Borrow Money - Loans

Different Types of Loans

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Loans - Get The Lowdown On What Type
of Loan Could Be Right For You

To See If You Are Eligible For A Debt Consolidation Loan, Just Fill Out The Online Form At The Bottom Of This Page

Other Pages In The 'Loans' Section:

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Borrow Money | Loans | What Are Loans Good For?

This site is primarily intended to help people with debt problems, so there will obviously be a focus on that in this section too, but loans have a wide range of uses, many of which are nothing to do with tackling a debt problem.

This page will give an overview of some of the main types of loan available, and what these can be used for. Whether you need funding for a major home improvement project, or just a quick cash advance to pay for an unexpected bill, you will find something here to help you. You can follow the links to other pages on this site to find out more about the different ways to borrow money, as well as the other options for dealing with debt.

Using Loans To Solve Personal Debt

Loans are often the first thing people think of when they get into debt. Your problems are caused by not having enough money to pay what you owe, so the logical course of action seems to be to borrow some more to sort out the problem. However, loans are not always the best way to solve a debt problem.

Which debt solution is best for you very much depends on the situation you are in. Using one big new loan to pay off all your old debts is known as debt consolidation. Just to confuse things, debt consolidation is also a term used in the US to mean the same as debt management.

Using loans to pay off existing loans can be OK, provided your new loan is at a lower interest rate, but check carefully in case your existing loan has any charges for moving or paying back early. This could easily wipe out any saving you make and increase your debt.

With any loan you need to be careful if you are offered payment protection insurance, as this is where people are most likely to be paying well over the odds. Many people are mis sold loan protection by unscrupulous lenders, and if so you may be able to claim this back.

Borrow Money | Loans | What Are Your Options?

There are many different types of loans and then other ways to solve debt that do not involve borrowing money at all, so it may help to take a look at these various options to help you decide where to go next. The following does not cover all the possible types of loan, but looks at the most common options people use when facing debt problems.

Payday Loans, Or Cash Advance Lending

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Debt Consolidation Loans

Main Points:

Homeowner Or Mortgage Loans

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Debt Management/Consolidation Plans

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Debt Settlement/Negotiation (US Only)

Main Points:

Individual Voluntary Arrangements Or IVAs (UK Only)

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Loans For Personal Debt - Credit Card Debts

If you have credit card debts that you want to pay off, a loan may not be the best answer. Read the Credit Card pages first. If you choose the right card to transfer your balance to, you should be able to beat the best loan rates. There is the option of transferring your balance regularly to cards offering 0% on balance transfers, but you do need to be on the ball to keep up with this. The alternative is to choose one of the cards offering a low interest rate on balance transfers, which applies until all the debt is all paid off. This is much easier and will be at a lower rate than any debt loan.

If you don't need to borrow much, and you know you can pay it back within a relatively short time (about a year), then you are definitely better off choosing a credit card that offers 0% on purchases for an introductory period. Obviously this is only useful if what you need the money for can be paid for on a card. You will tend to pay more for a short term loan for a small amount, which is another reason to look at cards in this instance.

Loans For Personal Debt - What Is Meant By Unsecured Loans?

Secured (or Mortgage) loans are discussed in detail on the Secured Loans page. Most personal loans that you will come across are unsecured Loans and are generally a safer bet than secured loans. Secured loans are where your home is used as security, so if you fall behind with the loan repayments you can lose your house. If you have the option, an unsecured loan carries a lot less risk, but if you have a poor credit rating, a secured loan is the only way of accessing a substantial amount of money.

Loans For Personal Debt - General Advice When Looking For A Loan

Loans are for a fixed period and most will have little flexibility over the option to repay it early. The longer the repayment period, the more it will cost you in interest, so go for the shortest time you possibly can. When you using a loan for personal debt this is particularly important and can make a big difference.

If you know your credit rating is not good, you could damage it further by applying for cheap loans. These low rates are primarily aimed at people with good credit records, so you are likely to be rejected. Repeated rejections will have an adverse affect on your credit rating and increase the likelihood of you being rejected for credit applications in future.

You can get a Free Credit Report here and find out for yourself if there are any issues with your credit rating.

Apply for the lowest amount you can - the lower the amount, the more likely it is you will be approved.

It may help to draw up a Personal Financial Statement before you apply for any debt loans, to show you what repayment amounts you can actually afford. The last thing you want is to be tied into a loan with repayments you can't afford to keep up.

Recommended UK Lenders

Top Recommendation: 123DebtSolutions

One of the largest debt help companies in the UK, 123DebtSolutions offer a wide range of options to help people out of debt, including all types of loans. To get help just complete the Online Form Below:

Apply For UK Debt Help Now

Complete This Simple Online Form For A Free Review By An Advisor From Our Recommended Debt Company, 123 Debt Solutions

Just submit the form and an advisor will get straight back to you

You Can Use This Form To Apply For Debt Management Plans, Debt Consolidation Loans,
IVAs or Trust Deeds

Whatever the nature of your debt problem, it is worth checking to see which solution could work for you.

Please Only Submit If You Are A UK Resident

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.