Loans for all purposes

Loans are a sure way to get by in times of financial need. Many businesses rely on banks to loan them money to sustain the expenses of their industry or business. These loans are of course earning interest. The current problem that besets potential loaners is their credit rating and the collateral required by banks. Many people simply do not have properties to put on the line as collateral. That was before. Now, there are hundreds of banks and other financial institutions worldwide that offer loans for almost anyone with very few hassles. Personal loans are easily granted at no collateral. The interest rates are very low and there are several installment plans to make it lighter for the debtor to pay. Interest rates may even be as low as 2%.

www.e-loanshop.com is an online company that helps individuals to make the right loan choice. Since there are a lot of types of loans, e-loanshop provides assistance to help debtors make the right choice. Decisions on financial matters are critical. It is therefore a must to at least have consulted several individuals before a loan is made.

The company offers personal loans, consolidation loans, and other types of loans that many other banks can give. The company also offers many choices to make the payments easier. One of these is the option of not paying anything for the loan in a span of five months. This option, though, is only available if the loan is equivalent to more than 75,000 pounds. So that is about $150,000 USD.

They also offer loans with fixed rates for the next five years. This means that the loan interest will not fluctuate and that the debtor is protected against inflation. However, this is only available if the chosen amortization term is equal to or more than 90 months or seven years.

A consolidation loan, by the way, is something that is almost equivalent to a credit card balance transfer. What the loan provider does is to pay out the existing debts of the loan applicant and let the applicant start a new payment scheme with them. This makes it easier for a loaner to organize his debts and start a new financial strategy to manage his funds.

There are also choices for plans called Flexible Repayment. This allows the debtors to overpay the agreed monthly amortization without having to pay for penalties. In many banks, a debtor should not pay more than what he is expected to pay or he will be charged a penalty. This is called or termed as prepayment penalty. This is detrimental in managing finances because if a debtor has managed to save more than his expectation, it is obvious that he should be allowed to pay more so he can finish paying up his loans earlier.

Just in passing, the average APR or Annual Percentage Rate of e-loanshop is 16.2%. Although this looks big, the many services they offer will still make the debtor at ease in managing his debts. Compared to many financial institutions, the options at e-loanshop is far competitive than the others.