Choosing a loan is getting harder and harder with over 100.000 different loan companies there are a lot to choose from in this article i hope to explain how to choose the right one. First things first you need to check your credit rating typical a.p.r depends on your credit rating. The lower the credit rating the higher the a.p.r if you have bad credit typical a.p.r can range from 100% a.p.r to 500% a.p.r.
Secured loans if you have a good credit rating you could get a loan from 7% a.p.r depending on your circumstances if your are a home owner or a car owner then you can get a secured loan. Secured loans range from 1000 to 500.000.
Pay day loans are simple short term loans ranging from 100 to 1000. In most cases the loan company will want the money back within 30 days. The typical a.p.r on short term loans are around about 10% a.p.r
Unsecured loans are where you have nothing to secure the debt to example you have no car no house and a bad credit rating. The a.p.r repayments on unsecured loans are normally very high due to the risk factor. Think about it if you borrowed someone 1000 and their track record for paying people back was really bad. You would say yes but i want 1500 back but if the person had a really good track record for paying debt back you would say yes ok just give me 1100 back as the risk level is low
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With thanks from author Mike Thomas guaranteed unsecured loans
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