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 ) 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.
Resources:
Mortgage and loan comparisons - Moneynet
Personal finance blog Cashzilla
About Rachel Lane:
Rachel writes for the personal finance blog Cashzilla:
Rachel is a disillusioned, disaffected and broke graduate, exploiting new media for financial therapy.
E-mail: rachel@positiveinterest.com or online@moneynet.co.uk
Phone: 0131 561 2251
 Google News Updated : Sun, 07 Sep 2008 14:08:18 GMT Federer is set for his fifth consecutive US Open final (Keystone) - Swissinfo
Swissinfo - Switzerland's Roger Federer has won his semifinal at Flushing Meadows against Novak Djokovic of Serbia in four sets, 6-3, 5-7, 7-5, 6-2. Video: Federer Beats Djokovic to Reach US Open Final Federer Reaches Final Before Rain Publ.Date : Sun, 07 Sep 2008 13:38:36 GMT Michigan spared sting of West Nile - Detroit Free Press Detroit Free Press - BY SHERI McWHIRTER • RECORD-EAGLE • September 7, 2008 TRAVERSE CITY -- West Nile virus hasn't seriously bitten Michigan this year and seems to have spared the state's northern reaches. Yes, the mosquitoes were nasty this summer Aerial survey being conducted to find mosquito breeding grounds Publ.Date : Sun, 07 Sep 2008 07:53:44 GMT Health Buzz: Immunosuppressive Drug Warning and Other Health News - U.S. News & World Report
U.S. News & World Report - The Food and Drug Administration has asked the manufacturers of Humira, Cimzia, Enbrel, and Remicade—which belong to a class of medications known as tumor necrosis factor alpha blockers (TNF-alpha blockers)—to strengthen the warning for risk of fungal ... FDA urges more caution over TNF blocker infections Arthritis Drugs Linked to Risks From Infection Publ.Date : Fri, 05 Sep 2008 15:23:08 GMT Suicide blast kills 35 in Pakistan; Zardari set to take power - International Herald Tribune
International Herald Tribune - AP, The New York Times PESHAWAR, Pakistan: The death toll in a devastating suicide blast has reached 35, officials said Sunday, as Pakistan prepared for Benazir Bhutto's widower to take over as president. Pakistan's Zardari urged to change image and focus Pakistan's Zardari prepares for presidency Publ.Date : Sun, 07 Sep 2008 13:14:31 GMT Fannie, Freddie Capital Concerns Prompt Paulson Plan (Update1) - Bloomberg
Bloomberg - By Dawn Kopecki and Alison Vekshin Sept. 7 (Bloomberg) -- Treasury Secretary Henry Paulson decided to take control of Fannie Mae and Freddie Mac after a review found the beleaguered mortgage-finance companies used accounting methods that inflated their ... Video: Obama Calls for Changes in Mortgage Giants RPT-US Treasury sets news conference;GSE plan expected Publ.Date : Sun, 07 Sep 2008 12:59:54 GMT Malkovich gets mad in Coens' 'Burn After Reading' - The Associated Press
The Associated Press - TORONTO (AP) - The Coen brothers' new movie gave John Malkovich a chance to blow off some steam. Malkovich's seething character in "Burn After Reading" bursts out in perpetual tantrums, a nice exercise in anger management, according to the actor. Toronto Film Festival vs. Brangelina – Who Gets the Spotlight? Pitt Rocks to Madonna Publ.Date : Sun, 07 Sep 2008 13:31:53 GMT Reuters Entertainment Summary - Washington Post Washington Post - VENICE (Reuters) - Eleven days of red carpet galas, 21 films in competition and countless interviews, photo calls and parties at the Venice film festival boiled down to just one man in the end -- Mickey Rourke. Aronofsky Gracefully Wrestles Golden Lion Out Of Venice Buyers mixed on Toronto films Publ.Date : Sun, 07 Sep 2008 10:41:41 GMT Amazon RSS |
PARLOT::Ebooks, Scripts,
Websites, and more... The bad news about attending college is that it costs... Read More While looking for adverse credit homeowner loans it can seem... Read More Military signature loans are easy to come by. When looking... Read More Online cash advance companies offer a convenient and speedy application... Read More In order to understand qualifications for loan approval, let's examine... Read More A buyer of a new home may find himself or... Read More With the plethora of big-business entities jockeying for the money... Read More Here are some useful Debt Consolidation tips. Debt consolidation is... Read More The revolution that has affected everyone's financing technique is online... Read More If you thought your home is worth nothing except for... Read More Do you need fast cash to get your car fixed... Read More Have you ever wondered what is credit scoring? Credit scoring... Read More What is a payday loan? This is a small short-term... Read More It has always been an issue for home buyers to... Read More If you're in the process of trying to find a... Read More Need extra cash till payday? It's easy to apply and... Read More Parents should begin saving money early for their children's college... Read More Homeowner loans are useful ways to get the things that... Read More When trying to discover the origins of lending you might... Read More A Payment Protection Plan is an insurance cover you would... Read More If you're looking for an online loan, you might be... Read More Payday loans offer a fast and easy solution to financial... Read More If you are looking at getting a payday loan or... Read More If you're just beginning to look at online loans, you... Read More If you find yourself in a situation where you need... Read More
Adsense
websites
Financial Aid for College Students - Grants
Information About Adverse Credit Homeowner Loans
Where to Get Your Military Signature Loan
Fast Cash Advance Payday Loans - Convenient to Use Online
Long Term Unsecured Loan?
Bridge Loan
Debunking the FAFSA Myth
Debt Consolidation Tips
Loans for Doctors ? Financial Funding for Healthcare Professionals
See What Your Home is Worth
Fast Payday Cash Loans
What is Credit Scoring?
Military Payday Loans
5% Down Vs. 10% Down - A Comparison
Ways to Find a Cheap Loan
Cheap Loans Till Payday - Using Cash Advance Loans in an Emergency
Dos and Donts: Student loans
A Brief Look at Homeowner Loans
A Brief Look at the Origins of Lending
What Is A Payment Protection Plan?
Finding the Right Online Loan for You
Payday Loans - Ways to Keep Your Costs Low
Quick Cash Advance Payday Loan - Get it Free or Cheap
A Beginners Guide to Online Loans
A Borrowers Guide to Bad Credit Loans UK
Affordable and Reliable Web Hosting Starting at $4.49/Month
A Guide to Finding Home Owner Loans
If you're in the process of trying to find home... Read More
A General Discussion about Unsecured Personal Loans in the UK Financial Market
Personal loans are offered by lenders such as banks and... Read More
Instant Payday Loan and Instant Payday Loans
Instant payday loans are financial loans that are available for... Read More
A Brief Look at the Origins of Lending
When trying to discover the origins of lending you might... Read More
Useful Tips On Buying A New Or Used Car
Buying A New Car: A new car is second only... Read More
Five Things To Check Out When You Apply For a Payday Loan
Are you thinking of going in for a payday loan... Read More
Finding the Right Online Loan for You
If you're looking for an online loan, you might be... Read More
125% Equity Home Loans
If you are a homeowner in need of a home... Read More
Business Loans from Family - A Good Idea?
Can I Ask my Family for a Loan to Pay... Read More
Applying for a Payday or Cash Advance Loan Online
Applying for a payday loan online is a quick and... Read More
How to Find Bad Credit Loans UK
Bad credit loans UK can sometimes prove quite difficult to... Read More
Secured Business Loans ? Equipping Your Business Blueprint With Concrete Groundwork
Somebody once said, 'Business is not financial science; it's about... Read More
Student Loans Are The Life Preserver Of The Education System
A loan is the reason many students are able to... Read More
What is a Homeowner Loan?
A Homeowner Loan is a way of using the equity... Read More
Secured Car Loan - if Car Signifies a Second Home to You
Cars ? they are your passion, necessity, luxury, earning member.... Read More
A Beginners Look at Secured Homeowner Loans
Secured homeowner loans come in a variety of different types... Read More
Finding the Loan UK that Meets Your Needs
For those in the market for a loan UK ,... Read More
Bad Credit Loans
Obtaining bad credit loans can be a real challenge. If... Read More
Loans For Unemployed - when your personal economy slumps during difficult times
The latest IDS figures for unemployment the claimant count measure... Read More
Why Choose a Homeowner Loan?
Outlined below are some of the reasons for choosing a... Read More
Taking the Time to Find the Best UK Loans
When looking for UK loans, it's always important to take... Read More
SBA Loan: Options, Benefits, and Lenders Part 2 of 2
In this second installment, we will further examine what kinds... Read More
How to Find Cheap Loans UK
For the individual in need of cheap loans UK, it... Read More
Faxless Payday & Cash Advance Loans - Fast Cash, No Faxing Loans, The Easiest Payday Loan Process
If you are in a hurry for a payday loan,... Read More
What is a Business Loan?
A business loan is designed for a wide range of... Read More
Loan |