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Compare cheap loans with Honest Johnny's free comparison service. It's simple - not only do we compare loan providers throughout the UK, we also get you a direct broker quote to see if the best deal you have been offered can still be improved upon! Our loan comparison service is free and fast to use, we make it simple for you to compare leading loan rates in seconds, and then apply in a matter of minutes. Compare cheap APR loans today.

Honest Johnny has partnerships and affiliations with leading loan providers throughout the UK. Our free loan comparison service brings together the best rates for different types of credit bands, so whether you are a homeowner who has a perfect credit history, or you are a tenant looking for a unsecured personal loan - or anyone in between - we've got it covered!

Our approach to loan comparisons is designed to help get you the best deal for your circumstances. Whilst giving you access to leading loan rates, we put you in touch with a loan broker who then searches further leading providers for the best deals. This proactive approach to comparisons helps you get the very best deal for your circumstances. Our loan comparison services are completely free to use and all quotes are no obligation, so why not start comparing loan providers for free right now.

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Further Loan Definitions and Information:

Unsecured Loans
An unsecured loan is a loan that is not backed by collateral. Also known as a signature loan or personal loan.
Unsecured loans are based solely upon the borrower's credit rating. As a result, they are often more difficult to get than a secured loan, which also factors in the borrower's income.

Secured Loan
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower. From the creditor's perspective this is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. The opposite of secured debt/loan is unsecured debt, which is not connected to any specific piece of property and instead the creditor may satisfy the debt against the borrower rather than just the borrower's collateral.

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There are two purposes for a loan secured by debt. In the first purpose, by extending the loan through securing the debt, the creditor is relieved of most of the financial risks involved because it allows the creditor to take the property in the event that the debt is not properly repaid. In exchange, this permits the second purpose where the debtors may receive loans on more favorable terms than that available for unsecured debt, or to be extended credit under circumstances when credit under terms of unsecured debt would not be extended at all. The creditor may offer a loan with attractive interest rates and repayment periods for the secured debt.

One popular type of secured loan that is normally only available at a bank or credit union is the savings secured loan. In this type of loan, the borrower must have a savings account with the creditor. A portion of the money in this account is used as collateral to secure a loan equal to the amount pledged. This money is then frozen in the account but continues to earn interest. As the loan is repaid the secured portion of the savings account is freed. This has advantages for both the creditor and the borrower. If the borrower defaults on the loan the collateral is already in the creditor's possession so it is a very low risk. As a result, the creditor usually offers a much lower interest rate. The disadvantage of this type of loan is that it is limited by the available fund in the savings account.

Other Useful Definitions

A mortgage loan is a secured loan in which the collateral is property, such as a home.

A non-recourse loan is a secured loan where the collateral is the only security or claim the creditor has against the borrower, and the creditor has no further recourse against the borrower for any deficiency remaining after foreclosure against the property.

A foreclosure is a legal process in which mortgaged property is sold to pay the debt of the defaulting borrower.

A repossession is a process in which property, such as a car, is taken back by the creditor when the borrower does not make payments due on the property. Depending on the jurisdiction, it may or may not require a court order.


Source of Information: Wikipedia
Honest Johnny does not supply financial advice. All information contained herein this website should not be construed or taken as advice. Please consult your IFA for advice.

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