While a Churchill loan is not currently available, you may wish to look at other providers. Loans can vary a great deal between lenders so it is always a good idea to do your research before taking one out. The comparison tables above will let you see loan offerings from numerous different providers which may help you decide if one is right for you.
Types of loan
If you are thinking about taking out a loan it is important to decide what kind would be most suitable for your needs
A personal loan may also be referred to as a ‘unsecured’ loan this is because you do not have to put up any asset as security on the loan. Usually personal loans offer the possibility to borrow between £1,000 and £25,000 over a variable amount of time. Generally speaking the larger amount you wish to borrow the lower the rate of interest, however this does not mean you should take out a larger loan you cannot afford to service or repay.
Lenders will advertise their personal loans with a Representative APR however this is not the amount you are guaranteed to get from taking out a loan with them, your actual interest rate will be dependent on numerous factors such as how much you earn and your credit history, they will also take this into consideration when they evaluate how much they are actually willing to lend you.
If you want to borrow a larger amount of money and are a homeowner a homeowner loan might be better for you. As you have placed an asset (such as your home or other property) as security banks are willing to lend more, usually up to £250,000. The actual amount you can borrow is dependent on the value of your home and how much equity you have if you have a mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.
One of the main things you probably want to know about a loan before you apply is how much it is going to cost you, both overall and in monthly instalment repayments, to do so you could use a loan calculator. Many lenders now offer online loan calculators which will allow you get an idea of what a loan from them would cost you. However if you do actually apply for a loan, and you are accepted, the annual percentage rate they offer you, following a credit check, may differ from the APR the loan calculator used which will affect how much you would be required to repay due to interest accumulation.