Loan Options | Norton Finance

If you are seeking a loan of any size, for any purpose, it is vital that you make a fully informed decision before you proceed. It can be a huge decision, and certainly not one to be taken lightly; so do your research first.

Is your credit history sufficient to qualify for an unsecured loan? If you’re a property owner, would it be sensible to apply for a secured loan? If not, other options include logbook loans which are secured against your car, or asset finance loans secured against valuable possessions such as jewellery. Or you could opt for a guarantor loan, whereby you have a joint applicant who shares liability with you. Before applying, be aware that many brokers charge a fee for arranging a loan, and it might be best to go direct to a finance company.

Fixed term loans consist of an agreement over a predetermined period of monthly repayments, which you negotiate in the context of what is realistic for you. Interest rates are generally lower, but longer repayment plans eventually amount to more total interest paid. Flexible loans are becoming more common, allowing you to pay back the money at your leisure but usually incurring a higher interest rate as a result. There is also short term loans, which are small loans with a high interest rate intended for quick repayment.

Be wary of possible pitfalls. Free gifts offered by some brokers can be tempting but don’t be distracted from the fine print. Loan insurance can be a good way to protect yourself in the event of unemployment or ill-health, but you must carefully check the conditions and insurance payments. Debt consolidation is a subject that lenders frequently bring up, but be wary of this as it essentially replaces your current debts with a new one, and can sometimes cause you to end up paying more in the long term.

Choose the loan that’s right for you after thoroughly studying all of the terms and conditions. Scrutinise costs and the details of all factors of the loan before committing. If you have any doubts about an option you are considering, consult an experienced impartial adviser to ensure you are informed.

Norton Loans

 

Norton Finance holds more than 35 years of experience offering loans and re-mortgages. They offer a flexible service which allows them to help customers in various situations. Norton Loans recently moved to new offices in Rotherham, with new computer systems that have dramatically speeded up the loan process.

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.

Norton Finance

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.