Low Interest Loans UK: Are You Eligible?

2007-03-08 10:33:40

( Financial )



The increase in the number of loan providers and the ensuing stiff competition in the industry are largely to be credited for the emergence of low interest loans UK.

Low interest loans UK is also known as cheap loans UK. Its APR or Annual Percentage Rate, the interest rate charged on your loan, is comparatively lower. Take note, though, that this is not always the case. Not everyone who applied for a low interest loan will get accepted or be eligible for the headline rate. Your credit profile would determine your acceptance. It would also have a greater weight in the calculation of your APR.

Lenders make use of credit score cards to profile your credit worthiness or your ability to repay your debt. One of the factors in the credit score card is your credit history. Lenders carry out a credit search to check your credit history.

If you have a clean credit history, low interest loans UK is a good choice. It is a lot better than using your credit cards for major purchases which you will not repay right away. It would also be a good choice when paying for your kid’s school tuition fees. If you don’t have the cash at the moment, consider getting a low interest student loan.

It is easy to apply for a low interest loans UK. A lot of loan providers have websites where you can transact with online. Most credit decisions are arrived at speedily. To attract more business, they have come up with several benefits, aside from low APR. They offer benefits such as no repayments in the first few months, flexible repayment period of up to several years, direct credit to your bank account, etc.

Most low interest loans UK are unsecured or require no collateral. In case you have a bad credit record, you can still avail of a low APR by getting low interest mortgages on your properties. Once you do, make sure you straighten your credit records so you could eventually take advantage of available low interest loans UK when you need them.


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