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Compare Loans with Money Pug
- No matter how careful you are with your finances and how matter how frugal you may be, loans can sometimes be a necessity in our modern world. If you get a responsible loan that you are sure that you will be able to repay, these can be a sensible option for spreading the cost of certain items over a certain time period. But it is important not to pay over the odds for your borrowing needs. Money Pug can help. When you compare loans using our handy comparison service, you can rest easy knowing that you have made a fully informed decision and found the right loan option for you and your specific needs.
Why Might I Get a Loan?
- There are a number of different reasons why you might wish to get a loan. Popular reasons include: buying a car, consolidating debts and improving your home. Getting a loan to buy a car can be cheaper than finance deals from a car dealer. Having a car loan makes you a cash buyer, which can give you more competitive price deals on new vehicles. If you have existing debts, gathering all of these into one loan can help you to get your finances under control. Those who get a home improvement loan know that extending or improving your home can be a great way to improve your quality of life as well as a wonderful way to improve your quality of life.
These are only some of the many reasons why you might wish to get a loan. Whatever you need a loan for, however, Money Pug can help you find the right option for you and can help ensure that you get the best possible deal.
What Types of Loan Could I Get?
Unsecured Personal Loans
A personal loan is a type of unsecured personal loan. In an unsecured loan, the debt is not secured against any asset. If accepted for a personal loan, you can borrow a fixed amount over a fixed period of time and will usually pay a fixed amount of interest. You will then repay this over time, making a set payment each month during the term of the deal. Credit rating is very important if you would like to take out a personal loan. If you have a poor credit rating, such a loan will not usually be possible. The better your credit rating, the better a deal you are likely to be able to get – the worse your credit rating, the higher the interest rate will tend to be.
You can use personal loans for a wide range of different purposes. You might want a holiday loan, for example, to take that extra special trip, or a wedding loan, to allow you to pay for your special day…
A secured loan, which is sometimes called a homeowner loan, allows you to borrow money using your home as security against the amount that you are looking to borrow. Bear in mind if you do
choose a secured loan, that the lender could seize your property if you fail to keep up with the repayments on the debt. Secured loan offers differ depending on your personal situation. How preferable the rates will be will depend on:
- What you earn.
- Your credit rating.
- Any existing debts you may have.
- The equity available in your property.
If you have a bad credit rating then you should think very carefully before you choose to take out a loan, as the deals that you are able to get are not likely to be very beneficial. It is likely that you will have to pay a very high rate of interest on the amount you borrow. If you do need to borrow money, however, to get you out of a spot of financial bother, then a specialised bad credit loan is what you are looking for. There are three types of bad credit loan: unsecured loans, a guarantor loan (where someone else agrees to pay off your debt for you if you default on the loan repayments) or a peer-to-peer loan, where you borrow from an individual rather than from a bank or other lending institution. If you are choosing a bad credit loan, do be careful to read the small print and check all fees and charges carefully before committing to a deal. Check out all the potential options with Money Pug’s handy loan comparison service.
What Should I Consider When Comparing Loans?
- When comparing loans, you should think about:
- The interest rate applicable to the borrowing.
- What the monthly repayments will be.
- What the term of the loan will be (how long a time period it will be paid back over).
- Any fees and charges associated with the loan.
- Whether you can overpay or pay off the loan early.
- Whether you can defer payments in future.
Personal Loans FAQs
- An unsecured personal loan is often a cheaper way to borrow money than a credit card if you want to borrow a certain amount over a set and specific period of time.
APR is the annual percentage rate. This is the real rate of interest that you will pay, across a year, after costs such as fees, charges and admin are taken into account. Bear in mind that the figure we give is a rate that has been given to a higher percentage of customers, yet the rate offered to you may be higher or lower depending on your particular circumstances.
The total amount payable is the full loan amount including fees and the amount you will pay in interest over the course of the loan. Note that this is representative and may change if the APR your lender provides changes.
The repayment term is how long it will take to pay off the loan in full. The repayment term will vary depending on whether you get a secured or unsecured loan, though generally speaking the term offered for personal unsecured loans will fall between six months and 120 months, while secured loans are usually offered over a longer period, generally between 12 and 300 months. Always check that you are happy with the repayment term offered by a particular provider before you decide to go ahead with your application.
Once you have selected a loan deal with which you would like to proceed, you will apply to the lender and they will perform a credit check as part of the application process. Lenders need to know how likely it is that you will be able to repay the money you borrow and the best source they have to establish this is your credit rating. Credit checks will involve asking for some personal information from you – such as your address and current bank details. It will also involve approaching credit reference agencies in order to get access to their records about your past financial dealings. They will be able to find out whether you have made late payments, missed payments altogether or had County Court Judgements against you in the past. Your credit details will, of course, determine whether or not you are able to get a loan and how favourable a rate you will be able to borrow at at the present moment in time.
We include every UK unsecured loan you get in the UK and peer to peer loans from our panel of providers. . They are all either directly regulated by the Financial Conduct Authority. or providers that are partnered with a company regulated by the FCA.