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The Comparison of Loans - Why is it so Important to do Comparisons of Loans to Find The Best Deal?

Comparison Loans and the Importance of Sourcing the Best Deal.

Getting a loan is quite easy even in the present economic climate for those who are able to tick the correct boxes. A loan secured on property is almost always an attractive proposition for the lender. One that isn’t is potentially more problematic, but where the borrower has a good credit history, a steady job, long-term residential status and demonstrable reliability such a person is more likely to be offered a loan, and on better terms, than somebody who is not able to offer these safeguards.

Some lenders are more relaxed about security than others, but those who take a more laid back approach will typically make the borrower pay dearly for their consideration. The high interest lender knows that their applicant will have been turned down by those offering more attractive terms and is therefore desperate. Sometimes such a lender will be prepared to take the considerable risk and offer a loan, but the repayment terms will be draconian and prohibitive, and repayments will usually only be over a short space of time so that the risk of a change of circumstances and consequent default is minimised.

Knowing how the lenders operate and how they think is a helpful first step to sourcing the right loan to suit your circumstances and with the best terms available. But even within these parameters there will be different deals on offer from different providers, and using comparison sites will enable the potential borrower to compare and contrast the different services available and thereby to make an informed decision.

This is especially so bearing in mind that the APR that is being offered, whilst important, is not the only factor that one needs to take account of. For instance lenders will often charge an early settlement fee to borrowers who wish to avail themselves of the option of settling their balance before the final payment is due. This amount will vary from lender to lender and is an important factor for any potential borrower for whom an early settlement is likely to be an option.

Insurance is also a factor. In spite of all the recent controversies about mis-sold insurance there will be some who do wish to insure their loans against unforeseen circumstances and once again terms are likely to differ, both in respect of premiums and what is contained in the small print.

Lastly there may also be “start up fees” involved which, when taken into consideration, may have the effect of distorting the effective APR.

All in all the importance of obtaining comparison loans advice cannot be overstated when it is important to find the best deal around.

 
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