October 6, 2020

Loan Guide


Many people are confused by the different types of loans available. Here's a helpful loan guide to the most common loans available today.

Bad credit personal loan

A bad credit personal loan is a loan designed for many people with a bad credit rating. Regardless of how it was created, your past history of county court judgments, mortgages, or other loan arrears may continue to live to deny you access to financing that other people consider normal. If you own a home with equity in your home, a Bad Credit Personal Loan can bring that normalcy back to your life. Secured in your home, a Bad Credit Personal Loan can give you the freedom, for example, to make the home improvements or buy the new car that you really wanted. With a bad credit personal loan, you can borrow from £ 5,000 to £ 75,000 and up to 125% of your property's value in some cases.

Bridging loan

A bridging loan, as the name implies, is a loan that is used to "close" the financial gap between the money required to complete the new property before the existing property is sold. Bridging loans are short-term loans that are made when you need to buy a home but cannot fix the mortgage for some reason, such as there is a delay in the sale of your existing property.

The beauty of bridging loans is that a bridging loan can be used to fill the financial gap when buying a property before the existing one is sold. A bridging loan can also be used to raise equity pending the sale of a property. Bridging loans can be arranged for anything between £ 25,000 and a few million pounds and can be borrowed for periods of one week to six months.

A bridge loan is similar to a mortgage in that the amount borrowed is secured on your home, but the advantage of a mortgage is that it attracts a much lower interest rate. While bridging loans are Smslån, the interest rates can be very high.

Business loan

A business loan is designed for a wide range of small, medium, and new business needs, including purchasing, refinancing, business expansion, development loans, or any type of business investment. Business loans are generally available from £ 50,000 to £ 1,000,000 at highly competitive interest rates from leading business loan lenders. They can offer up to 79% LTV (loan at valuation) with variable rates, depending on the state and the length of the term.

They are typically offered in freehold and long-term lease properties with required brick and mortar appraisals. Legal and valuation fees are borne by the client. A business loan can be secured by all types of UK commercial, commercial and residential properties.

Car loan

The main types of auto loans available are the manufacturer and rental purchase schemes. Car dealerships arrange financing for the purchase of rental vehicles and, in practice, means that you are renting the vehicle from the dealership until the final loan payment has been paid, when ownership of the vehicle is transferred to you.

A manufacturers plan is a type of loan that the car manufacturer develops and advertises and can be arranged directly with the car manufacturer or through a local car dealer. You will not own the vehicle until you have paid the loan in full, and the car will be repossessed if you fail to make payments.

Cash loan

Cash loans, also known as payday loans, are arranged for employed people who are in a situation where they lack immediate funds.

A cash loan can help you in this situation with short-term loans of between £ 80 and £ 400.

Loans are repayable on your next payday, although your loan can be renewed until subsequent paydays. To apply for a cash loan, you must be employed and have a bank account with a checkbook. A bad credit rating or debt history is not a problem initially.

Debt Consolidation Loan

Debt consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one, giving you an easy-to-manage payment and, in most cases, at a lower interest rate.