The first thing which discourages us from borrowing a loan is perhaps the high interest rate. Most of the loan products available in UK come with high interest rates. Another deterrent is the short repayment term of most of the high-priced loan products which increases the monthly instalments considerably. It is to attract people those who get discouraged by the high interest rate and the short repayment term that some lenders in UK have come up with cheap loan plans.
Cheap loan products have lower interest rates than usual and the lenders sometimes may allow short repayment term to you as well. A variety of cheap loan products like cheap personal loan, cheap educational loan, business start-up loan, small business loan, debt consolidation loan, car loan, holiday loan, purchase loan, and wedding loan are available with the best lenders UK.
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Cheap loan products are both secured and unsecured. Secured cheap loan should be secured against collateral (usually in the form of your house). The security offered makes these loans even cheaper as the interest rate comes further down and the repayment term remains long. Secured cheap loan, however, will take longer than other loan products to be disbursed because the collateral offered needs to be assessed by the lender. Unsecured cheap loan products don't require you to furnish collateral, but that does not mean that they will become high-priced loans for you. Unsecured cheap loan products are disbursed quickly as well because there is no collateral to be assessed, and consequently, very little paperwork. Processing, sanctioning and disbursal are all done quickly.
Cheap loan products can be borrowed by people with unimpressive credit record as well. However, the arrears, defaults, county court judgements (CCJs) and bankruptcy against the name of such people can make the lender charge slightly higher interest rates than other cheap loan products.
Since the terms of a cheap loan vary from lender to lender, it is advisable that you compare the rates of the different lenders in UK before you apply for the loan. This may help you choose the best deal for yourself.
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