Norton Finance for Loans and Debt Consolidation | Norton Finance

With prices rising all the time it is difficult to manage a family’s monthly income effectively; there are many bills to pay, the mortgage to keep up and essentials to buy, and taking on debt is sometimes an easy move to make. If things get out of control what was a small, short term debt can become a bigger problem, and as things spiral into even deeper problems many people hide from the situation, leaving it to become unmanageable. This is when debt consolidation – a service offered by companies such as Norton Finance – may become a viable option.

Debt consolidation is a way of keeping the regular monthly repayments on collective debts as low as possible. All debts are collated together by a company such as Norton Finance and, by working out how much is owed and comparing it to the regular income of the customer and their essential outgoings, a figure is arrived at that is suitable for all. As the debts will then take longer to pay it is likely that the overall outlay will – in the long term – be greater, but the more manageable monthly sums make things easier for the individual to keep up the payments.

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With many years of expertise in the debt consolidation world Norton Loans is perfectly placed to offer a sensible solution. Norton Loans can cater for everyone, even those that have a poor credit history, for whom debt consolidation may be the best way forward. It is always best to leave such things to the experts, as they will be able to provide the help and advice you need. Simple online advice and free, no obligation quotes make the process simple, and with everything available at the touch of a button it has never been easier to arrange a debt consolidation plan.

Norton Finance can offer you everything from a simple loan to a remortgage, and have many years of experience in the field of consumer finance. The stresses and strains of a hard working life can take a toll on families and individuals alike, and where money is concerned it is all too easy to get in too deep, too quickly. With a sensible approach and the help of professional advisers finding the right debt consolidation solution could not be easier, and it can all be done from the comfort of your home.

Norton Loans | Is a joint loan right for you?

Many couples who are renting or buying a flat together decide to apply for a joint loan, to cover the cost of moving or decorating. Whilst this type of loan is offered by many lending institutions, including Norton Loans, and certainly has its advantages – (not only is it a great way to cover immediate expenses and share the financial responsibility, but it also tends to make couples eligible for lower interest rates and a larger loan amount) – it’s important that people considering taking out a joint loan are aware of the fact that both parties will be held equally liable, even if just one of them ends up defaulting.

Lending institutions like Norton Finance want to make sure that the people they loan money to will be able to pay it back – and the fact is that two people with regular incomes are far less likely to default that a single person, meaning that the risk to the lender will be lower, and they will therefore be more inclined to offer a good deal.

It’s important to note that lenders will take the nature of the relationship into account when two people apply for a joint loan. For example, there are some lenders who prefer to offer loans only to people who are blood relatives, or those who are married. However, different lenders have different criteria, so if you want to apply for a loan with someone, but are not married or related to them, you may still be able to find a lending institution willing to accept your application.

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You should carefully consider you and the other person’s financial circumstances, as well as how much you really need to borrow. If you one or both of you have a bad credit history, traditional loan providers may not be willing to lend you money, in which case you may need to use a lender that specialises in poor credit. In addition to this, sometimes, lenders such as Norton Loans may only allow a secured loan, if your income is not steady, or the loan amount is quite large.

Do your research before choosing your loan provider; compare loan features and examine interest rates that are being offered. Calculate how much you would have to repay in total, and make sure that you can comfortably afford the repayment amount that would be owed each month. Lastly, don’t forget to read the terms and conditions of the loan agreement you sign.

Norton Loans guide to the pros and cons of secured and unsecured loans

If you have the option of choosing between unsecured and secured loans, it is important to weigh up the pros and cons of each before committing to one or the other. In this guide, Norton Loans discusses these two types of loans in more detail.

Secured loans require the borrower to put forward collateral, usually a house, before they borrow. This property then serves as a guarantee that the loan will be repaid, even if you do not have the cash to make your monthly repayments later down the line. With secured loans, Norton Finance says that lenders will usually be more generous in terms of the amount they are willing to borrow, as well the time period for repayments when they have this collateral. Loan providers offering secured lending will also tend to be more flexible in terms of who they lend to, because they have this guarantee of repayment. This means that even those with poor credit, defaults and CCJs may be offered a secured loan. Norton Finance

There are of course, disadvantages to this type of loan; firstly, Norton Loans points out, if you cannot make the repayments, then the lender has a legal right to take your home in lieu of this missing money. Secondly, overall, secured loans can tend to work out as more expensive than unsecured, due to the higher interest rates and longer repayment periods.

Unsecured loans do not require the borrower to use collateral; instead, the lender relies on the borrower making a legal promise to pay back the money. This means that it is highly unlikely that your property would be repossessed if you cannot make your repayments. Because these loans are not secured, the lender will normally offer the loan on risk based criteria, so that they can determine who they should lend to, as well as what interest rate they should offer. This means that those with poor credit histories are less likely to be approved for unsecured loans. However, for those who are approved, fixed interest rates are the norm for unsecured loans, which Norton Finance explains, makes budgeting for repayments much easier.