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Are You Looking For The Best Loan Deals?
Let over 200 Top UK lenders compete against each other to give you the best loan deals available. Fill out the form below to see if you can get a better deal.
Our service is completely free, you pay nothing and there is no obligation. See how much you can save! |
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NO PAYMENTS for the first 5 months on many loans! |
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You can borrow up to £100,000. |
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Spread your payments out and make them more affordable. Repayment periods from 3-30 years. |
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Arrears, CCJ's or bad credit? No problem - All Accepted. |
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Borrow up to 100% of your home's value. |
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One of the most important skills needed in the business world, is the ability to negotiate. In fact, in some countries negotiating is a common practice when shopping at places such as open air markets. Some of us have perfected the art of negotiating, while others of us seem to always get the raw end of a deal. Like anything else we want to master, negotiating and finding the best deals, takes practice.
APR in the UK
When searching for loan deals in the UK, we also want to find the best deals. The first step when searching for a good top-up loan (loan from a lender you already have borrowed from) deal, is to learn about the Annual Percentage Rate (APR), rather than the interest rate. Regarding the full term of a loan, the interest rate can be somewhat deceiving. On the other hand, the APR includes the interest rate, plus the fees related to it.
For your consideration
Another consideration to make when searching for a top-up loan is whether or not the lender charges prepayment penalties. In other words, if you pay off the loan before the full term has ended, will you have to pay a fee? While paying off a loan early can cause you to give a sigh of relief, prepayment penalties can rain on your parade somewhat.
After you have a better idea of extra costs that the loan might include, aside from the amount borrowed, it is time to do some number crunching. Remember that taking out another loan is a major event. As the saying goes, hope for the best and prepare for the worst. In this case, make sure that you have a “Plan B,” and that your main priorities are handled, if you were to run into some financial hardships.
The art of the deal
After doing your calculations and analysis, you may realize that a top-up loan is still a little out of your reach. Here is where your negotiating skills could come into play. Some lenders are willing to negotiate somewhat in terms of interest rates, and other issues that would influence your top-up loan. You probably should not expect to negotiate any major interest rate drops, but with the right communication skills, you could still land the loan.
Good advice for bad credit
One reason you may need to negotiate, is due to bad credit. Like any other problem, make sure that you deal with this problem in a straightforward way. Filing for bankruptcy may seem like an easy way out, but it could easily cause new headaches for you. Instead, one option for dealing with bad credit is through the charity CCCS, or Consumer Credit Counselling Service. Be cautious about other “advisory” financial services that offer their
help to get you out of debt. Many of them are actually in the loan and mortgage market, and simply charge you extra fees for their “advisory” services.
When searching for a top-up loan, you can find a great deal if you take the right steps, and are willing to use some negotiating skills as well. Master the art of the deal! |
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