Human desires are unlimited but the finance that one acquires always seems to be scarce. Thanks to the diversity of loans available in the UK finance market which helps in fulfilling the desires and dreams of millions of the UK residents.UK loan market at present is swamped with infinite number of loan options. Different loans have been designed keeping in mind the diverse needs and expectations of people in the UK. If you are an individual looking for a loan to buy a car, a personal loan can be a perfect option for you. Now, here also lenders can offer you the option to go for a secured or an unsecured loan. Does these words sound new to you? Let me explain it to you.A secured personal loan is a secured loan offered to meet personal needs of the UK residents. To avail this loan a borrower needs to put collateral against the loan. Your car, home or even a saving bank account can work as collateral. Secured loan helps borrowers in making the best use of the equity stored in his or her property that helps him in borrowing a larger amount of loan and that too for a longer loan term.Unsecured personal loan UK does not require a borrower to put any collateral against the loan. Tenants who do not own a home can enjoy the benefits of unsecured loans. Not only tenants, homeowners who do not want to keep their property at risk can also apply for an unsecured loan.Personal loans UK were introduced to serve personal purpose of the borrower. Personal loans are classified as secured and unsecured loan on the basis of security attached to the loan. They can also be classified on the basis of usage – Business loan, home improvement loan, debt consolidation loan, car loans, holiday loan, wedding loan and many more.Different personal loans serve different needs. A business loan can be the perfect solution for an entrepreneur who needs funds to expand his business. An individual who is caught in the midst of debt trap can take a debt consolidation loan, to reduce the debt burden and become debt free in the future by paying the existing debts. A debt consolidation loan can also be used to improve the credit score and enjoy the benefits of loans arranged at low APR in future.Other loans offered by the lenders in the UK are – Payday loans are available to provide instant cash to the borrowers until the next paycheque arrives. Bridging loans can be used to fill in the cash shortfall existing in a property transaction and many more. Each loan has different features; you can find the loan you are looking for from the vast number of loans offered by lenders.The loan service is not confined to a group of people. Lenders in the UK aim to cater to the needs of each and every individual. A good score will help you get a loan at better loan terms. Even if you have a bad credit score there is nothing to worry. There are lenders in the UK who can arrange loan for you and that too at a lower rate of interest.Only a few years’ back traditional lenders ruled the UK loan market. The loan process was lengthy and full of hassles. Borrowers had to wait for months to find whether they will be getting the loan or not. A borrower had to approach each lender personally and submit his or her loan application form.The entry of online lenders has revolutionized the whole loan market in the UK. Now, a borrower can access infinite number of lenders at one time without even moving from one place to another. What you need to have is a computer equipped with Internet, that’s it.Applying for loan online is easy, fast and convenient. The online phenomenon aims to save your precious time as well as invaluable money. You can browse through various lending websites and can apply for the loan by filling up the online loan application form that hardly takes 2 to 5 minutes. Most of the lenders provide you with the loan decision within 24 hours. You can also apply for a loan quote that are offered for free or for nominal fees by majority of the lenders. Gathering loan quotes from various lenders and comparing them will help you find the best loan option and lender.If you dare to dream, lenders in the UK can help you fulfill your dreams with the loans UK. Growing desires among the lenders in the UK has given rise to the increasing number of loan options in the UK. Whatever may be the need, just a little bit of research will help you get the loan of your choice.

It’s not an easy time to be graduating from college with student loans. With the unemployment rate soaring toward 10 percent and the average starting salary for college graduates down 2.2 percent this year, student loan borrowers – whose average debt from student loans tops $22,000 – are now having an even tougher time affording their student loan payments.The good news? Starting July 1, 2009, graduates with federal college loans may be able to qualify for a new government program that can reduce the monthly payments on their student loans based on their income.Income-Based Repayment for Federal Student LoansThe income-based repayment program, created by Congress in 2007 as part of the College Cost Reduction and Access Act, will cap a borrower’s monthly student loan payments at a percentage of her or his income, when the borrower’s income is at least 50 percent higher than the current federal poverty line for the borrower’s family size.These income-based student loan payments will be calculated as 15 percent of the amount by which a borrower’s adjusted gross income exceeds 150 percent of the poverty line.(For individuals, the 2009 poverty line is $10,830 in all states except Alaska and Hawaii. The complete federal poverty guidelines for 2009 are available on the website of the U.S. Department of Health and Human Services.)For example: 150 percent of the current individual poverty line of $10,830 is $16,245. If a borrower’s annual adjusted gross income is $25,000, the monthly payments on her or his eligible student loans would be capped at $109.44 – 15 percent of the difference between $25,000 and $16,245, divided by 12 months. If a borrower’s annual adjusted gross income is $40,000, the monthly payments on any eligible student loans would be capped at $296.94 ($40,000 – $16,245, multiplied by 15 percent, divided by 12).Income-based monthly payments will be adjusted annually, based on a borrower’s federal tax return from the previous year. As a borrower’s income rises, the income-based repayment cap will also go up. If the income-based repayment cap reaches a level higher than what a borrower’s monthly payment would be under a standard 10-year student loan repayment plan, the borrower will no longer qualify for income-based repayment for her or his student loans.Borrowers whose adjusted gross income falls below 150 percent of the poverty threshold won’t be required to make any payments on those student loans that qualify for income-based repayment.Even if no payments are due, however, interest will continue to accrue on those college loans . Unpaid interest will also accrue if a borrower’s income-based monthly payments aren’t sufficient to cover the full monthly interest on the qualifying college loans. Any accrued unpaid interest will be added to the student loan principal and capitalized when the borrower no longer qualifies for income-based repayment.Subsidized Interest and Student Loan ForgivenessFor those borrowers who hold subsidized student loans or a federal consolidation loan that included subsidized Stafford loans or Perkins loans, the government will cover any unpaid interest on those subsidized loans (or on that portion of a student loan consolidation that’s comprised of subsidized loans) for the first three years that a borrower is in income-based repayment.The longest that a borrower can remain on the income-based repayment plan is 25 years. After 25 years of income-based payments, the government will forgive any remaining principal and unpaid interest – although borrowers should note that under current tax law, this forgiven student loan debt would be taxable.Borrowers who are employed full-time in qualifying jobs in the public service sector may have their remaining student loan debt forgiven after just 10 years in the income-based repayment program, and this forgiveness would be tax-free, thanks to a ruling from the U.S. Treasury last year.Qualifying for Income-Based RepaymentTo find out if you qualify for income-based repayment on your federal college loans, you’ll need to contact your lender and provide information about your financial situation – you’ll need to demonstrate “partial financial hardship,” as defined by federal regulations.Only federal Stafford and Grad PLUS student loans in good standing, along with consolidations of these college loans, are eligible for income-based repayment. Federal Perkins loans are eligible only if they’ve been included in a federal student loan consolidation. Other college loans are ineligible:Private student loans. The income-based repayment program applies only to federal student loans. If you’re having problems meeting the monthly payments on your private student loans , you should contact the lenders to see if they’re willing to work out more affordable repayment plans for you. Keep in mind, though, that private student loans typically have less flexible repayment options than federal student loans.Federal PLUS loans. If your parents took out PLUS parent loans to help you pay for college, they won’t be able to take advantage of income-based repayment on their PLUS loans. Consolidation loans that included PLUS parent loans are also excluded from income-based repayment. Any Grad PLUS loans you took out as a graduate student, however, as well as consolidations of Grad PLUS loans, are eligible.Defaulted student loans. Your student loans don’t have to be new to be eligible – even long-time graduates may be able to qualify for income-based repayment on college loans taken out years ago. But you can’t be in default on your loans. To qualify for an income-based repayment plan, any federal college loans you have in default will need to be rehabilitated first.