Usually when someone is looking for a UK cheap loan, secured or unsecured, what they are really seeking is the lowest annual percentage rate or APR available. Naturally everyone wants a good deal and one that makes the most financial sense. By doing a thorough comparison of cheap loans being offered, it is possible to find a great APR in the UK market.
If you are looking for a cheap loan, secured loans are usually the best option for finding the lowest APR. Cheap secured loans have recently become quite popular in the UK and are being offered by many lending institutions. Lenders are able to offer lower interest rates for a secured loan because there is collateral required to ensure repayment of the loan. Cheap secured loans have the advantage of offering very flexible repayment terms allowing the borrower to repay the loan over a longer period. This results in the monthly payments being lower. The other advantage of a cheap secured loan is it is possible to borrow larger sums of money, sometimes as much as 125% of a homes equity.
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It is possible to find cheap unsecured loans in the UK, but generally this kind of loan will have a higher APR. As the name implies, there is no collateral required for a unsecured loan. Not having the added security of collateral is why lenders charge a higher APR to offset the higher risk. If you have perfect credit and are looking to borrow a smaller amount, it is still possible to get a fairly competitive APR with a UK unsecured loan.
When starting a search for a UK cheap secured loan, it is best
Which ever way you decide to go with your cheap loan, secured or unsecured, in the long run it will save you money doing the proper research now.
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