Sometimes people want to raise capital for a specific purpose such as to go on a special holiday, to buy an expensive purchase , to pay school fees, etc.
Having decided what they need the loan for, the next decision is what the best loan is for them, because borrowing money must always be achieved buy a loan of some sort or the other
The reason for the loan will determine what loan is the most appropriate
When a person wants to buy a vehicle whether it is a car, a motor bike, etc it is sometimes possible to get a bank loan but this would be a personal loan and banks these days are not keen to grant such loans especially since they have tightened up their lending criteria. You also have to go personally into the bank during business hours which are Monday to Friday 9am to 5Pm.
A loan can be had from the car garage but the rates can be quite high and a deposit is needed.
People like to improve their properties, and for this most need a loan, that just like the car loan can be sometimes be obtained from the bank or the home improvement company.
The inconvenience of paying the home improvements with a loan from the bank is tha same as for the car loan, and that is you have to go into the bank yourself at a time to suit them and you must prove the purpose of the loan.
Home improvement loans taken out from the firm doing the work have high rates of about 25%.
Much better and much cheaper and more convenient loans for these, or almost any other, purpose are secured loans and remortgages that are low cost homeowner loans that can buy most things, and they are also good for debt consolidation.
A secured loan and a remortgage do not require personal interviews in a bank and can be arranged by a broker in your home or place of work or can be done by telephone.
Having decided what they need the loan for, the next decision is what the best loan is for them, because borrowing money must always be achieved buy a loan of some sort or the other
The reason for the loan will determine what loan is the most appropriate
When a person wants to buy a vehicle whether it is a car, a motor bike, etc it is sometimes possible to get a bank loan but this would be a personal loan and banks these days are not keen to grant such loans especially since they have tightened up their lending criteria. You also have to go personally into the bank during business hours which are Monday to Friday 9am to 5Pm.
A loan can be had from the car garage but the rates can be quite high and a deposit is needed.
People like to improve their properties, and for this most need a loan, that just like the car loan can be sometimes be obtained from the bank or the home improvement company.
The inconvenience of paying the home improvements with a loan from the bank is tha same as for the car loan, and that is you have to go into the bank yourself at a time to suit them and you must prove the purpose of the loan.
Home improvement loans taken out from the firm doing the work have high rates of about 25%.
Much better and much cheaper and more convenient loans for these, or almost any other, purpose are secured loans and remortgages that are low cost homeowner loans that can buy most things, and they are also good for debt consolidation.
A secured loan and a remortgage do not require personal interviews in a bank and can be arranged by a broker in your home or place of work or can be done by telephone.
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