Guest Post: Victoria Moretti loves to travel, particularly in around the Med. She’s a huge fan of Italian food, which is a pity, because she’s currently on a calorie controlled diet. Victoria hopes to travel much more in 2014 with a trip to NYC in her scopes.
Getting a good bank loan used to be challenging, especially without stellar credit or equity. Today, it is easier than ever to shop around for loans to find the best rates. With the internet, banks have to compete to offer the best rates, and in a matter of minutes you can find a good selection of bank loans with competing rates.
Online Quotes and Loans
Banks across the UK offer loan calculators, quick quotes, and even loan approvals through their websites. The best place to start is your own bank, since banks often offer loyalty discounts if you have been an existing customer for a certain number of years. Once you have an idea of what your bank would charge, check with as many banks as you can find to get a good selection of rates, then go visit them in person to try lowering those rates.
Internet Banks
While all banks offer online banking, internet banks are a new addition to the finance world. The have no offices, but offer the same services that traditional banks do. Since they have a low overhead, they can afford to lower their loan rates and be flexible with their repayment options.
Personal Loan Comparison Services
Rather than doing all the leg-work yourself, you can find a loan comparison service to do the work for you. When you provide them with your financial information, they compare loans from banks and other lenders to provide you with the best loan they can find. Since they usually charge a flat fee for their service, they have no vested interest in offering you loans from a particular source.
Specialized Loan Types
If you are seeking money for a specific reason, such as school, a car, home improvement, your career, or debt consolidation, most banks offer specific loans for those purposes. Rates are better than personal loan rates. If your bank does not offer the type of loan you need, look to other banks or lenders.
Non-Bank Loans
High street banks and building societies are not the only places you can get money when you need it. Most people think banks are more secure, but any company that offers lending services must be legally certified. Non-bank loans, such as peer-to-peer lending, offer very low rates for their loans, since there is no costly middleman. Even supermarkets and shops can offer personal loans.
Whatever your loan needs, you can always find the best rates if you shop around. Spend some time online to see what types of loans local banks offer. Then compare those rates to internet banks and consider some of the other options listed here. With a little research, it shouldn’t be too difficult to find the best loan for you.
*I was compensated for this post*
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