Thursday, November 4, 2010

Personal Loans : Compare Secured Loans

This market is extremely competitive, therefore, it is not surprising some homeowners are confused regarding who to choose. There are of course newspapers, magazines, and internet sites that offer comparisons between secured loan lenders and some can be quite useful.

Before deciding which lender and product is best for you, consider reading our guide below which contains hints and tips on what to look out for when comparing secured loans; Remember all UK lenders are now regulated by the Financial Services Authority. (

Borrowing a small or large amount of money is a big step, therefore, always be sure that is the correct thing to do and try to anticipate circumstances in the future which may affect your ability to meet future loan repayments. Consider seeking independent financial advice. There is a wide choice of reputable organisations, banks and building societies and regulated Independent Financial Advisors who will often provide free advice.

Compare each lenders interest rate or Annual Percentage Rate (APR). A homeowner loan is secured against your property, therefore, your home is at risk if you do not keep up the repayments, and failure to do so could result in you getting a bad credit record. Investigate whether fees are charged to either take out the secured loan or for early repayment of it. Most loans are offered along with Payment Protection Insurance or (PPI). An extra premium will be charged. Consider reading the policy to understand what you are covered for and any exclusions that apply. More information on finding secured loans.


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