What types of loan are there?

Secured Loans & Unsecured Loans

The difference between the two is that with an Unsecured Loan (often called a personal loan or tenant loan) you borrow the money without giving the lender security in the form of your house or your car. There is a limit of £25,000 you can borrow this way, but often lenders personal limits will be much lower. Unsecured Loans will have fixed interest rates that will be worse than a loan secured on your property but it is much more difficult (though not impossible) for the lender to pursue your house or car if you default on the loan.

Secured Loans (often called home owner loan)

These will offer a more competitive interest rate which can be variable if required. Banks and other lenders are frequently more willing to lend if you secure the loan on your assets. Secured loans are a more viable option if you want to secure a larger amount over a longer passage of time you can borrow typically £3.000 to £50,000 though some lenders may go to £100,000 over the next 5-25 years, though with today’s market more people are taking smaller secured loans due to the higher lend rate and better interest.

Unsecured Loans

These are usually the option to borrow smaller amounts over a shorter time, as you don’t need to offer any assets to secure the loan. With the credit crunch today it can be harder to acquire a cheap unsecured loan so it pays to use a service the searches many offers on your behalf.  If you are a tenant and don’t own your own home this is the way to go.

What is APR & TAR?

APR%

APR stands for the Annual Percentage Rate this is the amount that the loan will cost you each year until it is paid off.

TAR

This stands for Total Amount Repayable and is the simplest way of comparing different loan options and finding which is the cheapest overall. The TAR will show you the total cost of the loan over the period, including interest and any additional charges that may apply.

Will Loan Rater Credit Check Me?

Loan Rater will not credit check you. Individual loan lenders may require a credit check if that is part of the eligibility criteria for their loan.

Why Use Loan Rater to Find My Loan?

Using Loan Rater's premier level search facilities and staff is the fastest way to find the perfect loan that you will be approved for. We search though 100’s of different loan plans and lenders to find the best offers currently available - making the whole loan finding process efficient, straight forward and easy.

How Long Will It Take to Be Approved For a Loan?

After we have searched the market for the best loan for your circumstances you will be offered a loan in principle from the underwriter within 1-2 business days. From the initial offer to the completion of the loan typically takes around one week.

What about Bad Credit?

This is not a problem here at Loan Rater; we are experts in dealing with people with less than perfect credit and have many options and providers that have loans for you. Let us find the bad credit loan you need quickly and painlessly.

How confidential is my application and my loan?

Here at Loan Rater everything is 100% confidential. We treat all applications in the strictest confidence and at no time will we contact your employer or bank except with your permission. The selected loan provider will need to contact your bank to arrange the direct debit for your repayments. For further information, please see our privacy page.