Secured Loans Consolidation
Changing your existing loans could save you a fortune
If you have a number of secured loans consolidation could save you a packet. Although interest rates are expected to rise this year, loans are still very cheap at the moment; as a result, replacing existing loans with a cheaper loan could save you a lot of money.
If you have a number of secured loans consolidation makes sense for two reasons: it's likely to save you a lot of money, and it reduces the number of lenders with loans secured on your property. If your existing loans don't have payment protection, consolidation can also give you an opportunity to insure yourself against redundancy or illness, which could affect your ability to meet the repayments.
Interest rates are likely to rise this year but for now, interest rates are at incredibly low levels. If you have existing secured loans consolidation means you can replace them with a new loan at today's interest rates, which are likely to be much lower than the rates you're paying on existing loans. Another point to consider is that the more you borrow the lower the APR, so you'll get a much better interest rate on a loan of £15,000 than on three loans of £5,000 apiece. The savings from secured loans consolidation could be massive – and by reducing the number of lenders who have a claim on your property, you're also reducing the risk of losing your home if you get into a financial mess.
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