Personal loan beginner's guide published
www.moneynews.co.uk > Mortgages > Personal loan beginner's guide published
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Money News |
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Personal loan beginner's guide published
Mon 20th Oct 2008
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Readers of the newspaper were informed about how to secure a loan, find the best deal and general conditions of acceptance.
Approaching lenders directly was said to be the easiest way to obtain a loan and comparison websites such as moneysupermarket.com and moneyfacts.co.uk were recommended for finding the best deals.
But the paper also warned that rates quoted in newspapers are usually for loans of £5,000 or more and smaller loans would carry higher rates.
It also noted that the advertised annual percentage rate, or APR, is not necessarily the rate every applicant will get.
People with imperfect credit histories may still obtain a loan but face higher interest rates, while those who make many applications in a short space of time are more likely to be refused.
Meanwhile, the Financial Times reports that private banks are becoming more selective about choosing borrowers.
Melanie Bien of Savills Private Finance said that private banks are tightening their lending criteria and asking borrowers more about matters such as their investable assets.
Related News : Mortgages |
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Related News : Loans |
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