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Secured and Unsecured Lending (Unsecured (Credit Cards (Revolving Credit…
Secured and Unsecured Lending
Unsecured
Personal Loans
Fixed Interests
1-5 year terms
Credit scoring
Overdrafts
Daily Interest
Short term borrowing
Linked to account
Credit Cards
Cash free purchasing
High interest rates
Minimum monthly repayment
Revolving Credit
Borrow credit and repay debit
Secured
Mortgages
Repayment
Decreasing term
Capital payments
Interest payments
Interest-only
Capital remains
Interest payments
Evidence capital repayment
Reviewable
Endowments
ISAs
Tax-free
No guarantee
Pensions
25% TFC
Tax restrictions
55+ restictions
Rates
Variable
Difficult to budget
Discounted
ERCs
Fixed
Easy to budget
Arrangement fees/ERCs
Capped
Budget parameters
Lower rates
Base-rate tracker
Flexible
Under/Over pay
Daily Interest
Low start
Lower intial payements
Deferred Interest
CAT-standard
Variable max 2% base rate
Daily interest
No arrangement fees
150 max fixed arrange fee
no additional charge for MIG
fees disclosed in cash terms
Equity Release
Lifetime Mortgages
Fixed rates
No capital/interest repayments
Interest added to loan
Repayment on death/long term care
Home Revision
Provider owns property %
Repayment on death/long term care
Commercial Loans
Rates
Past performance
Business plans
Projected profits
Management quality
Secured Property/Assets