Loans

Finding a financial services organisation to offer you a loan is not difficult. Finding the right deal for you is however, and this is where Bullhorn’s on-line loan comparison service can help. The UK loans industry is vast and a large industry means that there is plenty of choice for UK customers looking for a good loan deal. Bullhorn can rapidly search the market for you to find the best deals on offer that match your needs. All you need to do is spend a few moments filling in your loan requirements and Bullhorn can collate a list of the best options in seconds. You can then review the user-friendly, interactive list to pick the right loan for you.

So, what does the current UK loans market have to offer customers? As stated above, there is abundant choice. All the major high street banks offer loans and there are also a number of other financial services companies active in the UK loans market. In addition, loans can also be taken from a number of other sources, such as retailers. Bullhorn’s loans comparison service covers them all, ensuring that you will find the best loan on the market for your individual needs.

In terms of loan features there are a number of aspects to think about. For most customers the biggest issue is the annual percentage rate (APR) offered. This rate determines how much interest you will pay on your loan balance over its duration. Rates can vary greatly, with the lowest on offer around 6%. Generally speaking, the more you borrow the lower the rate, as the interest received on high loan sums will be higher.

Similarly, the longer the loan term the lower the rate, as interest will build up over time, ensuring the loan company still makes its money. Term length is the second key criterion to consider when looking for a loan. Typically, loan providers offer terms ranging from 6 months to 84 months (7 years), although longer terms can be found. All loan providers will allow for the flexibility of paying off the remaining balance of a loan early. However, some many charge a ‘penalty’ fee for this, so it is worth checking potential loan providers’ rules on early repayment before committing to a loan.

Finally, you need to consider whether you want a ‘secured’ or ‘unsecured’ loan. A secured loan is secured against a stipulated aspect of your estate, to give the lender a required level of financial coverage. Usually, a secured loan is taken against the customer’s house. The house stands as the guaranteed equity, so if the customer cannot at any point continue to repay their loan repayments to recover its outlay, the loan company can take possession of the house. So, essentially the house is the security to ensure that the loan provider will get its money back. For obvious reasons secured loans have a danger element to them, however the benefits of a secured loan are typically larger available loan sums at lower interest rates.

Alternatively you can opt for an unsecured loan. The market for this type of loan has grown rapidly in recent years, ensuring that products are very competitive. Understandably, unsecured loans are popular with customers as the risk is less. However, APR rates will be higher than secured loans and providers will be less willing to lend as much. In the unsecured lending market most providers operate a top loan sum limit of about £25,000.