?No repayments for your first three months?. ? Apply now and we will give you a decision within minutes ?.



The loan market is segmented by loan amounts. For example, borrow between $5,000 and $15,000 or between $10,000 and $100,000. In short, there are as many loan products available as there are lenders in the market.

?typical APR is 8.9% but the rate we offer you may vary between 5.8% and 15.3%?. The interest rate dependants on your personal circumstances. And, your credit related circumstances may produce adverse and negative information.

What loan options are there?

1)Take a personal unsecured loan at from any high street lender. You will need to prove your employment status, provide earnings information and finally your ability to service the loan repayments. The application process is very simple either over the counter or via a telephone call. Interest rate on your loan can vary anywhere between 7% to 20% depending on your personal circumstances. There is normally an upper limit to the amount you can borrow as a personal loan; for UK residents it is around $45,000 or equivalent.

2)The secure borrowing route where the loan is actually secured against your residential property or home. The interest rate can still vary between 5.8% and 15.3% again depending on your credit history. The borrower needs to establish loan serviceability as well as security. For example, if your home is being offered for security then there must be spare and extra equity which provides security for the lender.

In both cases 1 and 2 above, the loan period can vary anywhere between 1 to 10 years.

3)Very short term loan known as an over draft which is normal for businesses is a unsecured facility arranged in advance to be used just in cash. It is a very short term instrument used to manage cash shortfalls. This facility is available for businesses as well as personal accounts. Over draft type loan is for 3 months to a year and then it has to be renewed. Interest rates vary between banks and also between customers but a rate of 2% above base is a good average.

4)One account is a recent phenomena; you put together all your borrowing; mortgage, personal loans etc into one account at one interest rate. It is very flexible borrowing because you can take payment holidays if you so wish. Pay more into your one account or pay less if you so wish. The big advantage of the one account which supersedes all others is that additional borrowing is at the same rate as your mortgage rate. For example, if your mortgage rate is 4.99% then your extra borrowing will also be at 4.99%

In conclusion there are many loan options in the market place. We have looked at just 4 borrowing schemes. For people who don't own property, it is just a case of going for the best deal in the market. People with a mortgage have some advantages over non-property owners because they can opt for schemes like one account and save money. The most competitive product is the one account because loans are available at same interest rates as their mortgage.