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Finding The Best Very Low APR Loans

A very low APR loan is not as easy to come by as it was a few years ago, but banks still need to lend money and there are many people who still need to borrow it.

Essentially there are two kinds of loan, those that are secured against property and those that are not (secured loans and unsecured loans). Needless to say a secured loan is much easier to obtain than an unsecured loan, and the APR (Annual Percentage Rate) will usually be lower. The reason for this is that there is far less chance of default, because the loan is secured against your property.

However, within both categories there are good deals and not so good deals, with sometimes widely varying APRs and other repayment terms which also need to be factored in before making a decision.

This differential is particularly noticeable where an unsecured very low APR loan is involved. A lender who issues money without having claim over the borrower’s assets in the event of default is taking a chance. Ordinarily the APR that is imposed will reflect that element of risk.

Even when a lender does not own property there are different levels of reliability involved when it comes to expectations of repayment without default. The borrower may have a secure job with a good income, have been resident at the same dwelling for several years and be listed on the Full Electoral Register. Everything else being equal such a person is statistically less likely to default than a person who moves from one rented dwelling to another, has no job or one that offers no long-term stability and is difficult to trace by reference to public records.

It is worth remembering that a defaulter is not always fraudulent or dishonest. Quite often a borrower may take out a loan with every good intention of making full and punctual repayments. Then he or she is made redundant, or the tenancy is terminated and replaced from necessity by one that is substantially more costly, or that is out of the area resulting in a change of work or even unemployment. A lender can pass the file over to a debt collector but, as the saying has it, one cannot get blood from a stone.

Obtaining very low APR loans is thus about being able to add as many “ticks” to one’s application as possible. In other words offering the lender as much reassurance as one can that the terms of the loan will be honoured. Secure work, secure residential status, good credit history, traceable occupancy and, if at all possible, the provision of security all combine to give you negotiating power when it comes to tying down the most attractive deal.

 
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