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Long Term Loans

When looking for an unsecured loan you want to make sure you get the best rates possible, and don’t get a loan amount for more than you actually need.

Instead of paying those eye-watering charges on store and credit cards, you could have an unsecured loan with rates as low as 7.96% on loans over £15,000. Or use a loan to finance improvements on your home.

Whatever purpose you want a loan for it pays to obtain plenty of information before making a decision because the terms and conditions vary from one provider to the next.

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Getting an Unsecured Loan


Firstly, you need to know whether or not the rate is variable or fixed. If interest rates rise – which isn’t unheard of – a variable rate loan could become much more expensive over your repayment period.
You’ll also want to look out for any additional charges that get added on, such as “arrangement fees”, and always make sure that what is advertised applies to you, as your credit score plays a bit role in dictating what rates and amounts you’re eligible for.

Aside from the loan rate and arrangement fees, have a look into any possible penalties for early repayment. Surprisingly enough many providers have a clause in the contract whereas the interest is based on the early stage of the loan, and if you repay early it could work out more expensive than you originally thought. Considering 70% of loans are repaid before the final due date there have already been many people lumped with extra fees simply because of a slight oversight.

Oftentimes you’ll speak to a lender, tell them the amount you want, and with a little persuasion they’ll get you to agree to take out a loan for a larger amount. On the one hand, “Great, more money”, on the other, “Oh yeah, I actually have to repay even more!”. It doesn’t hurt to sleep on the decision for a day to make sure you’re making a reasoned decision that you won’t later regret.


Considering Short-term / Payday Loans?


As for short-term loans, or payday loans as they’re better known, these can be very useful, but they have been abused, and many of the companies providing them aren’t exactly of outstanding repute.

There’s nothing inherently bad about a payday loan. They can lend up to £1,000, they carry a very high interest rate, but as long as you stick to your repayment plan you shouldn’t have any problems. In those times of adverse cash flow; when you just have a little bit too much going out than is coming in, or a sudden expense crops up, such as car repairs, and you know financially you would be sorted very soon, a short-term loan can get you out of a potentially tricky situation.

What we cannot recommend is that you use a payday loan to repay an earlier payday loan. This cycle of debt is dangerous, and as soon as you even begin to think like that, take a step back and look at your situation: your debt is becoming out of control, and if you’re looking at payday loans as a remedy then you will be making a seriously bad decision.

In those instances is is better to obtain the services of a debt management company, who can deal with your creditors for you and negotiate a reasonable repayment rate on your behalf.

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