Debt Consolidation vs Debt Management: The Right Way To Tackle Your Debt
What is a debt consolidation loan? A debt consolidation loan is essentially a personal loan that can help you organise a cluster of debts into a single loan. So, for
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We all feel a little strapped for cash from time to time.
Even if you are an expert in managing your finances, spending your savings to pay for certain costs can be difficult.
In such cases, breaking down the cost of your expenses into manageable monthly instalments can ease your stress, and for this, several loan products are available.
You can use a personal loan to support short-term and long-term goals, such as financing home improvements, paying medical emergency bills, and preventing cash flow problems.
But which loan is best suited for your needs? It is important to compare APRs and interest rates and that’s where we can help. We help you select the right loan through our sorted loan comparison methods!
You can compare loan rates from multiple lenders in real-time. Find the perfect loan with LoanTube and get instant loan offers from a range of lenders in just a few minutes!
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Types of Loans
A financial hurdle may pause your journey, but it shouldn’t change your course. Don’t fall for the first loan you see without calculating your needs and risks and without comparing! No matter how big or small your goals are, we can help you find a personal loan for your every need, in every phase of life, even to overcome a cash crunch by comparing loans to help you find the best one.
Some of the most common types of loans are:
Unsecured Personal Loans
Tackle your financial troubles with short or long term personal loans without risking your life-long assets. Apply for low-interest personal loans that resonate with your needs and financial circumstances. Choose your desired loan term and repay the loan in affordable monthly instalments.
Home Improvement Loans
Your home deserves a makeover every now and then – spruce it up with mod cons and increase its market value. Make your move on the property ladder with low-interest home improvement loans designed to match your financials, and enjoy affordable monthly repayments.
Holiday Loans
Whether you take a vacation or a staycation – make it a break to remember. Compare low-interest holiday loans tailored to your financial and credit situation, and spread the cost of your vacation over affordable instalments each month.
Debt Consolidation Loans
Combat multiple debts with a low-interest debt consolidation loan aligning with your credibility and finances. Move your debt cluster to a single loan to break the cycle and conveniently repay in affordable monthly instalments.
Wedding Loans
Exchange your wedding vows in style, host a dream destination wedding, or plan a lavish reception – make your special day memorable with a wedding loan. Compare wedding loans that line up with your present financial circumstances and your future life plans, and settle the loan through affordable instalments.
Long-term Loans
Whether it’s a hefty outlay or a way to minimise your monthly repayments, split your expenses into small and manageable instalments with long-term loans. Compare low-interest long-term loans ideal for your personal and financial situation.
Homeowner Loans
Your home is more than just a property – use it to boost your borrowing power. Pledge your home as collateral to borrow big-budget loans at low APRs or use it to enhance your chances of approval. Find secured and unsecured homeowner loans tailored for your financials and spread your loan across fixed, affordable instalments.
Guarantor Loans
Don’t let a low credit score hold you back from seeking financial aid. Borrow guarantor loans with LoanTube to spread the cost of your expense over fixed, affordable monthly instalments. Take the help of a trusted friend or family member to support you in the process.
Single Application, Multiple Possibilities!
Financial hiccups are common, but they shouldn’t withhold you from living the best life! Whether it is renovating your home or paying for that much-awaited holiday, or perhaps you need to buy yourself a new laptop to help you work better or you might need funds for a medical emergency.
We can help you find exactly the loan you need with the rates and terms best suited to your unique situation.
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Long Term vs Short Term Loans: All You Need To Know
What are short-term loans? Short-term loans are essentially personal loans that you repay within a shorter term (usually 6-12 months), borrowed to tide over a financial crunch or an unprecedented
Free Assistance for Debt: Where to Go for Debt Advice?
Our financial lifecycle cannot function without debt. You can build your dream house with it, helping you achieve essential life milestones. In contrast, the same debt can cause you mental
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FAQs
What are the different types of loans?
There are two main types of loans:
- Secured Loans
- Unsecured Loans
What are Secured Loans?
If you choose a secured loan, you have to tie an asset with the debt you take, and if you are unable to repay the debt, lenders repossess the asset to balance out the payment. Secured loans are long-term borrowings for up to 40 years. Your monthly instalments will become more affordable, but you are burdened with a lifetime cost of loan repayments.
What are Unsecured Loans?
Unsecured loans do not tie you with security in turn for repayment. However, this loan type requires lenders to check your credit ratings and financial situation. The different types of unsecured loans include:
- Personal Loans
- Bad Credit Loans
- Car Loans
- Guarantor Loans
- Debt Consolidation Loans
Depending on the loan type, interest rates vary. Therefore, it is important to know what you are looking for when making loan comparisons! Moreover, apart from loan type, your interest rate changes based on your credit history, how much you can repay monthly, and the loan amount. In general, the interest rate of unsecured loans is higher than secured loans because there is less security of repayments.
How much loan can I get?
If you are eligible for a loan, you can get one from £1,000 to £100,000.
What do I need to get a loan?
You have to compare loans before choosing which one to go for. After selecting the appropriate loan, you will undergo a credit check to see whether you meet the loan requirements. These checks depend on lender to lender and generally consist of the following rules:
- Must be above 18. For some lenders, the age is above 21 or more
- Should have a regular income
- Have to be on the electoral register
- Need a functioning bank account
- Should be able to afford repayments
How loan interest is calculated?
If you take a five-year loan of £20,000 with an interest rate of 5 per cent, the simple interest formula will work like this:
£20,000 x .05 x 5 = £5,000 in interest.
How many loans can I have?
You can have at least one to three personal loans simultaneously from the same lender, depending on your credit score and the lender. However, there is no limitation to how many personal loans you can have at once from different lenders.
What loan can I get?
Depending on your requirements and credit score, you get three types of loans: unsecured loans, secured loans, and guarantor loans.
Can I pay my loan off early?
Yes, you can pay off your personal loan early. Before that, check the early repayment charges (ERCs) you agreed to when comparing loans. According to the Consumer Credit Regulations 2004, lenders can charge two-month additional fees if the loan is repaid early. If your lender says they do not charge an ERC, look for hidden fees.
Many lenders will be open about ERC, others will not. So, check thoroughly for any extra fees.
Does searching for loans affect my credit rating?
No, when you compare loans, it will not affect your credit rating. But if you apply for credit, an inquiry is placed in your report. Several inquiries within a short time span impact negatively on your credit score. You are viewed as someone desperate for a loan or who takes more debt than they can afford to repay.
Can I get a loan when on benefits?
There are loans available for people on benefits or who are unemployed. These loans have higher interest rates. People who choose this may be asked to keep their car or home as security, or they might need to find a guarantor.
How much can I borrow?
A loan provider will base your loan amount on the type of loan you apply for, your financial assets (like investments, savings, possessions of value, etc.), income, and credit history. However, with a personal loan, you can borrow up to £35,000, and with a secured loan, it can be up to £250,000 or more.
Am I eligible for a loan with a bad credit score?
With a bad credit score, it is tougher to get a loan, but you still have the option to choose a Bad Credit Loan, which is aimed at people with a limited or bad credit history. The downside of this loan is that you get lower borrowing limits and higher interest rates.
What is APR?
Annual Percentage Rate (APR) is the rate of interest at which you have to repay the borrowed money. It considers the actual interest rate and additional charges to give you a complete insight into how much the loan will cost.
If a rate is presented as an APR, the lender has to offer it to at least 51% of applicants. It does not mean that you will receive the same interest rate.
What is debt consolidation?
Debt consolidation means taking out another single loan to pay off debts from other lenders. With this method, you repay debts in a single monthly repayment.
Can I overpay or pay off early?
You can pay off loans early in bulk or in parts, but some lenders charge early repayment charges (ERCs).
What if I am struggling to pay off my loan?
Talk to your lender if you are unsure whether you can repay the loan on time. They can allow a repayment holiday or work with you to find an easier repayment plan. You will be penalised for missing repayments if you do not let them know about this.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
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Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.
