Finding the best loan rates can prove an difficult – not to mention – overwhelming task for some people.
Lost in a sea of figures, many applicants are left scratching their heads. They’re left bamboozled with talk around annual percentage rates, interest rates, early settlement fees, hard credit checks, and other financial jargon.
Even knowing where to start looking can be a daunting experience.
Yet hundreds of thousands of people across the UK will set off on their very own loan application journey each year.
From repairs and moving expenses to holidays and home improvements, there are dozens of reasons why you or a family member may need a helping hand at some point.
At Northern Community Bank, it’s our aim to, not just provide you with the best loan rates, but to do so in a way that won’t leave you trapped in a fog of confusion.
Where’s the place to go for best loan rates?
Now, of course, we’re going to say Northern Community Bank. But hear us out.
We’re not telling you to come and speak to us about best loan rates. We’re simply asking you to consider us.
At the beginning of this blog, we mentioned annual percentage rates – or APR.
In a nutshell, APR refers to the total cost of your borrowing for a year. It takes into account all additional fees and charges, as well as the interest rate. All lenders must tell you what their APR is before you sign a credit agreement.
Community banks can only charge a maximum of 42.6% APR. If we use our £500 family loan as an example; taking this out over a year would result in you paying interest of £96.92 – so, a total of £596.92.
Some lenders’ APR sits around the 300% mark, meaning you could face paying a whopping £475 back on top of the £500 you’ve borrowed. Which is why taking your time to assess all the options available to you is so crucial.
Northern Community Bank also offers higher value loans at lower rates of interest. On top of this, the interest is charged on your decreasing loan balance. This means as it decreases – the amount of interest you pay decreases, too.
Will my credit history stop me from getting the best loan rates?
Unlike some lenders, Northern Community Bank does not offer different interest rates on loans purely based on your credit history.
Our loan decisions are made by real people, not computers. We are able to take into account all the circumstances surrounding your finances – affordability, income, expenditure, payment history – before devising a repayment plan that best suits your situation.
And while we do love seeing our account holders face-to-face, if you don’t have the time to visit one of our branches, don’t worry. This entire process can be done online, either through our Online Members Area or via the secure app.
If you want to talk about getting the best loan rates, or anything else related to borrowing, feel free to speak with one of our highly trained members of staff today.
Northern Community Bank’s quotations are free and involve no set-up fees. This means you have all the time in the world to find the best loan out there for you.
