Unsecured Loans and Secured Loans. Loans for almost every purpose!

Car loans, Home Improvement Loans, Consolidation Loans, Business Loans, even clear existing arrears!

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Whatever your circumstances, we promise to find a solution!

Yes, even in the credit crunch!

This Loans Service is provided to you by Promise Financial.

Talk to Promise and notice the difference!

We're often asked questions about various aspects of organising loans.

Click here to check out the Questions and more importantly, our Answers.

Secured Loans
What is a Secured loan?

A secured loan is a loan secured on some form of valuable asset - normally your home - this provides the lender with an excellent level of security, regardless of whether your home is mortgaged or owned outright.

In these circumstances you can borrow from £5,000 up to £50,000 sometimes up to £100,000, and the interest rates are lower too!

This means that on a like for like basis, the monthly payments for a secured loan are cheaper than an equivalent unsecured loan.

With secured loans you can also pay over a longer period of time.

Anything from five years to thirty years depending upon your age and circumstances.

You should be aware that secured loans do take a little longer to arrange.

That's because your property will have to be valued and the necessary paperwork put in place to secure the legal charge.

Our service is free to you but to operate this service we receive commissions from the Loans Adviser to whom we refer your enquiries. The information within the website has been approved by a person and firm regulated by the Financial Services Authority. Loans are not regulated by the Financial Services Authority.

The interest rate you receive will vary depending on the amount you are borrowing, the rate you are currently paying and the rate you may be eligible for.

For Loans, Brokers Online does not and will not enter into consumer credit or consumer hire agreements as a part of its business. Brokers Online is a trading name of Alliance Internet Ltd which manages and operates this website. Alliance Internet is registered with the Office of Fair Trading under Consumer Credit Licence number 608028/2.

Tip 1 Read the small print
Although the lowest APR is the main factor that contributes to a cheap loan UK , you should always pay attention to the small print as any extra conditions will always be found there. Remember, sometimes it isn't always the cheapest loan that suits you best.

Tip 2 Don't borrow more than you need
Never borrow more than you really need - you'll only pay more back in loan interest.

Tip 3 Stay in control
Make sure you know exactly what the monthly UK loan payments will be, and how much you will pay back in total.

Tip 4 Everyone's different
- lenders have different APR offers and may charge some extras like legal charges or administration charges. So closely check out what they are offering.

Tip 5 Compare like for like
The Annual Percentage Rates (APR's) are based on a standard formula set down in law. This enables you to make an exact comparison of the interest rates you are being offered.

Tip 6 Only ever make one loan application at a time
Be aware that all your loan applications are recorded on your credit files held at centralised credit agencies. Multiple loan applications are frowned upon by banks, mortgage lenders and other lenders, and their records are kept for 7 years.
So avoid making multiple loan applications.

Tip 7 Consider loan payment protection insurance
I f you lose your job, have an accident or become sick, you will still have to make your loan repayments in full. So it's a good idea to take out loan payment protection insurance, especially if the loan is secured on your home (a secured loan). By the way, always check out that you qualify to make a claim - not everyone is eligible. And only agree to an insurance policy where you pay the monthly premium each month. If the lender wants to add up all the monthly premiums and add them all to your loan, walk way.

Tip 8 Talk to your loan provider
I f you can't meet your secured loan or unsecured loan repayments then immediately get in touch with your lender to discuss the financial problems you are experiencing. This will give you both the opportunity to talk over the options and then decide the best course of action to take.

Tip 9 Check out the alternatives
Y ou may be able to get a better deal on a home improvement loan by going to your mortgage lender or remortgaging rather than taking out a secured loan or even an unsecured loan.

Loans, Secured Loans, Personal Loans and Cheap Loans all from Brokers Online

Debt Consolidation Loans

Debt Consolidation loans are a form of secured loan - they can reduce your monthly outgoings by up to 70% and are a brilliant way of clearing all your existing credit cards, loans and other debts into one single, manageable monthly payment.

Because of the nature of a Debt Consolidation Loan , it will almost certainly need to be a loan secured on your property (i.e. a secured loan). But if you're a tenant, still send your details. Promise Financial have a number of alternatives that might fit the bill.

And don't forget, just because you want a debt consolidation loan it doesn't have to mean that your finances are in trouble. It's simply an easy way to organise your finances and bring all your credit card and loan repayments together into one single manageable payment.

Another plus point with a debt consolidation loan is that you can borrow more than you need to pay the outstanding loans. Then you'll be free to use the extra money for whatever you want. Just make sure that you don't borrow more than you can repay!
Submit your details now and a Loans Advisor from Promise will find and compare the best debt consolidation loan deals for you.

Articles about Loans

We've a collection of articles published about all aspects of Loans. Click here to read our published articles.

How Secured Loans and Unsecured Loans work in more detail

Before you enter a Secured or Unsecured Loan Agreement make sure you know exactly what you're doing. Read the following information we hope it helps you make the right decision!

All you have to do is complete your details and a Loans Advisor will call you back. You'll then gain access to all the cheapest loans deals currently available in the UK .

Many people change their mind about what they need once they've spoken to the Loans Advisor and found out what they could qualify for and what the repayments could be - but at this stage that doesn't really matter. The important thing is to send your contact information and get the process underway. There's no obligation and the service is totally confidential.

What is an Unsecured loan?

An unsecured loan is where the borrower doesn't provide any asset to the lender as security for the loan.

In these circumstances the loan represents a bigger risk to the lender and so the interest rates tend to be a bit higher and the size of loans are lower in comparison with secured loans. The typical amounts you can borrow on an unsecured loan are normally in the £500 - £15,000 range, subject to your credit history.

Tenant Loans and Personal Loans are both forms of unsecured loan .

Unsecured Tenant Loans

Loans for Tenants are always unsecured. This is because if you're a tenant you can't provide your property as security because you don't own the property you live in.
To apply for a Tenant Loan complete the online form at the top of this page. You'll then be offered* a specialised tenant loan. (*subject to your credit history.) Even if you know that your credit history is poor, it's still worthwhile talking to one of the Advisors at Promise. They may well have another solution which will suit you even better!

Secured or Unsecured Bad Credit or Poor Credit Loans

Despite the Credit Crunch, don't let a poor credit history prevent you from applying for a loan! If you have credit problems you still stand a good chance of getting a secured loan or perhaps an unsecured loan from a specialist loan provider. These are some of the problems we come across:

• Mortgage Defaults or Arrears
• Adverse Credit and Finance
• Poor Credit History
• County Court Judgements
• No Proof Of Income

When you enter into a cheap Secured Loan or Unsecured Loan agreement you are signing a contract to make the repayments by the stipulated date every month for the duration of the contract. Any deviation from this agreement, without the lenders prior agreement, may result in financial penalties.

Early settlement.
If you repay the loan UK in full before the agreed end date, some lenders apply a charge for early settlement (also known as an early redemption penalty). This penalty can be up to 2 or 3 months interest so it's not to be sneezed at! If you think you might clear the loan before the end of its term, then look for a secured loan or unsecured loan with no, or very low, early settlement costs.

Flexibility.
If you would like some flexibility in your UK loan agreement, make sure you arrange this before you sign on the dotted line. You may be able to arrange occasional over-payments and lump-sum payments, both of which allow you to clear the loan over a shorter period than agreed initially.

If your UK secured loans is truly flexible , you may also be able to use the loan facility as a bank account, withdrawing funds from the account on a rolling basis, providing you stay within your credit limit.
Lenders also offer repayment holidays , allowing you to defer your monthly cheap loan repayments either at the start of the loan (known as 'deferred repayment') or at agreed points during the term of the loan.

Interest.
Naturally, you'll be charged interest on the amount of your loan. Sometimes this is calculated on the sum outstanding, and sometimes on the full initial sum borrowed. The APR on loans currently varies from 7.4% for secured loans with people with excellent credit histories etc, up to 22% for those with difficult credit problems.

The APR stands for Annual Percentage Rate . It includes the average rate of interest over the life of the loan, how often interest is calculated, the administration cost of setting up the loan, and any discount periods. To comply with the Consumer Credit Act, all lenders must ensure that the borrower is clearly informed of the APR he, or she, will be paying.

Fixed or Variable APR's.
Your APR can be a fixed or variable charge. A fixed APR has the benefit of added security since the rate will not change. A variable APR doesn't have this security and your monthly payments will increase if interest rate go up again.

Wealth Warning

Think carefully before securing other debts against your home. Security by the way of a charge on your home way be required. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts on it.