Borrowing money has now become a trend in the UK. People prefer taking out low cost loans to meet their varying needs.
With the demand for loans increasing like anything, the concern is also rising over the huge debts that have been accumulated in the UK. The level of personal debt is increasing by £1 million every 4 minutes. Isn't it an alarming situation? People are increasingly giving tougher times to lenders - instances of bad credit and personal insolvencies are rising. But, all this is neither deterring the borrowers nor the lenders. Instead, people are hunting for more affordable loans so that they can conveniently manage their debts.
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Cheap personal loans are not all about the interest rate. A better indicator of affordability and low-cost borrowing is the APR (annual percentage rate). It represents the total cost of borrowing including the rate of interest; other components of cost may be arrangement fee, commission, etc. So, if you are comparing different loans to find out hich is the better one, consider APR and not the interest rate. APR is a better judge of the affordability of loans.
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Cheap personal loans are available in the UK financial market with APR as low as 7.7 per cent. However, this interest rate is for those borrowers who have a perfect credit record and it is not always so when it concerns a common man. Therefore, as it happens mostly, the advertised rate of interest is not what you really get. You may have different financial circumstances and, therefore, the rate of interest may also vary.
You can apply for cheap personal loans either with online lenders, High street banks, building societies or other financial institutions. Both tenants and homeowners can apply for these loans. The rate of interest may largely vary depending upon their individual circumstances.
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