Cheap Unsecured Loan

Cheap Unsecured Loans Hard to Find in a Shrinking Market

justin — Sat, 27 Sep 2008 12:06:11 +0000

Considering all of the turmoil in the financial markets, it is not surprising that cheap unsecured loans have become almost impossible to find in the modern day. With so many difficulties and so much fiscal irresponsibility, cheap unsecured loans can even be considered part of the reason that the market is in such bad shape. With so many lending institutions and borrowers both pouncing on cheap unsecured loans as an easy way to make the loans work for those individuals who might not have the strongest credit, the credit crunch has become extraordinarily pronounced and has caused all manner of difficulty for those who make their living in this industry.

With the blame that cheap unsecured loans have gotten, it is almost impossible to find anyone still willing to make these types of mortgage loans. While those with strong credit can still find cheap unsecured loans, it is difficult for others to find the loans that they need to purchase homes and make other types of important purchases. Cheap unsecured loans used to be an easy financial instrument to take advantage of. Unfortunately, with the turmoil in the markets and the modern day, they have become a thing of the past and will very likely continue to be very difficult to obtain.

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Fixed Cheap Unsecured Loans Recommended

justin — Fri, 29 Aug 2008 08:07:32 +0000

Consumers looking to save money on a cheap unsecured loan are being advised to seek fixed deals by many experts. Even though the rates are a little high on fixed cheap unsecured loans at this time, they are generally seen to be safer and consumers will not have to worry about their rates going up if the market changes. That is enough to convince many to seek a cheap unsecured loan with a fixed rate. This demand however may not be met unless banks start lowering their rates.

Simeon Linstead, head of personal finance expert at uSwitch.com, the online price comparison and switching service, comments: “The loans market is extremely volatile at the moment and best buy deals have become more expensive over the past 13 months. However, the market is vast and there are still competitive rates for those who take the time to compare the offers available. Online loan deals are typically lower than their offline counterparts and in times of volatility in the credit markets and banking world, borrowing on a fixed rate loan can offer borrowers the peace of mind that, both, their interest rate and monthly payments are fixed for the term of the loan.

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Cheap Unsecured Loans Affecting Landlords

justin — Fri, 22 Aug 2008 11:05:18 +0000

As landlords try to stay afloat and keep making the payments on their mortgages, more are seeking cheap unsecured loans and often coming up empty. The result may mean that foreclosure figures will once again be on the rise. While cheap unsecured loans are available to some, the overall availability has fallen drastically over the past few months and will undoubtedly continue to drop for some time. This is little comfort to those that need the help that a cheap unsecured loan can bring, especially if it is necessary to avoid a foreclosure. However, that may be the shape of things to come for the next few months.

Melanie Bien at mortgage broker Savills Private Finance said: “Lending criteria has tightened across the buy-to-let sector. Compared with only a year ago, lenders need a bigger deposit, around 25%, and tighter rental cover requirements will cut many investors out of the picture.”

Nick Clark of The Property Show said: “With house prices falling . . . investors should look at student accommodation as a long-term investment based on high rental returns rather than capital growth. If they are planning to sell within a year or two they will lose out.”

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Consumers Urged to Find Cheap Unsecured Loans

justin — Fri, 15 Aug 2008 11:13:58 +0000

Experts are warning consumers that if they need a loan, they will need to do some searching in order to get a cheap unsecured loan. It is all too easy to end up paying too much if a consumer does not do their homework and find the best cheap unsecured loan before signing the paperwork. By searching, it is estimated that consumers can save a tremendous amount of money by picking a cheap unsecured loan.

“Paying over the top for finance is one expense that can be easily avoided. Consumers should search for a competitive deal with best buy unsecured personal loans starting from just 7.4% typical APR, 2.77% lower than the average car dealer finance at 10.17% typical APR. This really is a case of ‘act in haste, repent at leisure’ as a loan from the dealer could cost the consumer as much as £1,000 extra in interest. Having the money available before choosing a new vehicle can also add to your bargaining power when on the forecourt - you may find you are able to drive down the cost of the car as you strike an immediate deal,” said Simeon Linstead, Head of Personal Finance at uSwitch.com.

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Will Cessation of Stamp Duty Affect Cheap Unsecured Loans?

justin — Fri, 08 Aug 2008 10:44:14 +0000

As rumors swirl that the stamp duty may be suspended, there is controversy over whether or not this will affect cheap unsecured loans. The first to benefit would be mortgage seekers, but there may be a trickle down effect if this helps shore up the housing market, which in turn could convince more lenders to offer cheap unsecured loans. Until this actually happens, speculation will undoubtedly continue.

Ray Boulger from John Charcol stated, “With the Chancellor’s confirmation that he is considering a temporary suspension of stamp duty, the already very low number of transactions in the housing market, approximately 60% down on last year, will diminish further until he sets out his proposals. After all who will want to commit to a property purchase now when it is probable that by waiting a few months stamp duty costs possibly running into tens of thousands of pounds can be avoided, and with The Chancellor’s blessing.

“The Government’s policy of leaking policy initiatives like this is not clever. They have been considering action on stamp duty along these lines for some time and should now announce a definite policy in the very near future.”

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Cheap Unsecured Loans Continue to Plague Banks

justin — Fri, 01 Aug 2008 06:37:03 +0000

Defaulting cheap unsecured loans are still being blamed for many of the problems in the UK housing and loan markets. While there are many cheap unsecured loans that are still in good stead, the ones that are not are dragging down bank profits. This may be a huge problem if more consumers are unable to keep up on their cheap unsecured loan payments. Rising costs of living may make this impossible for many and it may take years before these problems can be solved. Until then, new cheap unsecured loans may be hard to find.

“It [The Bank of England] must reject the idea that it can solve the UK’s debt problem by throwing more money at it. Collectively, consumers are drowning in £1.4 trillion worth of debt, of which £1.2 trillion is mortgage debt and £233 million is unsecured loans. We now need time to pay off those loans, and it will take more than consumers hanging their heads to solve the problem.

“The Government must not use tax payers’ money to lend to taxpayers. This is tantamount to robbing Peter to pay Peter. It is not only nonsense, but dangerous nonsense too,” states David Kuo at Fool.co.uk.

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Cheap Unsecured Loan Portions From Mortgages Still Causing Trouble

justin — Fri, 18 Jul 2008 09:37:53 +0000

Banks that offered cheap unsecured loans in addition to a regular mortgage are still finding that they are in big trouble in many cases. The popularity of the 125% mortgage which contained a cheap unsecured loan in addition to loaning on the actual property has been blamed for much of the current crisis. As a result, fewer banks are now willing to offer cheap unsecured loans at all and it may be years before the property market can support a return to 125% loans, if they ever come back at all.

“Fixed-rate mortgages have recently dominated the market as borrowers prized security and certainty above everything else and lenders offered competitive deals,” said Francis Ghiloni, mform business development director.

“However, the cost of security appears to be excessive and fixed rates are now uncompetitive across the board for most product areas. Even SVRs can be more competitive on a true cost basis.”

David Hollingworth of London and Country added, ‘If you are facing higher mortgage repayment, extending the term of the mortgage will reduce them but will increase overall costs dramatically. It should be treated as more of a last resort.’

High End Cheap Unsecured Loan Scarce

justin — Thu, 10 Jul 2008 08:37:55 +0000

Those seeking a high end cheap unsecured loan for property are finding it increasingly difficult to get an approval. Banks are starting to crack down, even on the upper tiers of cheap personal loan applicants and suddenly, credit doesn’t make that much of a difference. The bottom line is, those seeking a cheap unsecured loan for a large amount may not be able to get an approval, or may end up paying more than they would like to on the entire loan, thanks to rising rates and fees.

“The credit crunch has made it more difficult to get mortgage finance, and the top end of the market has not emerged unscathed,” says Melanie Bien, of Savills Private Finance.

“Lenders are no longer interested in the top end of the market,” says Gary Festa, of HFM Columbus, a wealth manager and mortgage broker. “Lenders are increasingly capping their loan offerings. Nationwide’s cut-off point is £500,000, as is the Chelsea Building Society’s for any scheme other than its standard variable rate.”

“It is still possible to get larger loans, but it is undoubtedly true that many of the cheaper rates will not be available,” says David Hollingworth, of London & Country Mortgages.

Cheap Unsecured Loan Problems Continue

justin — Thu, 26 Jun 2008 09:44:57 +0000

Those trying to get a cheap unsecured loan to help pay off their mortgage are finding it increasingly difficult. The housing market continues to go through its slump and although some are able to get a refinance, there is a huge lack of new cheap unsecured loans that are currently available. This issue will affect thousands that are not able to get a remortgage and need to seek a cheap unsecured loan to stay on top of their bills.

Michael Coogan of the CML stated, “The remortgage market remains on track to meet our forecast for growth this year, demonstrating the resilience of the market despite recent bad news. However, by comparison, the next few months will remain very weak for house purchase activity for the funding reasons, which are now well rehearsed. We still await first signs of the Bank of England’s special liquidity scheme indirectly helping to ease the current logjam.”

Howard Archer with Global Insight added, “Very low housing market activity seems certain to feed through to further depress already markedly weakening house prices. Global Insight forecasts house prices to fall by 12% in both 2008 and 2009, before essentially flattening out in 2010. As a result, house prices are seen falling 24% in nominal terms from their August 2007 peak of £199,600 to stand at £152,683 at the end of 2009.”

Cheap Unsecured Loan Options Dwindling.

justin — Thu, 19 Jun 2008 11:19:20 +0000

Cheap unsecured loans are quickly becoming a legend as consumers find that banks are raising the interest rates to their highest levels in many years. The housing and economic crisis has led many to seek out a cheap unsecured loan, but they are finding out that they just are not available at this time. For those who need a cheap unsecured loan, the options are definitely dwindling.

In addition, it is getting harder for applicants to get low quotes from their lenders. Rob Clifford, of broker Mortgageforce, cautioned: ‘Can you rely upon a quote from a lender? The answer is no. Lenders are not obliged to honour quotes and could elect to reject all applications or offer less attractive deals. Consumers haven’t got a cast-iron deal unless they have received a formal mortgage offer from the lender.’

“Of course, the best solution is to sit down and analyse everything you are spending your money on: Are there any potential savings you can make and is all of your spending essential? Then get in the habit of making regular contributions to a high-interest current account, so there is always money available should you need it,” stated Tim Moss with Money Expert.