Whatever
you need a loan for we can help you, we offer a wide
range of loans from personal, secured, unsecured and
consolidation loans to business and property development
loans. Apply for your loan online today!
UK
credit card consolidation loans |
A
secured credit card consolidation loan ties the loan
into your property, which gives the lender more security.
This may enable them to loan more or to reduce the rates
they can offer, though you will need to make sure you
can re-pay the loan as your property may be at risk
if you cannot repay the amount you borrow. A secured
loan may be a good way of reducing your outgoings by
consolidating more expensive borrowing, such as credit
cards or store cards. You may also be able to raise
more money than if you take out an unsecured loan.
An unsecured credit card consolidation loan does not
use your home or vehicle as collateral for the loan.
An unsecured loan is best suited for people who do not
own a property, such as council tenants or private renters
although they are available to homeowners as well. You
will almost certainly need proof of your income and
you may not be able to borrow as much as you could if
you secured the loan against your property.
Even if you have problems with your credit
history, you will still be able to arrange an unsecured
loan with Financiar.
What if I have a bad credit history, will this
affect my consolidation loan application and what type
of loan I can get?
| A
bad credit history will not stop you from getting
a loan! We know that many applicants have what
is considered to be 'Bad Credit' through no fault
of their own. Our friendly and knowledgeable loan
advisers aim to to make sure that you get the
loan you need no matter what the circumstance.
If you have any of the problems listed below you
will still be able to get a secured loan or unsecured
loan from a specialist loan provider: |
|
We
will consider credit card debt consolidation loans even
if you fall into the following catagories
 |
Mortgage
Defaults or Arrears |
|
Adverse
Credit and Finance |
|
Poor
Credit History |
|
CCJ's
|
|
No
Proof Of Income |
(You
may find that bad credit loans have higher interest
rates and will lend you a lower total sum.)
How do secured and unsecured credit card consolidation loans work?
Before you decide to enter into a secured consolidation
loan or unsecured condsolidation loan agreement you
should make sure that you know exactly what you are
doing, we have knowledgeable and friendly loan advisers
ready to answer any questions that you may have 7 days
a week. Unlike other specialist loan consolidation companies
we are also qualified independent financial advisers.
Our loan advisers want you to have the best product
to suit your needs. Please read the following loan information
to gain a better overview of how loans work.
DETAILED
INFORMATION ABOUT OUR UK CREDIT CARD CONSOLIDATION
LOANS
The credit card consolidation loan agreement
When you enter into a Secured loan or Unsecured loan
agreement – you are signing a contract to make
the repayments, by the specified date every month
for the length of the loan agreement. Any deviation
from this agreement may result in monetary penalties.
For example, some loan lenders apply an early settlement
charge (also known as a redemption penalty) if you
repay either the secured loan or unsecured loan in
full before the agreed end date. This can be up to
2 months interest. If you think you will be able to
pay off the loan before the end of the term then your
best bet will be to arrange a secured loan or unsecured
loan with no early settlement costs, however the APR
may be slightly higher.
Flexibility within the credit card consolidation
loan agreement
If you would like some flexibility in your loan agreement,
make sure you arrange this before you sign on the
dotted line. You may be able to arrange occasional
over-payments and lump-sum payments, both of which
allow you to clear the debt over a shorter time period
than first agreed. If your secured loan or unsecured
loan is a truly flexible product then you may also
be able to use the fund as a bank account, withdrawing
funds from the account on a rolling basis, providing
you stay within your credit limit. Lenders also offer
repayment holidays, allowing you to defer your monthly
cheap loan repayments either at the start of the loan
(known as 'deferred repayment') or at an agreed point
during the term.
Interest on the credit card consolidation
loan
You are charged interest on the amount you have borrowed
with the loan – it is a percentage of the borrowed
amount which accumulates over the period of the agreement.
Interest rates on loans vary from 7% up to 20%. The
interest rate will be included in the APR. This stands
for Annual Percentage Rate, and includes the administration
cost of setting up the mortgage, any discount periods,
how often interest is calculated and also calculates
what the average rate of interest will be over the
life of the loan. To comply with the consumer credit
act all lenders must ensure that the borrower is informed
of the APR (the annual percentage rate on the loan).
Fixed or variable interest credit card consolidation loans
The APR can be a fixed or variable charge. A fixed
APR has the benefit of added security since the rate
will not change, a variable APR does not have this
security but could reduce the cost of your total payments
if interest rates go down.
HINTS
AND TIPS WHEN TAKING OUT A CREDIT CARD CONSOLIDATION
LOAN IN THE UK
Look at the small print - although the loan with the
lowest APR is one factor that contributes to a cheap
loan, you should always pay attention to the small print
as any additional costs will be found there. If at any
stage you need further information about your UK unsecured
loan or secured loan application then talk to our advisers,
remember once you submit
your loan application you still have a 'cooling off
period' which enables you to cancel your secured loan
or unsecured loan application.
Never borrow more on a loan than you need - you will
only pay more back in interest - the more you borrow
on a loan the more it costs you.
Only ever make one loan application at a time –
even if you don’t take the offer up all the loan
applications will sit on your credit record, and will
not look favorable for future finance applications.
Consider loan insurance and protection – if you
lose your job, have an accident or become sick, you
will still have to make your repayments in full so it’s
a good idea to take out loan insurance, especially if
the loan is secured on your home (A secured loan). We
offer a huge range of income protection products, if
you would like more information on how to protect your
loan then click here
Stay in control - make sure you know exactly what the
monthly loan payments will be, and how much you will
pay back in total.
Everyone’s different - lenders calculate the total
cost of a cheap uk loan (APR- both for secured loans
and unsecured loans) in different ways, so try and get
some understanding of the formulas they use.
Compare like for like – the low monthly interest
rates for loans in shop windows may look lower than
the yearly APR in another, but the only way to find
out is to carry out full calculations for both offers.
Check out the alternatives - you may be able to get
a better deal on a home improvement loan by going to
your mortgage lender rather than taking out a secured
loans or even an unsecured loan.
As one of the UK's leading online finance and insurance
providers, we offer a wide range of loans, these can
be seen below, if you would like to go directly to a
particular loan section then click onto the site search
button at the top of this page and type in the loan
that you are looking for.
We
can arrange a wide variety of loans for the following
purposes
|
Debt
consolidation loans |
|
Home
improvement loans |
|
Car
loans |
|
Holiday
loans |
|
Property
development loans |
|
Inheritance
tax reduction loans |
|
Career
change loans |
|
Bridging
loans (commercial and residential loans) |
|
Short
term business loans |
|
Professional
practice loans |
|
Loans
for Management buy outs |
|
Secured loans |
|
Unsecured
loans |
|
Bad
credit loans |
|
Business start up loans |
|
Property
conversion loans |
|
Loans
for land acquisition |
|
Venture
Capital Funding |
|
