Is the Nemo Quarterback loan deal really a good as it sounds?
Competition amongst secured loan companies is stiffer than ever these days and many companies use a range of offers and incentives in order to try and get customer on board. The Quarterback loan, a recent offer from Nemo Loans, has hit the market recently with some interesting points.
The Quarterback loan offers borrowers 25% of the interest they pay at the end of the loan term providing the loan is taken out over at least a ten year period. However, experts are advising that although the loan sounds attractive borrowers should delve a little deeper in order to determine whether it really is the best choice.
According to experts the fact that the secured loan is a secured one, which means that your property is at risk if you default on payments, means that borrowers need to be very careful and not rush into a decision. Borrowers will have to be in debt to the lender for at least ten years in order to qualify, which is a long time for a company to have a hold on your property. Experts also warn that the variable interest rate means that repayments could rocket in line with the base rate, and therefore even with 25% back there could be cheaper, less risky loan options out there.
Customers are advised to compare different deals and base their decision on the amount they wish to borrow and affordability. For smaller loan amounts it could work out considerably cheaper to go with an unsecured loan, and although the monthly repayment may be a little higher the loan is usually over a shorter period and the total amount of interest paid is far less offering better value for money even with the quarter back deal
Those that have to go through a secured lender because of the amount that they wish to borrow or because of their credit history may find that the Nemo Loans offer is an attractive one, but should still compare the deal against other secured loans and lenders as even with the cash back it will not necessarily work out cheaper.
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Tom Smith
10th July 2007
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