Find Home Loans, Pay Day Loans or Credit Cards for all your financial needs.
By John Mussi
Many people are confused by the different types of loans available. Here is a helpful summary of the most common loans available today.
Bad Credit Personal Loan
A Bad Credit Personal Loan is a loan designed for the many people with a bad credit rating. However created, your past record of County Court Judgements, mortgage or other loan arrears can live on to deny you access to finance that other people regard as normal. If you are a home owner with equity in your property, a Bad Credit Personal Loan can bring that normality back to your life. Secured on your home, a Bad Credit Personal Loan can give you the freedom, for example, to do the home improvements or buy the new car you really wanted. With a Bad Credit Personal Loan you can borrow according to the lenders policy and up to 125% of your property value in some cases. You may apply for a loan online with direct payday loan lenders which handle their business in the United Kingdom.
Bridging Loan
A bridging loan as the name implies is a loan used to “bridge” the financial gap between monies required for your new property completion prior to your existing property having been sold.
Bridging loans are short term loans arranged when you need to purchase a house but are unable to arrange the mortgage for some reason, such as there is a delay in selling your existing property.
The beauty of bridging loans is that a bridging loan can be used to cover the financial gap when buying one property before the existing one is sold A bridging loan can also be used to raise capital pending the sale of a property.
Bridging loans can be arranged for any sum up to a few million dollars and can be borrowed for periods from a week to up to six months. A bridging loan is similar to a mortgage where the amount borrowed is secured on your home but the advantage of a mortgage is that it attracts a much lower interest rate. While bridging loans are convenient the interest rates can be very high.
Business Loan
A business loan is designed for a wide range of small, medium and startup business needs including the purchase, refinance, expansion of a business, development loans or any type of commercial investment. Business loans are generally available for various amounts at highly competitive interest rates from leading commercial loan lenders. A business loan can be secured by all types of business property, commercial and residential properties. Business loans can offer up to 79% LTV (Loan to Valuation) with variable rates, depending on status and length of term. Business loans are normally offered on Freehold and long Leasehold properties with Bricks and Mortar valuations required. Legal and valuation fees are payable by the client.
Car Loan
The main types of car loans available are Dealer arranged and Privately arranged. Dealer arranged car finance is arranged by car dealerships, and effectively means that you are financing the car from the dealer until the final payment on the loan has been paid, when ownership of the vehicle is transferred to you. A Privately arranged loan is a type of loan that is put together and advertised by banks or loan companies and can be arranged directly with them or through a local car dealership. You will not be the owner of the vehicle until you have repaid the loan in full, and the car will be repossessed if you default on repayments.
Cash Loan
Cash loans also known as Payday loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds. A Cash Loan can assist you in this situation with short term loans. loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a Cash Loan you must be in employment and have a bank account with a check book. A poor credit rating or debt history is initially not a problem.
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