Compare ASDA Loans
If you want to borrow some money whether a small amount or large you might have been looking to see if Asda Loans was the right option for you.
Asda loans are not available at the moment however there are many other lenders who are currently offering a wide variety of loans, one of which might be the right choice for you.
You can use the calculator on this website to compare over 200 different loans from over 20 different providers, to help you see what the different options for you are. As they can take years to fully pay off taking out any type of loan is a big commitment. You therefore should make sure you are getting the best plan there is for your specific needs
As with all other financial products, terms and conditions as well interest rates vary from plan. Remember the best option for you is not necessarily the best option for everyone.
Types of Loan
Also known as unsecured loans are a type of loan that typically allows you to borrow up to £25,000 over a variable time period. With some lenders the larger amount you wish to borrow the lower the rate of interest you will be offered, however this does not mean you should take out a larger loan you cannot afford to service or repay.
Also consider that the APR you are offered and how much they are willing to lend you will be dependent on numerous factors such as how much you earn, your credit history and how long you want the repayment term to be.
If you have an adverse credit history many lenders may be reluctant to give you a loan or give you an unfavourable interest rate.
If you want to borrow a larger sum of money and you are a homeowner a homeowner loan might be better for you. As you have placed an asset as security, usually your home, lenders are generally more willing to loan you more normally up to £250,000. The actual amount you can borrow is dependent on the value of your home and how much equity you have if you have a mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.
Things to think about
When you are thinking of taking out a loan of any sort you should consider if you have any other options that may be better suited for your situation. If you have any savings for example it may be better to use them as the interest you repay on a loan may be higher than interest you earn from your savings.
There are also other types of borrowing such as authorised overdrafts and credit cards you might wish to consider.