Our Lenders
We work with trusted brokers to give you access to a panel of leading lenders well placed to meet your needs at the lowest rates.
If you are looking for a low cost loan, or simply want to compare the rates of different providers in order to get a good deal, look no further than Proper Finance.
We understand that you want your loan to be as cheap as possible so that you can receive the funding that you need without going into debt. There are many different types of loans on the market, all of which offer different rates and fees. The cost of your loan will ultimately depend on a number of variables, including your financial history (and credit score), the type of loan you are looking for, and your lender of choice.
How Low Cost Loans Work
Loans can be comparatively cheaper to other loans on the market in a number of ways, including by reducing or minimizing fees, offering competitive rates or discounts, or by introducing flexible terms such as early repayment.
The better your credit rating, the cheaper your loans agreement is likely to be. Lenders will be more willing to offer you competitive loan rates if they judge you to be a reliable customer when it comes to timely repayments.
This is not the case for all agreements, but many lenders will charge more interests on customers that are deemed ‘risky’ as a security measure. If you have a history of defaulting on payments, a low-cost loan will likely be more difficult to obtain.
It is vital that you remember that low-cost loans are not all about competitive interest rates. If your loan repayment period is really lengthy, for example, this means that you could be charged more interest overall than if you were to get a loan with a higher interest rate that enables you to pay off your debts more quickly.
When searching for the cheapest loan, you must factor in all of the variables in order to get a picture of the real overall cost of the loan. Here at Proper Finance, our comparison table enables you to do just that!
Low cost or affordable loans tend to offer competitive interest rates so that in the long term, your loan costs you less than a standard loan might do. Low-cost loans may also offer reduced or diminished administration fees than those that tend to feature in most loan procedures, such as early repayment fees.
These loans are specifically designed to help you to minimize your debt and to combat the more expensive loans which come with high fees and unaffordable interest rates.
Low-cost loans may also seem cheap because that they allow you to make smaller, weekly repayments as opposed to larger monthly ones, making them more manageable for day-to-day life. In these cases, the overall loan is not any cheaper than a loan with traditional monthly instalments, rather, the loan is more affordable in a practical sense for those who like to budget weekly.
The features of a low-cost loan may include:
- Competitive interest rates
- The ability to pay interest on the reducing balance (the more you pay the less you are charged)
- Fewer or no administration fees
- No early repayment charges
You will notice that many of the features of an affordable loan, particularly the riddance of early repayment charges may be similar to those associated with flexible loans; both products are designed to cater kindly towards different financial circumstances. It is often the case, however, that flexible loans charge higher interest rates to supplement their flexibility. For this reason, flexible loans and low-cost loans are not usually one and the same.
How to Apply for a Low Cost Loan with Proper Finance
Firstly, use our free and simple comparison table to compare rates from our list of featured lenders. You can click through and apply on their website directly. Alternatively, you can provide us with some of your details and one of our partners will get back to you as soon as possible to discuss your options.
The main benefits of using our website include:
- No upfront fees
- We will not pass on your details to third parties without your permission
- Our site is on a secured server (https) to protect your details
- Compare rates from several competitive lenders
- Choose from over 50 different unsecured loan products
Because we have partnered with multiple lenders, we are able to offer you the choice you deserve when it comes to finding the right loan for you. With Proper Finance, you are free of the restrictions and set-rates involved in looking at a single lender alone.
We allow you to borrow from £50 up to £50,000 from one of our many lenders.
The Criteria For Applying For a Low Cost Loan
Whilst the criteria may vary between lenders, the eligibility factors include:
- Must be a UK Resident;
- Must be over 18 years of age;
- Must have a working debit account, email address & phone number;
- Must be employed, earning at least £500 per month and able to afford monthly repayments;
- Must have no history of bankruptcy, CCJs or IVAs.
What Happens If You Cannot Repay Your Loan?
Failing to repay your loan may result in your credit rating being negatively impacted, which could harm your ability to access other financial products in the future. If you take out a loan that is secured against an asset, such as your home or your car, defaulting on your repayment could lead to the repossession of that asset.
Please ensure that you choose a realistic repayment term when applying for a loan with any one of our providers such that you are able to make your monthly payments. If you expect that you will not be able to make a monthly repayment, ensure to let your chosen lender know in advance. Most lenders have sympathetic policies which allow for a grace period of a couple of days if you ensure to notify them of your situation.
If you wish to view the other financial services Proper Finance has to offer, please see Our Products. Alternatively, drop us an email at info@properfinance.co.uk and we will get back to you to help you with your request.