Cheapest Loans - page 2
Add up all charges to work out the cheapest loans
If you do decide to go ahead with PPI, our best advice would be to shop around for a stand-alone policy and compare this with the one your lender is offering.
When it comes to the type of loan, there are a number on offer. A secured loan is a type of loan that is secured against a person's home. The benefit of borrowing in this way is that it is more affordable than one which is unsecured. The lender has the security that in the event of the borrower not being able to repay the loan, the money can be recovered by the sale of the borrower's property. Secured loans are available over a longer term, which helps to keep the repayments down. Most lenders will base the amount they'll advance on the amount of equity the homeowner has in their property. This is the value of the property, less any mortgage or secured loans.
Repayments on secured loans tend to be over ten to 15 years, whereas unsecured ones are normally for a much shorter term, up to 5 years. Secured loans tend to start at around £5,000 and can go up to around £100,000 but if you are thinking of anything more than a modest amount it could be better to re-mortgage.
For advice and information on all types of loans, the internet is the place to look. Independent advisers have no axe to grind, they'll search a wide data base to find the very best products for you to choose from, at the click of a mouse.
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