by Lorna Mclaren
There are a number of different types of loans that are available in the UK and the one that may be best loan for one person is not necessarily the best loan for someone else. It is important to consider all of the options before deciding which the best loan is for you. Here are the main ones:
Debt consolidation loan
Non-status or bad credit loan
The majority of these loans are fairly self-explanatory but if you are searching for the best loan available to you it may be helpful to read these pieces of additional information.
A bridging loan, as the name suggests, is a short term loan that would be the best loan for you if there is a shortfall of cash, particularly if you are trying to buy a house or business. The loan is usually paid back in monthly instalments over a short period of time. However, bridging loans are subject to high interest rates and require a valuation of the property concerned.
Debt consolidation loans are often the best loan for people who have a number of different repayments and want to combine them into one easier monthly repayment. The interest rate can often be lower, especially compared to credit cards, but the repayment term will be longer.
Non-status or bad credit loans are becoming the best loan option for more people because of the increasing number of people who suffer from a poor credit rating. You can get a bad credit rating extremely easily by simply falling into arrears on credit card repayments, mortgage payments or any other loan and this means that you are likely to find that a non-status loan is not only the best loan option for you but may be the only type of loan that you can apply for.
A self-certification loan is the best loan option for you if you are self-employed and unable to provide the necessary amount of proof of your income. Basically you are declaring your income yourself but it is likely that you will need documentation from your accountant to verify that your income is sufficient to keep up with the repayments.
Lorna Mclaren has an informtion and resources website at www.123-debt-consolidation-loans.com where you can find out more about debt management and other financial issues.
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