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Other borrowing options
Get the loan you want without the high monthly interest payments
So you want a loan. It could be for home renovations, consolidating debts, or buying a new car. Whatever your reason for borrowing money, you’ve come to the right place.
However, the biggest issue, most consumers agree, with loans is their high-interest rates. If you’re worried about how much you’ll end up paying, a low-interest loan could be the best solution for your needs.
Not only can you reduce your monthly repayments, but you’ll also be able to borrow the amount you need.
Getting a low-interest loan might seem great – but they’re not the easiest to secure because low-interest rates mean lenders don’t make as much money.
Believe Money is a specialist loans broker dedicated to sourcing suitable lenders and financial agreements for our clients.
With us, you can get the loan you deserve and look forward to a trustworthy service where your needs come first.
What are low-interest loans?
Low-interest loans usually come with a lower-than-average interest rate, which generally falls beneath the standard market rate.
Interest rates are a significant source of headaches for borrowers because they can add thousands of pounds to a loan, making it difficult to clear the outstanding amount.
While low-interest loans are hard to get, financial institutions such as credit unions, online lenders and traditional banks sometimes offer them.
Some loans come with lower interest rates than others, but the vital thing to remember is that the amount you borrow must be paid back.
The common types of low-interest loans
A low-interest loan is an umbrella term for all kinds of borrowing solutions. Before even considering applying for one – you should decide what you’ll spend the money on. Let’s take a look at the most popular loan types.
Debt consolidation loans
Trying to balance numerous monthly repayments? Are your credit card debts rising due to high-interest rates? Debt consolidation loans allow you to pay off your outstanding debts and save money by switching to one affordable monthly repayment.
They’re one of the most popular loans available and can help you get back on track financially. Also, these loans are ideal if you want to build up your credit score, as making your payments on time and paying back high-interest credit will demonstrate you’re a responsible borrower.
It’s no secret that a good car is an investment, but loans make it easy for anyone to purchase a reliable new or used vehicle. While most loans come from the dealer, you can also arrange separate finance if you can’t find the right deal.
When you first apply for the loan, the lender will want to know which car you plan to buy and check the value to ensure it’s a wise investment.
Depending on the lender’s terms, you can repay the loan over months or years.
Home improvement loans
Home improvements can be highly beneficial for your financial situation, as they can often increase the value of your home and are one of the best investments you can make. Home improvement loan agreements often come with long-term repayments, so you can keep the interest rates low and pay the outstanding amount over the years.
However, this depends on whether you choose a secured or unsecured loan (which we’ll get into next).
Secured or unsecured, which comes with the lowest interest rates?
When looking for loans, you’ll probably come across two kinds of agreements; secured or unsecured. The loan you choose depends on whether you meet the eligibility criteria and how quickly you’d like to pay it off.
Secured loans are great if you own equity in your property and are willing to offer it as an asset. A secured loan usually lasts years instead of months, and lenders provide larger amounts because they have security should you fail to meet your repayment obligations.
There are many benefits of secured loan agreements, but also some drawbacks to consider.
The pros of secured loans:
- You can borrow more money: Secured loans can exceed £100,000, ideal for extensive renovations.
- Slower repayments: As secured loans depend on your assets, you can enjoy longer repayment periods.
- Lower interest rates: You can also look forward to lower interest rates as you offer your property security.
Things to consider before getting a secured loan:
- There are potential risks: If you default on the monthly repayments, you could lose your home.
- It’s a long-term commitment: A secured loan is excellent for stability, but you also commit to longer repayment terms.
Also known as unsecured loans, personal borrowing agreements require no assets. They’re ideal for people who don’t own their home or haven’t built enough equity to borrow the amount they want.
However, an unsecured personal loan rarely comes with low-interest rates unless you have a flawless credit history. Unfortunately, personal loans don’t offer lenders the same security as secured loans.
If you’re willing to forgo the low-interest rates, it’s essential to consider the following points before making a final decision:
- Can you meet the monthly repayments?
- Is your credit rating poor?
- Are there other solutions available?
Avoid payday loans
Believe Money is passionate about finding clients the best loan for their needs. We get that a good credit score isn’t always possible, but our brokers go out of their way to source a loan that works for you.
Payday loans might seem like a good idea, but they often come with excessive interest rates that can make it nearly impossible to repay your monthly loan.
These borrowing solutions can damage your credit report, and we don’t believe in offering our clients loans that get them into trouble.
Our brokers help you find the right deal
With so many things to consider, working with our brokers gives you peace of mind that the loan you get will work for your financial needs. We look at each case individually and offer a fully bespoke service.
Your broker will work with you to determine what you need before matching you with lenders. Here are some of the things we help people figure out.
Which interest rates do you want?
Some low-interest loans are available, but you’ll need to consider how the interest rates will impact your monthly payments. All loans come with an APR (Annual Percentage Rate), but there are different types of agreements.
If you start on a fixed interest rate, you won’t need to worry about it going up for a set amount of time. You’ll make fixed monthly repayments until the term ends, ensuring you can adequately budget for the loan.
Are you prepared for fees if you want to pay back the loan early?
Most lenders expect you to pay interest on your loan, and a good credit history will get you lower monthly repayments. However, you’ll also need to prepare for early loan repayment fees.
Lenders put these in place to recover their money – especially if paying the loan early means you won’t contribute as much interest.
What lenders are you interested in?
The main problem with mainstream lenders is they use set criteria to judge your eligibility. If you don’t tick all the boxes, they won’t offer any money – but specialist lenders look at each applicant’s circumstances.
With a vast network of lenders, you’ll have no issues finding the right one, and we guarantee you’ll receive a specialised service.
Ready to get a low-interest loan? Get a free consultation today
Get the lowest monthly payment available, secure your financial future and use the money you receive to make life better—that’s what Believe Money offers.
Whether you have a poor credit history, existing debts or anything else that might impact your application, our brokers can help.
Book your free consultation today, and we’ll get straight back to you.
How It works
Simple, easy application
We search our panel of lenders to find the deal that’s right for you
When you confirm your chosen deal, we get your application moving
The money lands in your bank
account – usually within two weeks
We compare loans from our panel of the UK’s top lenders to get you the best deal.
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