Why Loan?

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A loan is a good way to borrow money for things you might not ever afford to save up for. Along with mortgages, loans are a structured way to buy now and pay later; with rates currently between 5% and 12% for a secured or unsecured loan.

Most people think of loans in a very negative way - much more negatively than they think of overdrafts. Maybe it's because loans are associated with being short of cash.

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Compared to an unauthorised overdraft or many credit cards, getting a loan is a good way to borrow. Credit cards and overdrafts are all based on unpredictable borrowing because you can buy what you want and when you want, but you'll pay an accordingly high interest rate.

Loans along with mortgages are unique for being structured borrowing over a fixed term and usually at a fixed rate. They are generally for the purchase of something whose shelf-life you know in advance. For example, plenty of people buy cars with three and five year loans, because they know the car itself will outlast your commitment to payments.

In our current low-interest environment, loan rates are usually in the 5% APR to 12% APR range. Find out whether you qualify for the lowest APR rate. Get a free loan quote and speak to one of our financial advisor.

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