UK Personal Loan Calculator Site Could Help Secure Loan Before Rate Rise

UK consumers expect interest rates to rise during 2006 according to Lloyds TSB. Across the UK 61% of people expect interest rates to rise, compared to just 11% who expect to see further reductions.

Middlesbrough, Cleveland (PRWEB) January 30, 2006 -- UK consumers expect interest rates to rise during 2006 according to a survey by Lloyds TSB Financial Markets. Across the UK 61% of people expect interest rates to rise, compared to just 11% to expect to see further reductions. A personal loan calculator site such as www.loans.offers-today.com gives an indication of monthly loan repayments, and the following advice could save paying over the odds in interest.

A personal loan is a lump sum which is borrowed from either a bank, a building society or a loan company. This can either be secured or unsecured. A secured loan such as a mortgage is linked to a property, and therefore if the loan is not repaid, the loan company has claim over the property. This is usually the cheapest way to borrow as it poses the least risk to the loan company. If however an unsecured loan is required, be aware of the following:

- The rate of interest paid (the APR) can vary significantly from one lender to another, so it is well worth shopping around.
- A fixed interest rate will stay the same throughout the length of the loan.
- A variable interest rate is likely to rise and fall in line with the Bank of England base interest rate.
- Check the small print for early settlement charges if the loan is repaid early.
- Flexible loans allow over payments and lump sum payments to be made, as well as the possibility of payment holidays.
- Payment Protection is a sort of insurance which will cover the payments in certain circumstances. Read the small print carefully as this can be expensive, and does not pay out in many circumstances.

As with all financial products the best advice is to shop around for the best deal. Take time to find the right loan and a fortune could be saved in the long run. Try a loan calculator site such as www.loans.offers-today.com which gives an idea of how much payments could be, and will also provide a number of competitive quotations from top lenders.

For More Information Contact:

Jonathan Harris
www.offers-today.com

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