Low Cost Loans
Taking out a loan doesn’t have to break the bank. We’ll always make sure your loan is affordable – and we’ll aim to make sure it’s the cheapest, too.
We work with some of the best banks, building societies and specialist lenders in the country, which means we have access to the lowest and most competitive rates on the market – which also means a lower monthly cost for you. So, if you’re looking for a low cost loan, let us find it for you.
Ways to contact us
A low cost loan is a typical loan, but keeping the Annual Percentage Rates (APR) as low as possible.
The interest rate available to you can depend on a variety of factors, such as how much you want to borrow, how much equity you have in your property, your credit profile and the type of the loan. It all depends on your individual circumstances – but whatever they are, our expert advisers will find the best loan for you.
Yes, no matter what your credit score is, we will be able to help you find a low cost secured loan.
Of course, any lending will improve your credit as long as all your payments are made on time, in full and inline with the terms of your agreement with the lender. Each correct payment is essentially a green tick on your credit score, the more ticks you have the more reliable other lenders will see you in the future.
On the other hand, any missed or reduced payments, which aren’t in line with the agreement can have a detrimental affect on your credit score and show lenders it may be a risk to lend to you.
The answer is simple, get in contact with us. We work with several lenders across the whole market, so we will find you the best rates possible.
Yes, they are, although let’s be clear about something – the term “low cost” is relative to the overall rates on the market. At the moment, the low rates we’ve been used to for the past 10 years are just not available because of events in the wider global economy. It might be a while before those low rates come back – but until then, as a whole of market broker, we can still find you some great deals.
The rate you are offered when you apply for a loan depends on a range of factors, but one thing you can do to give yourself the best chance of getting a low rate is to improve your credit score as much as possible. Use a credit report service to check your file, and pay particular attention to the following areas to improve your score:
- Make sure you are on the Electoral Roll.
- Make sure you have paid your Council Tax and utility bills on time.
- Keep your credit usage to less than 50% of your available credit limits.
- Pay off your credit cards in full each month.
- Avoid making too many applications for credit, especially when “hard searches” are done.
- Avoid missing payments or defaulting on payments – in the worst case, this can lead to having a County Court Judgement (CCJ) registered against you.
Representative example: Borrowing of £40,000, plus £595 lender fee, plus £3,000 broker fee, totalling £43,595, over 192 months on a 5-year fixed product with an initial borrowing rate of 9.2%, following a variable rate of 9.6%. There would be 60 monthly instalments of £434.49, following 132 monthly instalments of £442.52. Total amount payable £84,577.09, made up of: Mortgage amount £40,000, Interest £40,887.09, Lender fee £595, Broker fee £3,000, Exit fee £95. Overall cost for comparison purposes 11.4% APRC.