Here at the Loans Scan website we do exactly what it says on the tin! We scan the loans marketplace for interesting news, useful facts, loans company announcements and the latest updates on loan deals, rates and offers.
There are literally hundreds of loan providers in the UK offering a variety of loans using several thousand different loan plans. Not all loans are suitable for everyone so a bit of information or guidance is useful for anyone looking for a new loan.
Unlike in days gone by, finding a new loan these days is remarkably easy. Loan searchers now have many options available to them. The traditional routes like, using your own bank or financial advisor, still exist, but equally, if not more popular, are sources like supermarkets and hugely popular, internet sites providing loans services. Many of these loans sites don't actually offer loans themselves but they do provide access to a whole host of loan providers specialising in helping internet customers.
If you have not had much call for loans in the past, you'll be used to the term "personal loan" but not much more. In truth a personal loan is any loan that is given to an individual for personal use, as opposed to a loan used for a business purpose. But in the loans industry a personal loan has come to be known more specifically as an unsecured loan. (as opposed to a secured loan)
So personal loans are usually smaller, unsecured loans for personal use, but there are many other terms used to categorise loans. Secured loans use some collateral, like home equity, to secure or reduce the risk of a loan for a lender. Then there are tenant loans, specially designed loans for people who don't own their own homes. Then a whole range of car loans, plus consolidation loans, home improvement loans, payday loans, the list goes on.
When you look on the web at the loans best buy tables you'll normally be looking at the cream of loans which are only available to a small selection of specific applicants. So the low rates they show are really the bottom end of available loan interest rates. The actual rate of interest applied to a loan depends on all kinds of circumstances so most people only know how much their loan will cost once they have made an application and provided their personal details for a loan provider to assess.