Looking for credit that actually meets your needs and doesn’t drown your budget?
Take advantage of the best loan comparison sites in the UK by using them to compare loans and credit options to find the most suitable for your individual needs.
How to get the loan that you really want
Multiple credit checks on your name will affect your credit score negatively. The main benefit of a loan comparison site is one online loan application, one credit check, but you will get access to multiple quotes from lenders.
Just sit back and choose the quote that is best for you. These sites give you more options and also give you peace of mind.
Top benefits of using a loan comparison site:
- Protect your credit by preventing multiple credit checks
- Save time as you only need to complete a single loan application
- Avoid expensive loan products
- Avoid lenders that are unregistered
- Find the lowest rates
- Access higher loan amounts
- Find loan terms that suit your budget
- Sift out loans and lenders that are not suitable
Should you consider company reviews?
With these sites you are able to see the reviews about the company and whether they are a good company to take out a loan from.
You can also find out from the reviews which companies go the extra mile for their members and of these, which are the best lenders to use for your loan.
Company reviews are a good way to weed out the lenders who don’t offer quality services and products or simply don’t deliver on their promises.
Choose the right loan option
There are many loan options on these loan comparison sites. Perhaps you are looking for a home loan or a car loan or you are looking for a personal loan. There are many more loans that you can look at and ones that can help you in getting the best deal.
Sometimes you regular bank or usual lender may not be the best available option, even if it’s the one that you’ve used in the past. It is important to consider more than just the interest rate when comparing loans. Other factors such as the loan amount available, application and annual service fees, whether or not the lender charges early repayment fees and other such factors should also be considered.
Available loan & credit options to compare:
- Personal loans from banks, peer-to-peer lenders, and alternative online lenders
- Car loans from a range of traditional and non-tradition vehicle finance houses
- Home loans and property finance for business and investment purposes
- Short-term loans from banks, online lenders and alternative credit providers
- Credit cards from a range of providers including American Express, banks and smaller providers
- Debt consolidation loans
- Business loans including invoice financing, equipment finance and alternative business finance options
- Savings accounts, overdrafts and bank accounts as well as investment products
The best part about the loan comparison sites is that you can apply for your online loan on the site and they will give you all the information that you will need to apply. It gets even better as these loans that you apply for will only take a few minutes to be processed and someone will get back to you.
How loan comparison sites make money
Many people worry about whether a loan comparison site tries to promote certain products at the expense of the consumer. When it comes to the sensitive topic of how these sites make money, it’s best to consider both side of the coin.
On the one hand these sites depend on building trust with consumers and therefore want to remain as unbiased and consumer focused as possible. On the other hand they need to make a profit and therefore need to promote some partner products.
Some sites make money when you access a partner site from their comparison tables while other make money through sponsored products which are inserted among the range of options on searches made by consumers. These are usually labelled as such so, if they do not meet you standards can and should be ignored.
Looking at added loan benefits
Besides the loan amounts and interest rates that you can see when you click on a few of the companies, they have added benefits that you can add on or consider. If you are buying a second-hand car then you can buy it from the company directly once you have been approved for a loan.
You can even get car insurance or a car plan for maintenance if you are to get the right company. These added benefits can be specified when you compare loans on the comparison site and will help you reduce your pool of options to simply those that offer these extras that you want.
Another example is that of credit cards. When looking for a credit card you may be interested in very specific features such as Slow Lounge access or travel miles. In such a case, you can run a search on the loan comparison site that will remove all options that don’t include these features. From there it becomes much easier to use interest rates and fees as a guide to choose the best option.
Making use of online loan calculators
You can use the loan comparison calculator to find out how much your loan will cost you or how much you will have to pay per month for your loan. You can mix it up by changing the amount and the repayment terms.
It is always a good idea to take out only the exact loan amount that you need and not the amount that you qualify for. This will ensure that you don’t end up paying off unnecessary and excessive debts for a long period of time. The smaller the loan amount and the shorter the loan term the sooner you will be debt free.
The convenience of loan calculators and comparison sites really cannot be overstated. Try it for yourself. Another benefit is that by doing so you are doing a soft search for a loan offer, which means it will not impact your credit rating in any way.
Loan comparison deliver the best deals
Most of the loan companies that are on the comparison sites are all registered companies that are willing to help you get the loan that you need for the price that you can afford. From mainstream banks that we all know to peer-to-peer lenders that offer the lowest interest rates in the country – loan comparison sites have it all.
Applying for a loan is easy, simply choose your lender and fill out the quick online loan application. Within minutes you will know the outcome of your loan application.
You can not go wrong using a loan comparison site because not only are you able to find the best loan for you, but you can even compare the interest rates and loan options that might suit you better.