Author Archives: Hugh

Guarantor Loans News from GBP Loans – Same Day Payout!

Posted on March 28, 2012 by Hugh

Here at GBP Loans we are excited to announce some great news for all of our customers.

Our guarantor loans now offer same day payout. Not only that, but we will shortly be offering guarantor loans up to £7,500 if you have a suitable homeowner guarantor with a decent credit history.

This news, coupled with our market leading rates mean that a guarantor loan from GBP is quite simply the best on the market today.

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An overview of the most popular loan types available in the UK market today – PART 5

Posted on March 20, 2012 by Hugh

Bad Credit Loans

Bad credit loans is a slightly contentious subject. The reality is that the chance of obtaining a loan if your credit is “bad” is quite slim unless you either have a homeowner guarantor (back to guarantor loans again!) or are prepared to tolerate higher interest rates (80% APR or more for unsecured loans and 20% APR or more for secured loans). Secured loans are obviously not suitable for tenants, which make up the vast proportion of people in this category. This really only leaves high interest rate unsecured loans or payday loans, which should always be viewed as a short term measure.

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An overview of the most popular loan types available in the UK market today – PART 4

Posted on November 10, 2011 by Hugh

Debt Consolidation Loans – otherwise known as secured loans!

Debt consolidation loans can theoretically be unsecured loans or secured loans, but due to the lack of affordable credit in today’s market, most debt consolidation loans will be secured loans. This is also due in part to the size of debt consolidation loans usually being greater than £5000. Clearly the interest rate for debt consolidation loans must be less than those of the debts being consolidated, which probably excludes unsecured loans in most cases due to the reasons explained above.
People often accrue different forms of debt over time, some of which can grow rapidly unless carefully managed. The reason for this is that certain debts not only attract significant interest charges, but also substantial fees for late payments or unauthorised overdrafts. In these circumstances, it is important to take responsibility and actively mange your finances very carefully. Making the right decisions at the right time is imperative if finances are tight. Debt consolidation loans are just one solution but the borrower must pay attention to the following if considering debt consolidation loans or secured loans in particular :

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An overview of the most popular loan types available in the UK market today – PART 3

Posted on October 12, 2011 by Hugh

Unsecured Loans

The title unsecured loans puts some people off. However it refers to the lender’s lack of security not the borrower’s so it is actually a positive attribute.

Unsecured loans (otherwise known as personal loans) are less risky than secured loans but this does not mean they are risk free for the reasons mentioned above. Unsecured loans are harder to obtain because they rely on the credit rating of the individual borrower.

Unsecured loans are generally for an amount between £1000 and £25000 and the borrower can choose a repayment period usually between 1 and 5 years.

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An overview of the most popular loan types available in the UK market today – Part 2

Posted on October 4, 2011 by Hugh

Secured Loans

Secured loans are much maligned by certain commentators so let’s try to understand why? A secured loan is where a borrower nominates an asset (usually their house) as security for the lender in the case of default. The main argument against secured loans is “why risk your home if there are other options?”, such as unsecured loans or personal loans. The other main argument used against secured loans is that people often borrow the cash over much longer terms (up to 25 years), which massively inflates the total amount of money that has to be repaid, which is arguably avoidable.

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An overview of the most popular loan types available in the UK market today – Part 1

Posted on September 8, 2011 by Hugh

Summary

Since this is our first posting on our new Blog, we thought we should start by decribing the different types of loans available (not just guarantor loans!) and outlining the pro’s and con’s of each while at the same time discussing some of the more misleading descriptions out there such as “no credit check loans”. Choosing the right loan for you should be straightforward if you follow some basic guidelines. No matter what anyone tells you, never pay an upfront fee, irrespective of the type of loan you are looking for or your credit profile. This is unnecessary – hopefully upfront broker fees will be outlawed shortly by the OFT – we live in hope!

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