Loans | Compare | Calculator | Best and Cheapest | Quick

Loans are the lending of money from one individual, organisation, or entity to another individual, organisation or entity. In this article, you will find more information about loans and comparisons to find the best loans for you.

Loans

Loans are the lending of money from one individual, organisation, or entity to another individual, organisation or entity. It is a debt provided by an entity to another entity at an interest rate, and entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.

Loans calculator

There are many loan calculators available to help you outline your repayment plan depending on what you borrow. Take a look at the following sites to customize your repayment here:

Compare loans

For comparing loans, you just need to know the following information:

how much you want to borrow
over how long OR your monthly repayment budget

With this information, most loan services will be able to show you available loans.

For more information on comparing loans, check out CompareTheMarket and GoCompare for more information.

Best loans

The best loans will depend upon many factors, including personal background, situation, and type of loan. For example, some of the most common loans include car loans, home loans and consolidating debt.

What may be the best or cheapest loan for you depends on a variety of personal circumstances (including financial situation) and what type of loan you are wishing to take out.

For more on understanding the types of loans and what may be the best fit for you, check out MoneySuperMarket page here.

Cheapest loans

The cheapest loans will depend upon many factors, including personal background, situation, and type of loan. For example, some of the most common loans include car loans, home loans and consolidating debt.

What may be the best or cheapest loan for you depends on a variety of personal circumstances (including financial situation) and what type of loan you are wishing to take out.

For more on understanding the types of loans and what may be the best fit for you, check out MoneySuperMarket page here.

Quick loan

Quick loans are for when you are looking for money fast. They will need a short application filled out and once approved, will have the money transferred over often within a day. However, quick loans are often for smaller amounts and may be more expensive for repayment.

Student loans

A student loan is a loan to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. Student loans are offered through the government or public sector organisations to assist students. Unlike other loans, student loans may have a lower interest rate and have deferment while the student is still in school.

Personal loans

A personal loans, also known as unsecured loans, are loans that a bank or other lender makes that are not secured against any asset such as your home. Personal loans may have higher interest compared to other loans, especially if you’re borrowing a smaller amount, but will often have a fixed rate month by month.

Debt counseling: Payday loans and bad credit with no guarantor

If you have bad credit history with no guarantor, you may want to consider poor credit loans that take this into consideration. It’s important to evaluate the interest rate, whether it’s secured or unsecured, and the repayment duration. On the plus side, a poor credit loan may improve your credit status by showing that you can handle the loan responsibly.

FAQ about loans

In this section, you will find information regarding frequently asked questions about loans.

What is a loan?

A loan is the lending of money from one individual, organisation, or entity to another individual, organisation or entity. It is a debt provided by an entity to another entity at an interest rate, and entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.

What is a bank loan?

A bank loan is an amount of money loaned at interest by a bank to a borrower, usually on collateral security, for a certain period of time. They are generally used by businesses.

What types of loans exist?

There are many types of loans that exist for a variety of personal or professional situations. The most common type of loan is a personal loan, which is also known as an unsecured loan because it is not secured against property or assets. A secured loan is secured against an asset, usually your home or business, or extending your mortgage.

Here is a list of other types of loans:

Personal loans
Bad credit loans
Business loans
Car and finance loans
Debt consolidation loans
Student loans
Homeowner loans
Peer to peer loans

For more information on different loan options, check out this loan guide here.

What is interest?

Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e. the amount borrowed). For loans, the amount you borrow and the interest rate will depend upon your circumstances, type of loan, and credit score.

What kind of different ways can I borrow money?

There are many different ways to borrow money. Here are a few of the most common ways listed below:

Overdrafts – Short term borrowing, emergencies
Credit Cards – Short term borrowing
Personal loans (unsecured) – Larger amounts for specific purchases
Mortgages – Home purchasing, remortgaging for better interest rate
Payday loans – Short term cash loans until next pay check
Unregulated loans – Short term cash loans

For more information, go to Nationwide for their guide.

What is the difference between long and short term loans?

The difference between a short term loan and a long term loan is the amount of time and the interest paid back during this time. A short term loan, generally up to 3 years, and often have fewer requirements due to the shorter time frame. A long term loan can be over an extended period of time, and may be a secured or unsecured loan.

Advantages and disadvantages with loans?

Since a loan involves borrowing money, it is important to carefully select your lender depending on your type of loan and personal circumstances. Some of the advantages include that there are loans for just about everything, and have a staggered payment schedule.

For disadvantages, it is a long term (or short term) debt, and if a monthly payment is missed, there may be serious consequences.