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The Argument Against Secured Loan Comparison Rate Tables

Ensure You're Not Misled When Taking Out a Secured Loan

But Surely Tables Are Useful Tools?

Essential reading: Avoid making a mistake when choosing your secured loan

You may have already visited other secured loan sites and used a loan rates calculator or consulted a loan rate table.

secured-loan Were you sure that the information about the range of secured loans was in date?

secured-loan Did the site have access to deals and financial products that are not available directly to the general public?

secured-loan Was the site authorised by the FCA to include recommendations for the whole of the UK secured loans market?

secured-loan Even if authorised, did the loan table or calculator take into account all of the secured loans on the market or was it just a selection?

secured-loan Did you know that specialist independent secured loan brokers may have access to a wider range of loan possibilities?

secured-loan Was it an individual secured loan quote or just an illustration?

secured-loan Did the website promote particular secured loan providers over others as they were paid higher commissions by some companies?

secured-loan Are the loan providers able to pay to list their products higher up the tables, or maybe have their products shown in a different way?

secured-loan Did you know that the secured loan rates may change before your application actually goes through? If you received a quote, was it guaranteed?

Updated by Machines or Humans?


Did those sites use 'screen-scraping' technology that retrieves and transfers secured loan information from other programmes?

According to Wikipedia, "Screen scraping is generally considered an ad-hoc, inelegant technique, often used only as a "last resort" when no other mechanism is available. Aside from the higher programming and processing overhead, output displays intended for human consumption often change structure frequently. Humans can cope with this easily, but computer programs will often crash or produce incorrect results."

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What Does The FCA Say About Comparison Sites?


Comparison sites have been heavily criticised in the media and by the Financial Conduct Authority (FCA) for their lack of independence and incomplete information. Consumers often do not realise that they are not getting the whole picture.

The FCA say "Some may only include products that the website can make money from in some way, for example if you click through to the provider." They also state that you should never buy a product just on the basis of what you see on their own tables. They recommend getting advice before using their tables.

(Please note that the information about secured loans on this page does not represent financial advice. You must consult an FCA registerd secured loan adviser for complete information. "The Argument Against Secured Loan Comparison Rate Tables" is an opinion only and you should not rely on this information to make (or refrain from making) any decisions about buying a secured loan.)

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Why Use a Secured Loan Broker?


1. A secured loan broker may be able to secure a better deal than you may be able to achieve.

2. They're more likely to have access to a wider range of secured loan possibilities than you.

3. Due to their ongoing relationships with secured loan providers, they may be better placed than you to overcome any problems that may arise with your application.

4. You'll have a point of contact should anything go wrong or need prompt attention.

5. They work to a set of guidelines laid down by the Financial Conduct Authority (FCA) who regulate secured loan brokers' policies and working methods.

6. Secured loan brokers have an interest in recommending the correct product for your circumstances. They'll not wish to fall foul of stringent FCA regulations.

7. If you choose not to get FCA qualified secured loan broker advice, you may not be able to get compensation through the Financial Services Compensation Scheme if you have a future complaint about the recommended secured loan.

8. Sites, such as this one, cover the whole of the UK secured loans market. (Beware that many sites only quote on a limited range of secured loans.)

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Secured Loans: Repayments Calculator


The secured loans calculator below will give an estimate of what your monthly repayments may be based on the interest rate, term of the secured loan and the amount you wish to borrow.

Please note the calculator is for guidance only and does not form the basis of any offer or contract between adviser and borrower. Remember not to use the calculator in isolation (see above), it's essential you talk to a qualified secured loans adviser to see the full picture.

Interest rates will vary and secured loans are subject to status. Payments and APR may vary depending on your credit status and ability to repay. Your adviser's aim will be to help you choose the most suitable deal for your own personal circumstances.

secured-loan Please follow these 4 simple steps:

  1. Input the number of payments in months over which the secured loan will be made (use the conversion chart just below the calculator) Example: 5 years = 60 months
  2. Select an interest rate and input this as a percentage - Example: 10.99
  3. Input the amount you wish to borrow without incuding any characters ( eg '£' or commas)
  4. Press the "Calculate" button
Number of Payments Interest Rate Secured Loan Amount Monthly Payment
   

Years 1 2 3 4 5
Months = 12 24 36 48 60
Years 10 15 20 25  
Months = 120 180 240 300  

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