Do you qualify for the typical APR?
When you're looking for loans unsecured loans offer very low interest rates, but the rate you see may not be the rate you get. APRs vary according to your credit rating and the amount you borrow, so use a site such as This Is Money (www.thisismoney.co.uk) to check lenders' criteria.
Loans unsecured on property tend to come with low interest rates, but the APR you see in the adverts or on the lender's Web site may not be the APR that applies to your loans. Different lenders have different criteria but you'll find that in most cases the typical APR is only offered to customers who meet strict criteria.
A good place to find out whether you can get the quoted APR on loans unsecured on your property is the This Is Money Web site
(www.thisismoney.co.uk), which enables you to compare different loans. In the table of results you'll see a Details button next to each loan; click on this to see the lending criteria. For example if you want a Sainsbury's Bank loan at 6.5% APR, you must not have been refused credit in the last month, you must have a permanent UK address and you can expect to pay penalty charges if you repay the loan early.
Typical APRs for loans unsecured on property also depend on the amount you borrow: rates for loans of £5,000 will be much lower than for loans of £2,000.
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