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Expert Guides

Read in-depth advice about managing your finances from the Best Loans team.

Payday Loans

Find out all you need to do about this short term lending option, including the pros and cons.

Best Loans for Young People

When you’re young and have no credit history it can be harder to get a loan. We’ve got a guide to help you get the best rate.

How to improve your credit score

If you’re struggling to get a loan, or want a better interest rate, then improving your credit rating could help.

Peer to Peer Loans & Investments

Peer to peer loans are a great option for those looking for a loan and those looking to invest their money at a better interest rate than a savings account.

Interest Free Short Term Loans

If you need some quick cash, but don’t want to be paying lots of money in interest, then here are a selection of short term loans that are effectively free!

Unsecured Business Loans

If you don’t have any collateral to guarantee a business loan, there are still some unsecured options available to you.

Instalment Loans

Paying off a short term loan in instalments is often better for those who struggle to manage their finances.

Single Parent Finance

Having a child and raising it on your own can be very tough, so use this guide to get all of the benefits and money you’re entitled to.

Banking Guides

Expert roundups of the best way to switch, monitor, and maximise your banking in the United Kingdom system.

Best Current Accounts

Your day to day bank accounts can actually be used to make you more money.

Remove Credit Card Debt

Sometimes it’s hard to get a loan if you still have debt, so learn how to get rid of credit card debt.

First Time Credit Cards

If you don’t have a credit history because you’re young or simply never got around to borrowing money, then a first time credit card could be perfect for you.

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What Do You Need The Loan For?

Business Loans

Generate cash flow and expand your business with a smart business loan.

Debt Consolidation Loans

Helping you to take back control of your financial situation through smarter credit.

Home Improvement Loans

Compare the best ways to add value to your home and how to finance it.

Medical Bill Loans

Help to pay for debts incurred through medical problems by paying less interest.

Which Loan Is Best For You?

Whether you are comparing mortgage loans or unsecured loans, there are important key aspects that you need to consider in the process in order to find the best loans for your situation.

Thanks to top online loan comparison tools currently available (i.e. Money Supermarket, and many more) you can now find available comparison options to find the best loans. To help you compare loans easily, we are going to discuss the necessary aspects to consider in this article.

Compare Loan Interest Rates

Start by looking into the interest rates of the loans you are comparing. Comparing interest rates can help you get a good picture on which loan is the best for you. Do keep in mind that you need to look into not only the base interest rate but also the APR (Annual Percentage Rate) and net interest rate if you want to truly understand the costs of the loan.

You also need to work out the amount of money you need to allocate on loan repayments. Two loans with the same interest rate and loan term can have different monthly payment amounts, mainly because the calculation method and associated costs for the loans are different. You also need to make sure that the monthly payment amount is well within your budget; you are avoiding future problems this way.

Aside from the payment amount, you may also want to calculate the total amount you repay as well as the total charge for the loan. This will help you see if the loan costs too much. A £10,000 loan of 5 years with 6.6% interest rate means you will be paying a total of £11,714; the total cost of the loan is £1,714, which means the APR is around 14%.

Special Loan Deals – Cheapest Options

Continue by looking into exclusive offers and special bonuses in order to find the best loans. This is the key to finding the best loan. Depending on the online loan search and comparison tools you are using, you may find exclusive offers and discounted rates as well. These special offers can really reduce the costs of taking out a loan substantially, so they are indeed worth looking into. You can also find additional bonuses and rebates when you apply for the loan through one of the best online resource centers available today.

Don’t forget to also compare the lenders. Although the loan deal might be the best on the market, taking out a loan from a shady lender could lead to a series of severe problems along the way. Be sure to deal with only a reliable and reputable lender. You can consult the FSA (FSA.gov.uk) to find out more about registered financial institutions.

Safety First – Check Terms and Conditions

Last but not least, check the terms and conditions attached to the loans you are comparing. It may seem like a complicated task to complete, but you will be able to pick the most beneficial loan that really protects your interest this way. Don’t hesitate to contact the lender or loan broker directly if you find points in the terms and conditions that you don’t understand.

Now that you know the necessary aspects to compare when looking into loans, you can find the best one to take out without a problem.

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