cheshire, uk - July, 14 2005
Mr L P Martin CeMAP.
The One Stop Loan Shop.
08701 996722
leemartin@theonestoploanshop.co.uk
http://theonestoploanshop.co.uk
Are You Paying Too much For Your Credit.
Internet based Finance Broker The One Stop Loan Shop warns UK borrowers are
often confused over loan products leading them to enter into high interest
loan agreements.
You can’t miss the adverts for credit. They are always on the TV or the radio they are in almost every magazine you will read, but there never seems to be any information on what is the cheapest or most cost effective way of borrowing just the same old swap all your debts for one low monthly payment script that all the usual loan or mortgage companies seem to stick to. Since statutory regulation over mortgages, mortgage advisors are required to ask a structured set of questions known as a Mortgage Fact Find to asses a clients needs and preferences before making any recommendation, this is not the case with unsecured or secured loans and clients will often opt for a unsecured loan instead of a secured loan believing they are doing the right thing in not securing a loan on there home while what they are often really doing is entering into a loan agreement with a higher rate of interest being charged than they really need to be paying, if the client stopped paying the loan the lender still has the option to apply for a caution over the property leaving the borrower with a high interest loan agreement and a caution over there property, take a £10.000 unsecured loan on a good rate of interest say 9.9% over a seven year term would cost around £3901 in interest payments alone now compare this to the same amount of £10.000 still on a seven year term but this time the loan would be a secured loan at an interest rate of 7.4% the interest charged on this loan would be only £2842 leaving a saving of £1059 in interest payments.
Most of us when we take out a loan or credit card agreement expect to pay interest on our balance but we should all think very carefully before entering into a loan agreement, if more people applied for the secured loan in the first place on the lower rate of interest less people would find them selves in a situation were there next loan is just to consolidate the interest on there last loan.
The One Stop Loan Shop is one of the first UK companies offering
what we call the full range of loan products. All available via the Internet,
we have access either directly at lender level or through our selected underwriting
or packaging firms to thousands of loan products catering for almost any lending
situation including helping other brokerages place there business.
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