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If you have a current account in an English Bank and your account process, also you are not a back debtor, banks want to give you a loan. They send letters to your home. Also they send mails to your e-mail address. They ask you whether you want loan or not when you go to the bank.

The most important problem is banks do not find a person to give a loan in England. Competition is so major that banks go to hunt for customers to give a loan. If you want to get credit, you need to search for banks which give a loan with the lowest interest. Loan rate changes according to loanee, time of loan, and the most importantly wheter be guaranteed loan or not. Guaranteed loans cost for less. You can get loan with lower interest if you give a property as a pledge, or if you have a guarantor in case you can’t pay back your loan. However, it is not true that giving your house as a pledge while you get a loan. Because if you can’t pay even one or two installments, you can lose your home.

Fixed interest rate or variable interest rate are valid for loans. If you want, you can get loan with fixed interest rate or variable rate. If you get loan with fixed interest, loan, which you pay for, stay fixed all the time. Advantage of this is major. However disadvantage of this is that sometimes markets interest rate can be less than interest which you pay for. Interest paid can be change according to economic situation in variable rate.

There are a lot of funds except from banks and credit institution. Many financial institutions begin to give loan. Competition is so big that credit institutions, which wander from door to door, even call at random, continue it’s operation.

In today’s financial world, getting loan, amount of loan, and interest rate are connected with credit history in England. If you are a newcomer in England, it is difficult for you. You need time to be known by financial world. 3-5 months can be a long time period for you, but that is too short for financial world. They try to understand how much you loyal to your debt.

Most of the financial institutions search wheter you give an another loan or not. If you are a nowcomer and you make loan request, banks try to learn informations from the country which you lived before.

Everything you do on behalf of financial, in other words, every breath you take are recorded in England. From buying mobile phones to hunting house; from opening an account to buying car and getting a job are recorded by 3 speacial credit rating agency.

Let’s check out the most popular bank loans in United Kingdom :

Bank

Loan Amount

Interest Rate

Sainsbury’s Bank

£7,500 - £15,000

3,3%

M&S Bank

£7,500 - £15,000

3,3%

HSBC

£7,500 - £15,000

3,3%

Clydesdale

£7,500 - £15,000

3,4%

Nationwide

£7,500 - £14,999

3,4%

First Direct

£7,000 - £25,000

3,6%

Tesco Bank

£7,500 - £15,000

3,6%

 

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