What Type of Loans is available?

Thinking of purchasing a new kitchen or bathroom. What loans or personal finance is available to you with out getting into credit card debt?

Years ago, it was not unusual for someone to walk into their local bank and take out a personal loan for £2000 to finance there new kitchen project or any other improvement they were looking at doing in there home. Well things have changed! Now a days if you want £2000 you would use your credit card to finance this amount of loan. Unfortunately to purchase a new kitchen these days it’s more like £6000 plus. Therefore it’s time to look around and see what loan options are available to you to finance these projects and at what interest rates.

Interest is the most expensive cost in a loan. Finance rates are either fixed or variable. Fixed rates stay the same over the life of the loan while variable rates move up and down.

Competition among lenders has many of them offering low introductory rates, one or two per cent below the standard, that are good for about six months. After that, the rate is adjusted according to a rate that reflects interest trends. The lender uses that rate to decide how much the annual percentage rate will change during the life of the loan.

Most banks use Bank Of England base rate plus a rate for whatever the loan is for i.e.: a car loan may be charged at a higher percentage rate than a home improvement loan. Therefore it is always good to shop around for the best rates to suit your own personal requirements.

If you are contemplating a home improvement we have teamed up with some of the biggest companies offering great unsecured finance.

Do you already have personal finance agreements? Relax. Many loan companies consider all credit history and decide on the personal individual needs and then consolidate all credit into one affordable loan.