Doing Some Comparison Shopping for the Lowest Secured Loan Interest Rates

I thought that we would take some time tonight to do some comparison shopping on some of the biggest secured loan websites, to try and figure out which company is currently offering the lowest rates.

To accomplish this, I visited six of the biggest secured loan firms on the web and got their lowest posted interest rate straight from their websites. Here is what I found:

Picturetheloan.co.uk - I visited their site and much to my surprise, they are currently not accepting new customers at this time. According to their site, they are "re-shaping its products" to ensure that they maintain their high levels of competitiveness and service. OK, cross that one off the list.

Freedom Finance - 11.7% Typical APR

Norton Finance - 13.9% Typical APR

Accepted.co.uk - 10.5% Typical Variable APR

Ocean Finance - 14.9% APR variable

Loans.co.uk - "rates as low as 8.9% APR variable"

Now what does all of this mean exactly?

Different people with different circumstances will receive different rates. Just because a website boasts of a typical APR rate, doesn't necessarily mean that you will receive this rate. Depending on your current financial circumstances, secured loan firms can still sometimes charge as high as 20% APR. This is why you MUST shop around.

Most companies are going to charge you as much as they possibly can. Many times you are applying for a secured loan because you need the money fairly badly. Don't let this influence your decision-making process - don't accept the first loan offer that is made to you. If you shop around, then you may be able to save yourself as much as 3-4% APR, which translates into an enormous pile of money over the long-run.

There are literally hundreds of secured loan firms out there. Shop around, and don't rest until you have the rate that you want.



Apply for a secured loan today!