Loan Companies

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Loan companies fall into three main categories. There are traditional lenders such as banks and building societies. Then there are direct lenders, ranging from supermarkets to insurance brokers and many of them offer innovative products that push the lending boundary. Finally, if you're in financial difficulties, consider specialist bad credit lenders, debt consolidation and debt negotiation companies. All of whom will reduce your monthly payments but not necessarily reduce your overall debt.

There was a time when you had to pay the bank a visit to get a loan. Now, you can get a loan in a supermarket, and a credit card from your football club. Seriously though, loan companies split out pretty much into three ways.

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Traditional banks no longer offer the best rates, except in fairly specific circumstances, but they are quite responsible or conservative lenders. Often they will refuse you when other companies would accept you; but if you have a prized relationship with your bank manager there might be a chance.

Direct lenders is the new bunch of loan companies who have a small range of one-size-fits-all loan products. They keep costs and rates down by keeping life simple. If you fit into the broad majority then they can certainly help. If you need a more specific service, they probably won't be of any help.

And finally there are the specialist lenders who cater to the uncreditworthy cases. These loan companies won't offer you the best deal, but they will usually say yes when cheaper sources of money have said no. Expect to pay a higher interest for the service though.

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