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Are your mortgage payments overpriced?
Almost one in five homeowners (19%) are currently on their mortgage lender’s Standard Variable Rate (SVR), potentially overpaying vast amounts on their mortgage loan according to recent Read more...

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Plan ahead before choosing a personal loan company

With low interest rates over the last few years, borrowing with personal loans has been cheaper than ever.

If you have a good credit history, rates for both secured and unsecured loans have been at record lows. But following consecutive hikes in interest rates, the benefit of choosing an unsecured loan where possible has begun to become obvious.

The real advantage of an unsecured loan is that the rate is fixed and the debt is not secured against your home. If you don't have such a good credit history or need a larger amount of money that can't be raised via a mortgage, a secured loan may be worth investigating as a last resort. But as interest rates have begun to rise again, increasing the repayments for variable rate secured loans, many homeowners are beginning to feel the pressure on their monthly budget.

This is why it's vital to understand the market before approaching any personal loan companies so you can match your circumstances and needs to the right lenders and deals for you. Choosing the wrong loan could cost you thousands and make it harder to manage your finances or get cheaper credit in the future.

Top Tips

TIP #1:
If you have a credit card balance you can't afford to settle, consider a 0% balance transfer card to save interest for 6, 9 or 12 months. Use the money saved to pay extra off your balance every month.

TIP #2:
If you have a credit card balance you can't afford to settle, consider a 0% balance transfer card to save interest for 6, 9 or 12 months. Use the money saved to pay extra off your balance every month.

TIP #3:
Don't apply for more than one loan or credit card at once as you will accumulate multiple credit reference checks on your record.