Interest
Rates
About
Interest Rate Information on Loans
Please
note that Interest rates vary. It is worth noting that some loan
lenders are only interested in lending to people whom they regard
as a 'safe risk'. These people may secure lower interest rates.
This 'selective lending' means that groups considered to be in a
high risk catagory are either offered money at a higher interest
rate or not offered a loan at all. So, basically - lower the risk,
lower the interest rate will be.
It
is wise to get several alternative quotations from a number of loan
providers. This way you should be able to cut the cost of credit
and be able to negotiate the interest rate you pay.
Please Note: Some categories of people are less welcome to certain
Loan Providers.
If
you get turned down by by a loan company, there is usually another
company willing to provide you with the loan you require. One category
is the Self employed who have a short trading record and those who
don't own their own home might be declined or charged a higher interest
rate. However there are lenders who specialise in high risk lending,
and they can be found along with others on the Loan Providers index
page of http://www.finance-central
who have one of the most comprehensive directories of UK Loan providers.
Make sure you compare each in detail and get the best deal. Loan
Providers will want to ask personal questions about your finances
and your future plans before making up their mind on whether to
lend and at what interest rate.
Tip:
Sometimes it is wise to choose a known company with a household
name since they can offer more in customer support.
Tip:
Be wary of some Loan Comparison calculators since they can be rigged
to fool the Online consumer into thinking they are getting the best
deal available.
OCIS
provide general financial information, we urge you to consult an
Independent
Financial Adviser ( IFA )
before making any important decisions about your finances. |
