Shopping For A Loan

by derek on July 8, 2007 · 5 comments

Searching for a loan

Are you in the market for a loan? If you’re a resident of the UK you may want to check out the information at the UK Personal Loan Store.
The UK Personal Loan Store hopes to be your one stop loan shop, as they gather information on the best loan offers available for UK residents and allow an easy way to compare different loans. There are many different types of loans available for comparison such as student loans, personal loans or car loans.
Since I am not a UK resident, I don’t see the UK Personal Loan Store being a *one stop loan shop* for me but I do believe that the site still contains some quality tips and articles that are not specific to the UK.
One of the articles that I found particularly interesting was the discussion on why people take a secured loan for home improvements. As many of you may recall, my wife and I are currently in the process of replacing all of the windows in our home.
In addition to the window replacement, we are accepting estimates for new blinds and window treatments throughout the house as well as giving serious thought to replacing the carpet and having the entire interior of the home painted. Typically I am against all forms of debt (after all I also run a blog on personal finance and how to eliminate debt) and we planned to pay for all of these improvements out of our savings.
However, recently we have been considering a home equity line of credit – which sounds similar to the secured loan in the UK – to allow us to complete all of these improvements in one shot rather than spread them out over time and pay for them out of savings. From a scheduling standpoint, using a loan would make life much easier but I am still not sold on the idea as I’ve been opposed to taking on a loan (even for home improvements) ever since we eliminated all of our non-mortgage debt.
What are your thoughts on loans? Would you be more open to a loan used for home improvements?
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{ 4 comments… read them below or add one }

Jane@Remote Control Blinds March 7, 2009 at 5:17 pm

I work for an electric blinds company in the UK and we have many people taking out loans in order to purchase our products, it seems with the current financial climate being what it is more pople are deciding to take out loans in order to decorate their homes. Less people are moving therefore their homes are becoming the focus of their financial investment, loand therefore are raising the price of their home even though times are hard.
Janes last blog post..Remote Control Conservatory Blinds

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Eden@Nationwide Mortgage October 24, 2009 at 11:17 pm

Thanks for sharing this information on mortgages. Borrowers really need to know this stuff!

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Tyler Deardon February 5, 2011 at 5:48 pm

I’m actually a student and I know for a fact that shopping for student loans can be hard. Typically what you want is a loan that doesn’t accrue interest while you’re in school.

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Josh from@How to Finance a Car August 25, 2011 at 10:04 am

An affordable loan is hard to come by for so many people these days. Currently, my main focus is making sure my credit stays in tip-top shape. If you have bad credit right now, just work on getting it cleaned up as much as possible. Talking to a debt counselor can be helpful as well.

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