Personal Loan Store
I've been thinking about loans a lot lately - especially mortgages. There once were so many different options, it made my head spin. Now, with all of the problems that have arisen from defaults on sub-prime mortgages, there are fewer and fewer poor credit loans for new buyers with credit issues. Many loans have prepayment penalties, designed to keep the borrower paying for the full term of the loan. Other loans may offer a great annual percentage rate (APR), but, hidden in the fine print, add fees and charges that actually increase the cost of the loan substantially over one that might have a slightly higher APR. There's a lot to learn before one decides to take on debt.
The UK Personal Loan Store offers an enormous amount of loan information for all types of borrowers - mortgage, refinance, personal loans, to name a few.
Variable-rate mortgages were once, when interest rates were more stable and the housing market was strong, a viable option for borrowers, but these changes have forced many homeowners into default and foreclosure. I've never cared for that option, because it's so difficult to budget when you don't actually know what your house payment may be from one month to the next. That's frightening to me; any negative financial change can seriously damage one's ability to keep their home.
Fixed-rate mortgages are better, by far, but many borrowers with credit problems aren't eligible for the best rates. Not to mention, some fixed-rate programs are only for a limited period of time, after which homeowners are forced to continue with their lender at a much higher rate or find another short-term fixed-rate with a different financial institution which may or may not be comparable to the rate they had before.
Personal loans pose just as many questions and just as many confusing answers. Prepayment penalties abound, as do special fees and charges that are often hidden in the small print. Then, there's personal protection insurance (PPI) which is supposed to cover borrowers if they have trouble making payments. The cost of these policies has seen a dramatic increase and, amid a huge controversy, institutions in the UK have been charged with forcing the coverage on individuals who wouldn't even be able to get assistance, should the need arise.
Years ago, when my credit was actually very good, I traded in my car and bought a new one. By the time all of the 'special' charges were added in, my rate went from just over 12% to almost 16%. I've become a much savvier consumer since then.
Be sure to read the fine print before you agree to any loan. It could save you thousands of dollars, not to mention keep you from losing your home or car if your financial situation changes negatively. And check out your lender's reputation carefully; not all institutions are scrupulously honest.
The UK Personal Loan Store offers an enormous amount of loan information for all types of borrowers - mortgage, refinance, personal loans, to name a few.
Variable-rate mortgages were once, when interest rates were more stable and the housing market was strong, a viable option for borrowers, but these changes have forced many homeowners into default and foreclosure. I've never cared for that option, because it's so difficult to budget when you don't actually know what your house payment may be from one month to the next. That's frightening to me; any negative financial change can seriously damage one's ability to keep their home.
Fixed-rate mortgages are better, by far, but many borrowers with credit problems aren't eligible for the best rates. Not to mention, some fixed-rate programs are only for a limited period of time, after which homeowners are forced to continue with their lender at a much higher rate or find another short-term fixed-rate with a different financial institution which may or may not be comparable to the rate they had before.
Personal loans pose just as many questions and just as many confusing answers. Prepayment penalties abound, as do special fees and charges that are often hidden in the small print. Then, there's personal protection insurance (PPI) which is supposed to cover borrowers if they have trouble making payments. The cost of these policies has seen a dramatic increase and, amid a huge controversy, institutions in the UK have been charged with forcing the coverage on individuals who wouldn't even be able to get assistance, should the need arise.
Years ago, when my credit was actually very good, I traded in my car and bought a new one. By the time all of the 'special' charges were added in, my rate went from just over 12% to almost 16%. I've become a much savvier consumer since then.
Be sure to read the fine print before you agree to any loan. It could save you thousands of dollars, not to mention keep you from losing your home or car if your financial situation changes negatively. And check out your lender's reputation carefully; not all institutions are scrupulously honest.
Don't forget to visit JMark Afghans and My Gallery at Zazzle
We also have a page on Squidoo that supports the Genocide Intervention Network.
We look forward to seeing you online.
God Bless!
Jules
posted by JMarkAfghans @ 11:39 PM
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