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 A
Bank Loan is a loan that is supplied from the bank. There
are now many places that people can get loans from now and
not just the bank as used to be the case. With more and
more financial businesses able to offer loans it is worth
"shopping around"
as more specialist companies may be able to offer you a
better deal on a loan than the bank.
Banks
are more selective and carefull when letting customers have
loans. They are less likely to give a bank loan to a customer
who has missed payments or has or had bad credit history.
If you have bad credit and struggle to get a loan from many
places, it is worth checking out some of the specialist
loan companies we list as they may be able to accomodate
you and your circumstances!
When
you take out a bank loan, the bank will charge you interest
on what you are borrowing (if you only require a small sum,
under £500 it may be worth seeing if a bank with a
fee free overdraft is better
for you), this rate will either be a fixed rate where you
pay the same rate throughout the duration of the loan repayments
or a variable rate which is sometimes the case in longer
term loans where the rate can change!
You
can work out how much you will have to pay on a loan using
this loan
calculator
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