Finance Expert Warns Against Secured Loans

Mon, 07 Apr 2008

Borrowers in the UK have been advised to opt for flexible loans instead of secured loan offerings.

David Kuo, head of personal finance at Fool.co.uk, has informed consumers to regard flexibility as one of the most important considerations when searching for a personal loan .

"The option of flexibility will allow a borrower to repay a loan earlier and cut the total cost of the loan," he said.

Mr Kuo warned that consumers wanting to make sure that their home is not "put at risk" should avoid taking out secured loans .

In addition, he also recommended that when comparing loan products, borrowers should look at the total amount repayable and annual percentage rate .

Meanwhile figures from Moneyfacts have revealed that personal loan rates have risen by 1.7 per cent during the last twelve months.
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