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Finding
a loan in today’s market is something of a double-edged sword
– on one hand it has never been easier to get access to credit,
with lenders having an online presence giving details of their loans
and allowing users to apply online quickly and easily. The flipside
of this is that there is possibly too much choice for the average
person – do a search for loans on any search engine and you
will literally be presented with millions of results – sifting
through the information and deals on offer can be taxing.
The aim of this site is to help you to cut through all of the marketing and promotional material that the lender’s put out there, and to give you clear information on what each type of loan has to offer, who they are suited to and how to find a lender that can offer the right type of loan for your needs. While it’s true that a loan is in essence money provided to the borrower that has repayment conditions attached to it, there are many different types to be found, each with some subtle or not so subtle differences. 
The major differentiating factor to be found is whether the loan is of the secured type or not. No matter what loan product you choose, it will always fall into one of two basic categories – secured or unsecured. This is in reference to whether the borrower offers some form of equity to the lender to be used to offset the money lent. In other words, a secured loan requires the borrower to put forward something of at least equal value to the loan amount, that the lender would have the right to force the sale of in order to recoup their money if the borrower was to fail to meet repayments. In the vast majority of cases, the only form of security that a lender will accept is the borrower’s home, which is why secured loans are also commonly referred to as homeowner loans. If you do not own at least some equity in your own home (that being the value of the house less any outstanding mortgage) then you will not be able to take out a secured loan, and will be limited to the unsecured variety. Within these two main forms of loan, there are many specialised types, tailored towards specific purposes, for example you will see lenders listing car loans, ones to fund home improvements and others to pay for a holiday. Some will be secured (like home improvement loans often are) while others will not require this, and so will be available to everyone, tenants and homeowners alike. If you have any questions about this site then please do contact us, we hope that you will find the information here useful in your search for your loan. |