Advice: Other types of loan

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Other types of loan

Flexible Loans

Suitable if you own your home as it will probably be used as security. So if you have recently been refused a personal loan or other forms of credit, or if you have arrears, county court judgements (CCJ's), defaults or bankruptcy this may be on to try.

Tenant Loans

Interest rates tend to be lower for homeowners also, tenants can get personal loans, even with bad or poor credit such as defaults, arrears, CCJ’s etc. But generally maximum loan amounts are much smaller than homeowners and maximum term of loan is usually 5 years.

Home Equity Loans

A home equity loan can be a good alternative for people not wishing to sell their home to get capital from it. You can borrow money relating to the equity you have in your property. It is important to remember that if you cannot make the repayments on these loans, you will most likely lose your property.

Debt Consolidation Loans

Some people take out Loans in order to consolidate their debts into one single more affordable monthly payment. This is often called "restructuring" your debt, and involves getting new credit large enough to pay off your other loans and credit card debts. The credit is normally arranged with provision for payment over a longer period than normal, which allows for smaller monthly payments than the total monthly payments on your previous debts. Sometimes, people will take out a debt consolidation for more than the debts they are paying off, in order to use the lending to maybe pay towards a car or home improvements. Debt consolidation is normally secured, with your property used a collateral, so make sure you will be able to afford the monthly payments before you sign.

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