ABC Loans offers every conceivable kind of product, from secured and unsecured personal loans to commercial loans and remortgages. If you take out a secured loan they'll give you a DVD player – although with APRs ranging from 7.9% to 11.9% (variable), homeowners can get a better deal elsewhere.
About ABC Loans
When it comes to borrowing, interest rates are more important than a cheap gimmick – especially if your loan is over a long period of time. ABC Loans will give you a DVD player if you take out a secured loan, but with APRs of up to 11.9% variable your loan could be a few hundred pounds cheaper with another lender: enough for several DVD players.
It's even worse news for unsecured loans. ABC Loans has different interest rates for different borrowing amounts – but they're all high. Borrow more than £12,000 and the APR is 13.9%; borrow less than £2,500 and the interest rate is an incredible 21.2% APR. The site stresses that the quoted APRs are examples only – ABC Loans deals with multiple lenders – but we think they're steep enough to scare you off.
ABC Loans' main selling point is that it will consider anybody – in particular, the people that mainstream banks won't touch. However, unless you're convinced that the high street banks won't touch you, we'd recommend shopping around – especially if you're a homeowner or if you're borrowing a relatively small amount.
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