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UK Personal Loan Calculator Site Could Help Secure Loan Before Rate Rise

01-26-2006 08:41 AM CET | Business, Economy, Finances, Banking & Insurance

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UK consumers expect interest rates to rise during 2006 according to a survey by Lloyds TSB Financial Markets. Across the UK 61% of people expect interest rates to rise, compared to just 11% to expect to see further reductions. A personal loan calculator site such as will give you an indication of monthly loan repayments, and the following advice could save you paying over the odds in interest.

Middlesbrough, Cleveland - 26/01/05

A personal loan is a lump sum which is borrowed from either a bank, a building society or a loan company. This can either be secured or unsecured. A secured loan such as a mortgage is linked to your house, and therefore if you fail to repay the loan, the loan company has claim over your house. This is usually the cheapest way to borrow as it poses the least risk to the loan company. If however you are looking for an unsecured loan, be aware of the following:

- The rate of interest you will pay (the APR) can vary significantly from one lender to another, so it is well worth shopping around.
- A fixed interest rate will stay the same throughout the length of the loan.
- A variable interest rate is likely to rise and fall in line with the Bank of England base interest rate.
- Check the small print for early settlement charges if you repay the loan early.
- Flexible loans allow you to make over payments and lump sum payments, as well as the possibility of payment holidays.
- Payment Protection is a sort of insurance which will cover the payments in certain circumstances. Read the small print carefully as this can be expensive, and does not pay out in many circumstances.

As with all financial products the best advice is to shop around for the best deal. Take time to find the right loan and it could save you a fortune in the long run. Try a loan calculator site such as which will give you an idea of how much your payments could be, and will also provide a number of competitive quotations from top lenders.

For More Information Contact:

Jonathan Harris

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