Finding the Best Loans in the Market

The New Year is always a time for a lot of unrest for the residents. They are now looking at how much they spent at Christmas and on the celebrations for the New Year. This means they become worried about the debts they have increased and of course this causes a lot of aspects to be reviewed. It is a fact that in January of a new year there will always be at least 500,000 personal loans taken out. This is of course an average so it could be a more. What consumers should be worried about is how to choose the correct loan. There are numerous loans on the market which means choosing the wrong personal loan is very possible and it could leave you, as the consumer with a great deal to pay back for years. The cost of personal loans is very higher with the wide range of interest rates and pricing of the payment protection insurance.

There are ways to get around the worst loans, and this will require a lot of research on your part. The first thing you should do when you look at a loan or other loans is compare them. There are charts available online that will help you find the comparison you need. For example studies are currently showing that Northern Rock is one of the worst places to get a loan for the moment. This is because the APR and the TAR is going to be extremely high.

The more you research the more you will find out about the loans available. At the moment the cheapest unsecured personal loans for 5000 pounds for 36 months have a payment of 482 pounds per month. What is quite scary is the actual research results for how the lenders of other companies are offering similar loans. Some of the companies are offering similar loans for 18% to 20% so that you are charged over 6000 pounds in 36 months as a payoff or you have a payment of almost 1000 pounds per month. This is supposed to be the cheapest mortgages on the market.

The amount of the loan will have something to do with what you are charged in interest, the monthly payment and the overall loan, but when you have Northern Rock charging 12.9% interest for their loans and an online company such as yourpersonalloan.co.uk charging 6.7 percent interest you can see how this may be a little scary. If one bank is willing to offer a loan for 6.7 percent interest you could find that the worst loan really does harm your family.

You should also think about the PPI or payment protection insurance. Some banks require this option before they will loan you the money, but it is really a rip off for you. You are losing money that you can’t get back, and at a very high rate. Currently on a 5000 pound mortgage for three years the PPI is between 500 and 1100 pounds. As you increase in the loan amount you will have an even greater spread.

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