Low APR Loans: What is the need?
Loans prove to be helpful in the times of financial crisis, but if not managed properly it leads to a complete vicious circle where to pay a loan the customer takes another loan and it continues… low APR loans are quite helpful in these circumstances as they provide loans at lower rates compared to other loans. Whether a person wants to build a new home or wishes to repay the existing loans lent at higher rates, low APR loans are present for the rescue.
Low APR loans solve the problem of financial stress to a greater extent. These loans are a boon to the borrowers who really want to settle their financial problems. Low APR loans are crafted so as to help the majority of the people.
Low APR Loans: Eligibility, Interest Rates and Loan Amount
Low APR loans are available for people of the age group 21 to 80 years. Homeowners and non-homeowners are equally eligible for the low APR loans.
The interest rates for these loans vary in the range of 6% to 12%, which is quite low compared to other loans. The rates are very much dependent on the loan amount and the repayment period. Any sum in between £1000 and £25000 can be sanctioned without any proofs. But a customer is required to have some proofs regarding his/her income in order to have a greater sum. The income proof can be in the form of recent pay slips or assessment in the case of self employed persons.
One of the important point that distinguishes from other loans is the lower interest rates. The rates are very much influenced by the repayment period. Obviously short term loans will fetch maximum profit to the borrower. In these loans too, secured type has got an edge over the unsecured one. The reason is quite clear, as in the case of secured cheap APR loans the borrower keeps some property as collateral which lowers the risk factor associated with the loan. People with bad credit rating need not worry much as loan is sanctioned to them but at a bit higher rates.
Low APR Loans: Repayment Mode
Repayment mode is one of the prime factors which make low APR loans different and customer friendly when compared with other loans. At the time of issue of the loan, the monthly repayment is fixed and afterwards it has nothing to do with variation in the rate. At times, there may arise a situation when a person is in a position to repay the loan before the tenure. And low APR loans here also provide the freedom to repay the loan in between, without imposing any extra financial burden on the borrower.
Low APR Loans: In a Nutshell
Low APR loans are helpful in situations like building a new home, repaying the loans taken at higher rates, buying a car etc. So go to different lenders, have loan quotation and judge which is well suited to your requirements
Source: EzineArticles.com
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Individuals having adverse credit history can avail bad credit loans. Stiff competition in the market makes procuring these loans fast and easy. It is advised that an applicant should seek such loan through online procedure so as to get advance knowledge before making any loan deal.
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