When taking a loan to meet the requirements, it is important to take some time in comparing the rates and features on offer from different providers. Rates charged by loans are expressed as Annual Percentage Rates (APR). Any firm that lends money is required by law to quote the payable interest rate in terms of APR.
Introductory rates do not include arrangement fees the loan applicant may be charged and also don't reflect any higher rate of interest to which the borrowings will ultimately revert. The APR takes into account the interest on a loan plus other additional charges, making it easier for the borrower to compare products. As a thumb rule, the lower the APR, the better the deal.
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The rates on unsecured loans available in the UK loan market vary greatly, so it is a good idea to shop around for a good deal. This can end up saving hundreds of pounds of the borrower. When comparing rates for loans, the loan applicant needs to remember that he may not always qualify for the advertised rate. Lenders use a credit scoring system to assess loan terms and conditions. If the credit rating of the applicant is bad, he may be offered a higher interest rate or even be refused.
Credit scoring or rating takes into account:
* The income and outgoings of the person
* His payment history on other debts
* The length of the credit history of the borrower
* Any other debts the borrower has under his/her name
* Number of loan applications for credit
* Number of times the record has been accessed.
The amount the borrower wants to borrow, and over what period under unsecured loans, will also affect the rate he is offered. The longer the term of loan plan, the less is monthly repayments. However, stretching the term can be a false economy as the applicant will end up paying more interest. If the loan applicant needs the money from the loan on the same day, some providers will allow this but they make an extra charge.
Payment protection insurance (PPI) is also available with unsecured loans which will cover repayments for a certain period of time if the borrower is unable to work due to accident, sickness or unemployment. It is always profitable to make proper online research and comparison before the loan application. Comparison makes the loan deal cheap and profitable. It reduces the unnecessary expenditure and time waste.
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