Although we have partners, you can still compare the whole loan market through us.) This page contains the two cheapest loans on the market, supplied by Moneyback Bank and its owner, Alliance & Leicester. With these, an £8,000 loan over three years will cost you in interest just £778 and £802 respectively.
However, our data shows that just 20% (approximately) of applicants for these loans are successful, because they want the borrowers with the best records. Now compare this with Northern Rock, which costs you £914 in interest, but the acceptance rate is excellent at around and above 40%.
2. Look at costlier loans with more flexible terms
Some loans are flexible: they allow overpayments or a full, early settlement without penalty. Northern Rock's (I noticed when researching point 1 above) is unusually flexible in that it allows as many overpayments as you want for any amount, plus you can pay the whole lot off early.
If you took your £8,000, three-year loan out with them and overpaid by £150 roughly every three months, you'd save about £150 in interest, so that you've paid no more than a borrower with Moneyback Bank. Furthermore, you'll pay off your loan in just two years and five months, so you'll have a seven-month savings head-start. This would be about £2,000 in the bank by the end of year three, if you saved all the money you had been putting into repaying your loan!
You can find more flexible loans through The Fool by looking at the 'Other Charges' column in our comparison tables. Look for the words 'No charges that we know of'. You can then get further information by clicking on the 'Details' button.
3. What happens if you're declined?
Referring back to point one, above, you may be wondering what happens to the 60-80% who are rejected. Well, in addition to having a small mark put on your credit record, you are often referred to secured-loans companies, which will ring to pressure you into buying a loan that may be dodgy and probably expensive, with variable (not fixed) interest rates.
Sadly, we at The Fool can't stop lenders doing this to you even when you take out a loan through us. However, you can stop it yourselves! What you must do, as always, is read every page of the small print thoroughly. There will be a check box to stop the lender passing on your details to any other company. Some lenders make it difficult to find, so click on every link and read through it thoroughly.
4. Ring a company you already deal with
If your credit record is looking pretty rough, you may find that contacting a company which you already have a product with is your best bet. Don't just snap up any old loan it offers you though; think carefully about how much it costs, and consider whether you could do better.
You could always ask the helpful Fools on our Dealing with Debt board if you'd like their views on a loan you're offered.
5. Get a quote with PPI
Payment protection insurance (PPI ) is hideously over-priced when you buy it alongside a loan. A £7,500 five-year loan with the cheapest provider, Moneyback Bank, at its typical interest rate equals £146 per month. If you add to it Moneyback's PPI it costs £185 or £39 more per month. This will cost you an additional £2,340 by the end of the loan!
However, if you buy PPI separately with a provider like SecurityFirst, it'd cost a fifty-year old £332 in total (£5.53pm), and a 25-year old just £153 (£2.55pm). (Some providers make it more expensive for older people as they're more likely to become ill.) These are huge savings of £2,013 and £2,192 respectively!
If you decide to get PPI, make sure you thoroughly read and understand the small print, especially what claims are excluded, to make sure it's suitable. To take just one example, it's less beneficial to self-employed people. Learn more about stand-alone PPI in Ditch Your Rip-off Protection Today!
Thing is, you're more likely to get a loan if you request PPI, because the lender makes so much money from it. So, you could hugely improve your chances of getting a loan if you submit a request for it with payment protection insurance included. Then, as soon as you've got the paperwork, you send it back without signing it and ask for a re-quote without PPI. It would be very difficult for the lender to subsequently decline your amended application. But please make sure you do send it back without delay, or it'll cost you!
6. Watch the APR; it can be misleading
Lenders can manipulate APRs (the annual percentage rate of interest) to make them look better than they are. Therefore, to compare loans you should ignore the APR and instead look at the total amount repayable and the monthly payment. We make this easy for you in our loans centre.
7. Don't let the lender drag out your loan
Source:http://www.fool.co.uk/news/
But getting a half decent one can be tricky if your credit rating isn't perfect and, regardless of your credit history, there are some booby traps to watch out for whilst you're doing it. Here are some tips for any and all hopeful borrowers:
1. If your credit record isn't perfect
If you apply for a loan beyond your reach, you may be offered a much worse interest rate than the 'typical' APR advertised or, more likely, you'll be rejected. This will make your credit record even worse, because making multiple applications in a short space of time looks bad to many lenders.
Consider a tactical application. You're more likely to be accepted if you go for a loan with a slightly higher typical APR. Take a look at our loan partners page, for example. (Although we have partners, you can still compare the whole loan market through us.) This page contains the two cheapest loans on the market, supplied by Moneyback Bank and its owner, Alliance & Leicester. With these, an £8,000 loan over three years will cost you in interest just £778 and £802 respectively.
However, our data shows that just 20% (approximately) of applicants for these loans are successful, because they want the borrowers with the best records. Now compare this with Northern Rock, which costs you £914 in interest, but the acceptance rate is excellent at around and above 40%.
2. Look at costlier loans with more flexible terms
Some loans are flexible: they allow overpayments or a full, early settlement without penalty. Northern Rock's (I noticed when researching point 1 above) is unusually flexible in that it allows as many overpayments as you want for any amount, plus you can pay the whole lot off early.
If you took your £8,000, three-year loan out with them and overpaid by £150 roughly every three months, you'd save about £150 in interest, so that you've paid no more than a borrower with Moneyback Bank. Furthermore, you'll pay off your loan in just two years and five months, so you'll have a seven-month savings head-start. This would be about £2,000 in the bank by the end of year three, if you saved all the money you had been putting into repaying your loan!
You can find more flexible loans through The Fool by looking at the 'Other Charges' column in our comparison tables. Look for the words 'No charges that we know of'. You can then get further information by clicking on the 'Details' button.
3. What happens if you're declined?
Referring back to point one, above, you may be wondering what happens to the 60-80% who are rejected. Well, in addition to having a small mark put on your credit record, you are often referred to secured-loans companies, which will ring to pressure you into buying a loan that may be dodgy and probably expensive, with variable (not fixed) interest rates.
Sadly, we at The Fool can't stop lenders doing this to you even when you take out a loan through us. However, you can stop it yourselves! What you must do, as always, is read every page of the small print thoroughly. There will be a check box to stop the lender passing on your details to any other company. Some lenders make it difficult to find, so click on every link and read through it thoroughly.
4. Ring a company you already deal with
If your credit record is looking pretty rough, you may find that contacting a company which you already have a product with is your best bet. Don't just snap up any old loan it offers you though; think carefully about how much it costs, and consider whether you could do better.
You could always ask the helpful Fools on our Dealing with Debt board if you'd like their views on a loan you're offered.
5. Get a quote with PPI
Payment protection insurance (PPI ) is hideously over-priced when you buy it alongside a loan. A £7,500 five-year loan with the cheapest provider, Moneyback Bank, at its typical interest rate equals £146 per month. If you add to it Moneyback's PPI it costs £185 or £39 more per month. This will cost you an additional £2,340 by the end of the loan!
However, if you buy PPI separately with a provider like SecurityFirst, it'd cost a fifty-year old £332 in total (£5.53pm), and a 25-year old just £153 (£2.55pm). (Some providers make it more expensive for older people as they're more likely to become ill.) These are huge savings of £2,013 and £2,192 respectively!
If you decide to get PPI, make sure you thoroughly read and understand the small print, especially what claims are excluded, to make sure it's suitable. To take just one example, it's less beneficial to self-employed people. Learn more about stand-alone PPI in Ditch Your Rip-off Protection Today!
Thing is, you're more likely to get a loan if you request PPI, because the lender makes so much money from it. So, you could hugely improve your chances of getting a loan if you submit a request for it with payment protection insurance included. Then, as soon as you've got the paperwork, you send it back without signing it and ask for a re-quote without PPI. It would be very difficult for the lender to subsequently decline your amended application. But please make sure you do send it back without delay, or it'll cost you!
6. Watch the APR; it can be misleading
Lenders can manipulate APRs (the annual percentage rate of interest) to make them look better than they are. Therefore, to compare loans you should ignore the APR and instead look at the total amount repayable and the monthly payment. We make this easy for you in our loans centre.
7. Don't let the lender drag out your loan
Source:http://www.fool.co.uk/news/
Sunday, August 26, 2007
Credit Cards Rates Rise for Some With Poor Credit
Don't own a home or plan to buy one anytime soon? Well, listen up because the fallout from the country's mortgage problems could still affect you.
Several credit card companies in recent weeks have started to jack up rates for some customers, and other lenders are tightening standards for auto and personal loans.
Banks and lenders, for the most part, are not directly citing the national tightening of credit due to rising mortgage defaults. Most attribute the changes to generally tighter credit for corporations and individuals.
But still, lenders are taking a close look -- whether new or not -- at people's credit, and that is pushing costs higher for some consumers.
The credit cards tie their rates to those set by the Federal Reserve and factor in the number of delinquencies. Since neither of those have changed, neither have credit card rates, McBride said.
Greg McBride, senior financial analyst at Bankrate.com, said that credit card rates have been flat throughout the year. But while overall rates might be flat, it doesn't mean that they're not climbing for some.
"If you start falling behind on payments you're a sitting duck for a higher rate. That's a normal course of business," McBride said. "Unlike the mortgage business, where everybody just woke to the prospect of risk three weeks ago, credit card issuers live credit risk. Their debt is unsecured so they are constantly in this mode of monitoring risk."
McBride said the credit card business has long set different rates based on each individual's credit-worthiness. And while rates for consumers with good credit might not have changed, it is possible that the companies are shifting more people with less-than-perfect credit over to the more-expensive rates.
Source:http://www.abcnews.go.com/Business/LifeStages/story?id=3520885&page=1
Several credit card companies in recent weeks have started to jack up rates for some customers, and other lenders are tightening standards for auto and personal loans.
Banks and lenders, for the most part, are not directly citing the national tightening of credit due to rising mortgage defaults. Most attribute the changes to generally tighter credit for corporations and individuals.
But still, lenders are taking a close look -- whether new or not -- at people's credit, and that is pushing costs higher for some consumers.
The credit cards tie their rates to those set by the Federal Reserve and factor in the number of delinquencies. Since neither of those have changed, neither have credit card rates, McBride said.
Greg McBride, senior financial analyst at Bankrate.com, said that credit card rates have been flat throughout the year. But while overall rates might be flat, it doesn't mean that they're not climbing for some.
"If you start falling behind on payments you're a sitting duck for a higher rate. That's a normal course of business," McBride said. "Unlike the mortgage business, where everybody just woke to the prospect of risk three weeks ago, credit card issuers live credit risk. Their debt is unsecured so they are constantly in this mode of monitoring risk."
McBride said the credit card business has long set different rates based on each individual's credit-worthiness. And while rates for consumers with good credit might not have changed, it is possible that the companies are shifting more people with less-than-perfect credit over to the more-expensive rates.
Source:http://www.abcnews.go.com/Business/LifeStages/story?id=3520885&page=1
Saturday, August 25, 2007
Online loans: Instant approvals with online loans
Defining Online loans
As the word suggests, it's the financial aid which is offered when applied online. With just few clicks you acknowledge approvals, borrowings, monthly repayments and many other benefits that you qualify. Online loans are bisected into two as secured and unsecured. When some asset, especially your home, is pledged to the lender, it is termed as secured and provides you with benefits like low interest rate, long monthly repayments and many more. Where there is absence of collateral, it is called unsecured and has high APR in comparison with secured loans.
World of lenders
When applying online, you can have an access to world of lenders floating in the UK market. You can search websites of different lenders with an array of benefits in offing. You can check out their schemes too and compare loan quotes of different lenders. The most attractive offers with favorable loan term and conditions can be chosen by shopping around online.
o processing fees
Online applications have no processing fee attached with them. So, you are benefited and get a wonderful opportunity to save some penny. Even lenders prefer online applications as they involve low cost and better management.
Fast approvals
As lenders too give more preference to online applications, your applications are answered on priority basis. If you have all the requisites as per the terms and conditions of the lender, you get fast and instant approvals.
Information kept secret
While applying for online loans you have to provide certain personal and credit details like age proof, residence proof, income details. All this information is given importance and kept as a secret.
Source:http://www.bestsyndication.com/?q=082407_best_secured_loans.htm
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