The most popular types of loans are debt consolidation loans, home improvement loans and car loans. The most common types of loans are unsecured loans, secured loans, and hire purchase agreements. Payday loans are also becoming more popular. Most of these loans are regulated by the Consumer Credit Act which provides consumers with protection and rights.   

 

For more information read our loan guides:

 

 

Or if you are looking for a loan:

 

compare homeowner secured loans using our secured loan calculator.

 

Lenders keep a record of your credit history with the credit reference agencies so any time that you are late with or miss a payment this is usually recorded and as well as being charged a late payment fee, you will have adversely affected your credit rating. For this reason it is vital that you ensure that you can afford the loan payments before taking out any credit and take into account anything that may affect your circumstances during the loan term. If the loan that you have taken out is a secured homeowner loan, secured on your property then, as with a mortgage, your property may be at risk if you fall behind with your payments. If you have missed any payments and are struggling to get back on top of things then you may actually qualify for some debt forgiveness and in some instances the lenders will freeze your interest. Speak to an advisor for debt help or read our debt solutions guide that will point you in the right direction.

 

 

 

Dan Gale, Moneyextra.com May 2009