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Compare loans step-by-step

Posted on | February 21, 2015 | Comments Off on Compare loans step-by-step

Are you looking to borrow money?

The first step you need to complete is to work out how much you need. Personal loans are available for all kinds of sums, as are home loans, business loans and car loans. Consider why you want to compare cheap loans and how much you will need to borrow to meet your needs. Ideally you want to borrow the lowest amount without actually getting less than you need.

Once you have crunched your numbers you are ready to move on to the next step.

Know whether you want a secured loan or an unsecured loan

There is a big difference between the two, namely that a secured loan will be secured on something of value. Usually this will be property, but in the case of a business loan it could be on equipment. A car loan might be secured on the vehicle itself.

A personal loan is also sometimes referred to as an unsecured loan. You won’t be able to borrow as much but it could be just the thing if you need a smaller amount. However the interest rates on a secured loan can usually be cheaper than you’d expect to get for an unsecured one. This means you may wish to consider a secured loan if you want to borrow more money at a cheaper rate and you have a property to put up as collateral.

Start your loans comparison process

The easiest way to do this is to use an online comparison calculator. Typically speaking you need to type in the amount you want to borrow, as well as choosing the repayment period. This could be a year, three years, five years, 10 years, or longer if you are looking at a secured loan of a larger value.

A loan comparison will enable you to compare different loans that are available over the same period of time. You can use the comparison process to find a range of lenders who would be willing to lend the sum of money you need over a specific period of time. You can then adjust the repayment period depending on how much you can afford to pay back each month. This will also tell you how much you will pay back in total depending on the interest rate given.

Looking for the cheapest loans 2015

Needless to say you’ll want to pay back as little in interest as possible. Different loan periods will bring forth different interest rates. For example we ran a comparison recently and found that £7,500 paid back over seven years was significantly pricier than the same amount paid back over five years.

This shows how important it is to check through a number of comparisons to work out the cheapest loan you can have and the best repayment period to go for. The more effort you put into this process of comparing loans step-by-step, the easier you will find it to get the best possible loan for your situation. Why not start now?

This post was contributed by moneysite.com - Online money transfer.