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Loan Information - Interest Rates

 

Interest Rates

 

About Interest Rate Information on Loans

Please note that Interest rates vary. It is worth noting that some loan lenders are only interested in lending to people whom they regard as a 'safe risk'. These people may secure lower interest rates. This 'selective lending' means that groups considered to be in a high risk catagory are either offered money at a higher interest rate or not offered a loan at all. So, basically - lower the risk, lower the interest rate will be.

It is wise to get several alternative quotations from a number of loan providers. This way you should be able to cut the cost of credit and be able to negotiate the interest rate you pay.


Please Note:
Some categories of people are less welcome to certain Loan Providers.

If you get turned down by by a loan company, there is usually another company willing to provide you with the loan you require. One category is the Self employed who have a short trading record and those who don't own their own home might be declined or charged a higher interest rate. However there are lenders who specialise in high risk lending, and they can be found along with others on the Loan Providers index page of http://www.finance-central who have one of the most comprehensive directories of UK Loan providers. Make sure you compare each in detail and get the best deal. Loan Providers will want to ask personal questions about your finances and your future plans before making up their mind on whether to lend and at what interest rate.

Tip: Sometimes it is wise to choose a known company with a household name since they can offer more in customer support.

Tip: Be wary of some Loan Comparison calculators since they can be rigged to fool the Online consumer into thinking they are getting the best deal available.

 

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.