What interest rate will I pay on a Loan and is it negotiable?

The interest rate available to you will depend on how much you borrow, over how many years and how good your credit history is. It will also depend on whether you agree to a secured or unsecured loan, secured loans offering the lowest interest rates.

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Some lenders will only lend to people who they assess as a 'low risk' and will offer especially attractive interest rates to attract their business.

If you have a poor credit history - for example you've missed payments on a mortgage, loan or credit cards, you will be considered a poor lending risk. Consequently, you will be offered a higher interest rates or they will refuse you

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application altogether.

These days the lenders use very sophisticated credit scoring systems to assess the merits of your application. To your application details, they add your credit history which they obtain from one of the large credit agencies. You'd be amazed how much information these agencies hold about you. From this assessment they will decide whether to offer you a loan and at what rate of interest. The better your credit score the lower the interest rate will be.

You will not be able to negotiate the interest rate - it will be on a take it or leave it basis.

Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.
Loans may be secured on your home or other property. Think carefully before securing other debts against your home.

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