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Jessica, Dallas, TX
Keeping your credit score as high as possible in order to receive the most attractive loan available takes a lot of experience and self-discipline. There is also another factor involved, and that is knowing which type of loan suits each situation best. Being able to choose from a wide range of financial products means that you can find the right solution to all your money needs.
The two major acquisitions that the vast majority of people will make using credit will be their property, which in most cases they will change maybe three or four times in their lifetime, and their car, which they might change as often as ten or fifteen times during their adult life. These types of loans, which are usually arranged through banks are known as secured loans, because they are secured against the property being purchased. That means that the bank holds the property or the pink slip of the car until the loan has been paid off in full. For this type of loan, the bank will usually ask for a minimum deposit of about 30% of the value of the property or vehicle. If the person taking out the loan cannot meet the payments for whatever reason, the bank is entitled by law to repossess the property or the vehicle to recover the balance of the loan. While this may sound very negative, on the upside the interest rates on these types of secured personal loans tend to be much lower than any other form of bank personal loans.
Bank personal loans are usually required when someone wants to buy an item of furniture or electrical goods, such as TV sets, refrigerators, washing machines, driers, cookers, stoves, and even some large items that are built in to a property such as air conditioning units or boilers. In these cases the bank will not be looking for any form of security against the goods being purchased. The reason is that banks are not interested in repossessing these kinds of articles so they do not require any form of security. These types of loans are often referred to as personal loans. In other words, the bank will lend their client the sum of money large enough to buy one or even two of these major household goods as long as they are in good standing with the bank and have good credit score. While the interest rates will be higher than those paid on secured loans, these loans are relatively short term. Long term bank personal loans are usually taken out for high-value domestic electrical goods such as refrigerators, central heating units, air conditioning units and boilers.
To to the consumer, the advantage of taking these kind of personal loans is that they can deal with emergency issues, get new home appliances or settle urgent house repairs.
We work with a panel of trusted lenders who can cater for all your money needs, regardless of what you need the money for without having to specify the loan purpose. Our lenders are not interested in what you need the money for – as long as you can prove that you will be able to pay the money back, you can get approved in no time. The loan process is as simple as possible to avoid any confusion at any stage of the process.
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