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Doing a Search for the Cheapest Loans on the Market

When you are in need of extra cash, finding the cheapest loans on the market is uppermost in your mind. The kind of loan you want will make a difference in how much it will cost you in fees and interest.

Finding Cheap Short Term Loans

Finding the cheapest short term loans can be done over the Internet. There are some websites that offer comparisons of different loan companies and these can be of great help. Getting a loan can be done almost completely online, although some short-term loan lenders will require proof of income and I.D.

The majority of these loans are repaid over 3 years for amounts of £10,000 and over. They typically range in amounts from £500 to as much as £25,000. The current lowest rate is 7.6% at Rate Setter Rolling Loans. Nationwide offers 6.6% on loans over £7,500, and The Loan Shop comes in with 8%, with a minimum payment term of 6 months.

Cheap Payday Loans

If you need cash right away, a payday loan is often the best way to go. You can get cash almost immediately and everything is often handled online with no credit check, no employment verification and virtually no paperwork. The main requirements are that you are over 18-years old, have an income and a bank account. UK Payday offers one of the lowest rates with a 25% fee on the amount borrowed. Simple Payday offers the same terms, which works out to a rate of 13.55% APR.

Things to Keep in Mind

Short-term loans are more expensive than longer-term loans. Especially in the case of payday loans, it is important to keep their use to a minimum and use their services only for real emergencies. Many of these services offer help with learning to budget efficiently. Although helpful, the cheapest loans on the market can still be very expensive.

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