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Summary

All loans are either secured or unsecured. This article explains the difference and the factors which determine which to select.

Loans. How to select a secured or unsecured loan. Part 2

Author: Michael Challiner

In today's market if you have a good credit record,

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Life Insurance News

the best Internet loan rate you'll find will be around 5.8% - but it can be as high as 17% to 20% if you have very severe credit problems. These days around half of all homeowners have some form of impairment on their credit record. This means that even if they wanted an unsecured loan they may well be declined. In these circumstances, a secured loan will be the only option available and even then, they won't qualify for the lowest interest rates.

Now your instinct will tell you to shop around for the cheapest deal - but that's not a good idea! The problem is that if make a number of applications, you'll actually end up damaging your credit rating. That's because each of your applications is recorded by ( Car Insurance )the big credit agencies such as Experian and the more applications they record, the lower your credit rating becomes. As a result each successive quotation will tend to become poorer and poorer and in the end all you'll get is outright refusals. Not only that, but your damaged credit score could remain with you for several years making your financial life more difficult.

So what's the solution? Generally, your best bet is to use a specialist loan broker. They know all the lending institutions and after chatting with you on the phone they'll know which lender is most likely to accept your application and offer you the best possible interest rate. { life insurance specialists } Thereby, you avoid making multiple loan applications, preserve you credit record and should be assured a good deal.

And where can you find these specialised loan brokers? ( Insurance minimarket ) Online of course! Simply enter "secured loan" in your favourite search engine and you'll find lots to choose from.