There are more than 550 loan plans in the market; it’s not easy to find a cheap loan that caters to all your needs. That’s where we come in…we help you get a quote that’s easy and of course free. We compare more than 500 unsecured personal loans and over 200 secured loan plans to find the cheapest quote for you. All you need to do is click, compare and decide!

Still confused? Our loan guide can help you get started in your search for cheap loans. There are a lot of factors that need to be taken into account before choosing on a particular loan deal.
 

What are cheap loans?

Any loan which requires you to pay low interest rates is termed as a cheap loan. Before taking out a loan, check out the APR or the Annual Percentage Rate that will be charged against the loan amount. Cheap loans will have competitive APRs which will make your Total Repayable Amount (TRA) very affordable.


Cheap loans: Are they for everyone?


A loan with a low interest rate may not always be the best deal for you. Before agreeing to any personal loan, check your own requirements and personal finances. Would you be able to repay the lender on time? Do not borrow more than you can afford. Late payments may result in the lender taking you to court.


Am I eligible to get a cheap loan?

Getting a cheap loan quote on unsecured personal loans depends on the state of your financial health. You will not get a cheap loan if you have:

    * Arrears and missed payments in your credit profile
    * Defaults in loan/mortgage repayments
    * CCJs (Court summons against your name)
    * Been declared a bankrupt in the last three years
    * Frequent job changes and changes in the address
    * A negative or less than 0.36 DTI (debt to income ratio)
    * Too many mortgages or loans taken out at the same time
    * Small disposable income
    * A number of dependants in your family
    * Frequent cheque bounces

 
What are the dangers of applying to various financial providers?

There is just one danger of applying with numerous loan providers. Every lender will conduct a credit check of your financial profile before granting you a loan. Multiple searches recorded against your name can affect your chances of getting a loan approved in future. One of the ways to avoid such a scenario is to apply for those products which match your credit history. For example, if you have a bad credit history, then you will get competitive interest rates only against secured loans.

You can get a free online copy of your credit profile from Check My file.