How to Get a Deal on a Personal Secured Loan in the UK

If you're looking for a personal secured loan, you've probably been told that there are lots of great deals out there, but not given a great deal of advice on how to find a good deal on a personal secured loan. UK lenders often advertise their very lowest rates - the ones that they reserve for people with very good credit histories. Comparing that rate doesn't do you a lot of good if your own credit is a little on the off side. If you want to get the best possible deal on personal secured loans, there's a simple process that you can follow.

• Search online. Skip the Google search and go straight for loan comparison sites where you can evaluate loans based on their typical rates.
• Compare each lender that offers a secured personal loan side by side against the others. Use the APR as a starting point, but take the time to follow a link back to the lenders own site to read up on their usual terms and conditions. Count in things like arrangement fees and closing costs, as well as any brokers fees that you might have to pay to obtain a good deal.
• Remember - you're still working with theoretical figures offered to a "typical lender". You are not a "typical lender". You have your own circumstances and history. That's why the next step is important.
• Choose two or three of the loan companies that offer a personal secured loan that seems reasonable to you.
• Call or write to request a rate quote based on the amount that you want to borrow. Specify that you are asking for a quote, and specify that you are not yet giving permission for them to check your credit records.
• When you get the quotes back, compare the rates and terms offered on each personal secured loan. Now get ready to negotiate.
• Do you like the interest rate offered by one company, but not their application fee? Call them and let them know that you've been offered a loan at a similar rate, but without the application fee. Would they be willing to lower or waive it entirely? The worst that they could say is "No", and they very well could agree to drop the application fee for you. The same principal applies to trying to get a slightly lower interest rate on a personal secured loan.

Or you could do it the easy way and let someone else do the searching and comparison for you. At moneyeverything.com, you just fill out a few simple details and let us search our database of trusted lenders to find you the best loan options, all without a credit check.