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When looking for a loan everybody hopes they will find a cheap loan and at best the cheapest, but how you go about finding that loan is not always obvious. And certainly you are not guaranteed to be offered the cheapest loan available when you apply to a company. So where do you start? - well first of all get an idea of what the current best loan rates on the market are - it doesn't mean you are necessarily going to get that rate but at least you'll know what the best case is and if you are offered something higher you'll be able to ask why you haven't been offered the best rate - there will often be a valid reason though.
Most loan companies have a range of deals available and will match your loan request against them, attempting to provide an offer that is attractive to you. Better Borrowing are fairly unique in that we will always offer the customer the cheapest option from the range of deals that match their circumstances. We will deal with multiple loan providers offering hundreds of lending options, so there's a good chance that we'll come up with a cheap loan that suits your pocket.
Certainly one of the best ways to find low cost secured loans is to do your research and shop around intelligently. We say intelligently because we would add a note of caution when shopping around for loans. The reason being the affect it can have on your credit record. There are no hard and fast rules but making multiple applications to borrow money on a regular basis can have a detrimental affect on your credit record. One of the best ways to get a cheap rate loan is to go for a secured loan - where the loan is secured against your property normally. Because of this the lender can have more confidence that they will be able to recover their money should you default on repayments and hence the loan is less risky for them meaning they can afford to charge a lower rate of interest. Of course only homeowners with equity in a property are eligible for secured loans (or home equity loans).
When you read your daily newspaper or any of the popular magazines it seems the world is full of cheap personal loans. The pages appear to be full of advertising from a large number of companies all claiming to offer the cheapest rates. The truth is the market for loans is very competitive and companies love to claim that they offer the lowest rates. However a low rate personal loan is only worthwhile if you are actually eligible to receive it and for many of the companies claiming the lowest rates the acceptance criteria will be fairly strict meaning that most people just won't qualify. Often a company with a low bottom rate but a higher typical rate will be your best bet. Because their typical rate is slilghtly higher could mean that they are able to accepted more customers and yet are still able to offer competitive low rates for those that qualify.