Compare loan products & find the best options available in seconds
The finance industry is a vast one and as a result there are many different types of lenders and loan products on the market. Consumers have access to everything from personal loans, car loans, home loans and credit card. Other options include short term lenders and payday lenders who provide loans online.
Borrowers now have the choice between mainstream banks, traditional lenders, online lenders, alternative lenders and more. Credit unions and peer to peer lenders have also grown in popularity as yet another finance option. The finance industry is competitive, and borrowers do not have a lack of affordable loans, with better flexibility, rates and terms.
For the above reasons, reputable loan comparison websites provides an entirely unbiased profile of each lender listed on its platform. It includes all the essential information to enable you to compare specific loan products and find the best deals available to suit your needs.
What is the difference between loan brokers & comparison sites?
A broker is the mediator between a number of different of lenders refers customers to these lenders, more often than not for a commission. The purpose of a broker is to obtain all your information and loan requirements, which is then sent to various applicable lenders for an official loan offer. You are then able to choose the deal that best suits you and you will be directed to your chosen lender, at which point you can finalise a formal online loan application through them.
A loan comparison site enables you to anonymously enter your loan requirements and search through either a limited panel of offers or a whole of market selection of reputable lenders.
Reasons to use a loan comparison site
- Avoid brokers and go directly to the UK credit providers
- Offers protection from scams and unregistered lenders
- View the most competitive deals in one convenient online location
- Lets you compare the top deals to find the very best to suit your specific requirements
- All the work is done for you, saving you time
- Gives you access to the whole market of various loan types
- Offers alternative credit products are available from credit providers like credit unions, P2P or building society loan providers
- Allows you to search for specific features such as a large loan amount, low comparison rate or any other feature you require
- Increases your chances of finding what you are looking for without compromising on what is important to you
The importance of comparing loans
- Using a loan comparison site will help you find a lender that offers the lowest possible interest, fees, terms and conditions.
- A comparison site gives you all the information you need to make an informed decision when applying for any type of loan.
- It may improve your chances of being approved for a loan when using a loan or lender comparison site, especially if you're looking for a bad credit loan.
- Find loans that are tailored to your specific needs with the quickest and easiest method available.
- You have direct access to the lenders, which further streamlines the entire loan process.
Find a reliable loan comparison site
Loan comparison sites either focus on a specific type of loan while others offer a comprehensive range of loan types. Ensure that the loan comparison sight you choose offers an unbiased, informative portfolio on the lenders that form part of their database. If you are applying for a highly specialised loan like a home loan, it becomes even more important to use a reputable, reliable loan comparison website.
Credit cards & revolving lines of credit
The most popular types of credit products for comparison are credit cards. There are countless options when it comes to credit cards. Not only are there a vast amount of credit cards available on the market but the variations of credit cards are also hugely different. It makes it important to compare aspects such as the different interest rates, interest-free periods, annual card fees and credit limits available to make sure you are getting the best deal to suit you.
With each card on offering their own set of unique rewards, points and cash back offers from airports points to free tickets and fantastic cash back rewards – it is not easy to choose among all the great offers available.
That is when using a loan comparison website to compare credit cards enables you to find a credit card with the best benefits and features including 0% purchase and/or balance transfer period, the lowest interest rate and the most rewards for your preferences and lifestyle. It also allows you to easily find a credit card that you qualify for.
You can also use a loan comparison website to compare personal loans, short-term loans and even debt consolidation loans.
How to compare home loans
Are you in the market for a home loan? Home loans of all kinds are available across the UK from banks and traditional lenders, building societies and other specialist lenders. All lenders compete to offer the most competitive home loans and comparing home loans as a result becomes important to ensure you get the best deal for your budget.
Home buyers should pay attention to the following when you compare home loans.
1. How interest is assessed
There are two basic options namely fixed rates and variable rates. Ensure that you are familiar with the features, terms and conditions of each one to make an informed decision.
2. How the principal is paid
The actual loan amount you borrow on a home loan is known as the principal. The interest can be repaid in two ways. Either through monthly payments or in a single lump sum at the conclusion of the mortgage.
3. The loan term
The term of a home loan is simply the duration of time you have to repay what you borrow. Usually fixed-rate home loans are two; five and 10 years and you can get longer terms of 25 or 30 years.
4. Loan-to-Value Ratio
The loan-to-value (LTV) ratio determines how much the lender is willing to make available based on the value of the property. It will ultimately determine the purchase price for your down payment.