How to Compare Loan Rates in the UK

With interest rates on the rise, consumers in the UK are trying to find ways to save money. Comparing loan rates is an excellent way to do that.

Difficulty: Moderately Easy

Instructions

1. Decide how much money you need and how long a period of time you want to pay it back over. This may seem obvious, but deciding before hand on a specific amount and how quickly you wish to pay it back will keep you from falling into the trap of getting a loan for more than you need or paying it back over a longer period of time, and thus paying more interest.

2. Check your credit rating. How good a loan you get will depend on how good your credit rating is, so be sure to check your credit report to be sure that there isn’t anything in there that you need to fix first. There are a number of websites that will let you see your credit report for free or for a few pounds you can buy your credit report directly at the credit referencing agencies experian.co.uk, equifax.com or callcredit.co.uk.

3. Decide on the type of loan you need. Do you want an unsecured personal loan or a secured loan? Most unsecured personal loans are fixed rate, so your payments won’t change. However, if you pay it off early, you could be penalized; therefore a secured, flexible loan may be better. Additionally, people typically don’t think of credit cards when they think of loans, however if you are looking at paying back your loan in less than a year and it is only for a small amount, you may want to consider shopping around for a credit card that allows 0% interest in the first year instead.

4. Compare loan rates online. Two popular websites for comparing loan and credit card rates are moneysupermarket.com and uswitch.com. Armed with your credit rating and a good idea of what kind of loan you would like, you should be able to comparison shop quite easily. Customize your results. Moneysupermarket.com offers two types of searches. One will search based simply on how much you want and how long a period you wish to pay it back in. The other allows you to do a search based on factors specific to your circumstances such as your income and whether or not you have ever missed any payments. When you find a loan you like, contact the lender directly to see if you qualify for that rate or better.

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