Usually when someone is looking for a UK cheap loan, secured or unsecured, what they are really seeking is the lowest annual percentage rate or APR available. Naturally everyone wants a good deal and one that makes the most financial sense. By doing a thorough comparison of cheap loans being offered, it is possible to find a great APR in the UK market.
If you are looking for a cheap loan, secured loans are usually the best option for finding the lowest APR. Cheap secured loans have recently become quite popular in the UK and are being offered by many lending institutions. Lenders are able to offer lower interest rates for a secured loan because there is collateral required to ensure repayment of the loan. Cheap secured loans have the advantage of offering very flexible repayment terms allowing the borrower to repay the loan over a longer period. This results in the monthly payments being lower. The other advantage of a cheap secured loan is it is possible to borrow larger sums of money, sometimes as much as 125% of a homes equity.
It is possible to find cheap unsecured loans in the UK, but generally this kind of loan will have a higher APR. As the name implies, there is no collateral required for a unsecured loan. Not having the added security of collateral is why lenders charge a higher APR to offset the higher risk. If you have perfect credit and are looking to borrow a smaller amount, it is still possible to get a fairly competitive APR with a UK unsecured loan.
When starting a search for a UK cheap secured loan, it is best to use one of the better online comparison sites. A good comparison site has the advantage of searching hundreds of lending options so you know that you have found the cheapest secured loan quote. A good comparison site will also have a quick and easy form and will not require an initial credit check. This is important as numerous credit checks in a short period of time can damage your credit report.
Which ever way you decide to go with your cheap loan, secured or unsecured, in the long run it will save you money doing the proper research now.
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