Why compare loans?
Now more than ever before, it's quick and easy to compare loans online. The main points to consider are how much the payments will be and whether you could afford them.
Other factors that may determine the best loan for you might be how quickly you can have access to the money and whether there are any charges for early repayment.
One of the most useful pieces of information when you compare loans is the Representative APR (Annual Percentage Rate). This is the total charge for credit and allows you to compare how much different offers of credit will cost before you decide whether to enter into an agreement.
The Representative APR calculation includes the interest payable on the credit, various charges (such as any arrangement fee) and any other costs associated with obtaining the credit.
While the Representative APR provides a useful tool for comparison purposes, it represents what at least 51% of people who apply for a particular product and are approved will receive in response to a credit advertisement. Lenders may also offer rates lower or higher than the Representative APR. This means you may get a different rate to the Representative APR, as the rate you are given will often depend on your individual financial circumstances.
Other things to check while looking for the best loan for you include whether it's a fixed or variable rate. With a fixed rate you know exactly how much you will have to repay every month. With a variable rate, your monthly repayments could go up or down.
Bear in mind, however, that it's important to compare loans of the same type. For example, unsecured personal loans should not be compared to secured homeowner loans.
At Barclays we offer...
We offer unsecured Personal loans and Homeowner loans introduced by Barclays and arranged by Freedom Finance. We also offer Graduate Loan and Professional and career loan