Guide to Loans in the UK
With the present tumultuous economic condition, the need for an extra amount of money can arise at any time. What is noteworthy in this respect is that, in most cases, people tend to take those loans that are not suitable for that specific purpose. Hence, these loans tend to get unused or misused in most cases.
It is important in this world of specialisation that loans that are suitable for that specific occasion should be applied for. The United Kingdom has a variety of loans available for its citizens. Amongst them, it now depends on people to choose out those loans that are suitable for that specific requirement.
Our speciality at Blue Tomorrow Guarantor Loans is that we make sure that we cater to the actual needs of our customers, streamline their demands as per their options and finally provide them with that loan which is perfectly suitable for them.
So, we have a specified Guide to Loans in the UK list of secured and unsecured loans from where people can make a choice and get relief from their financial constraints.
Our categorization of loans:
We have specifically two categories that are there for loans.
- Secured loans: In this case a certain amount of money or property is kept as collateral against the amount that has been borrowed.
- Unsecured loans: This is specifically available to people with a bad credit history. They do not need to keep any monetary amount against which their loan is prescribed.
Our speciality at Blue Tomorrow Guarantor Loans regards both these loans; wherein we cater to demands of people as per their choices.
A Guide to Loans in the UK:
- Subsidised student’s loan:
This is primarily available to students who are pursuing higher studies. In case they wish to apply for this loan, as back payment they have to pay only a security deposit. Their repayment period starts from the time their student life ends and they get a job. Coming within a range from £10000 to £15000 with an interest rate at 25% to 30%, this loan is extremely famous among students.
- Special concessional loans:
This is useful for people who do not have the capacity to pay off loans with a high amount and high rates. In this regard, the amount that they can borrow ranges from £5000 to £10000 with interest rates ranging from 35% to 40%.
- Personal loans: A number of loans come within this category:
- Car Loans:
This loan is given against car as collateral.
- Payday Loans:
This loan is available on the notice of a single day, and has to be paid back within that same day.
- Instalment Loans:
Here the loan has to be paid back in regular instalment within a certain time period.
- Mortgage Loans:
This is a general loan, where property or any other amount has to be kept as collateral against borrowed money.
In case of all these loans, general amount varies within £1000 to £10000 with a rate of interest at 35% to 40%, and a time period is extending to a maximum of 10 years.
Thus, for getting a guide to Loans in the UK all you have to do is stick to us and get detailed information about our work.