Low Cost Secured Loans
How to make sure you're a good bet for lenders
Even if you don't plan to borrow right now, you can make sure that when the time comes, you'll be able to get the best low cost secured loans available. Getting and keeping a good credit rating will save you money in the long term.
Low cost secured loans are widely available, but the best rates are only offered to a select few: people with good credit ratings. Getting a good rating isn't rocket science, and it will pay dividends when you apply for low cost secured loans in the future – so even if you don't need money now, in a few years time you could reap the rewards by getting the very best low cost secured loans on the market.
The simplest way to ensure a good credit rating is to make sure you don't fall behind with your repayments. Budget carefully to make sure you don't incur unnecessary bank charges, make sure you don't miss repayments with loans or credit cards, and if possible don't run up a balance on credit cards. Any financial misbehaviour will influence lenders' decisions.
Full time employment helps, and people who don't move jobs and who haven't recently moved house will score better than people in temporary employment or rented accommodation. It's also a good idea to check your credit rating with Experian or Equifax: part of your credit score is based on your address, so it's a good idea to check that your file isn't affected by previous residents' mistakes.
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