Personal loans for homeowners and tenants whatever your circumstances.

Personal Loans

Personal loans are a simply a way of borrowing money from a bank, building society or lender. Typically, personal loans are available for up to £15,000, and would be repaid over anything between 6 months and 10 years. The more you borrow, the lower an interest rate you are likely to get, but rates vary enormously, so the smart borrowers understand the importance of shopping around, or using an independent broker to shop for them. The longer the repayment time, the more interest you will end up paying over time, so again, the smart borrowers borrow for the shortest possible time.

Interest rates quoted are usually an APR - Annual Percentage Rate, but lenders often calculate the charges you will pay on your loan differently, so ensure you are comparing like with like if you have more than one quote. The total amount you wish to borrow, the interest rate, the monthly repayments and the length of time before you repay the loan are the four variables to consider.

THE TYPES OF UK PERSONAL LOAN

Personal loans can be taken on a secured or unsecured basis. Secured personal loans are advanced against your home or property, and your property is at risk if you fail to repay the loan. However, they can typically be taken over longer periods, for higher amounts, and at lower interest rates as the lender has security that they will be repaid. Unsecured personal loans, on the other hand, tend to be for lower amounts, at higher interest rates, and repaid over shorter periods of time. But your home is not at risk.

WHAT COULD YOU DO WITH A PERSONAL LOAN?

The beauty of a personal loan is that it can be used for any purpose: unforeseen expenditure, to consolidate debt, for a car, boat, caravan, household improvements, a wedding, plastic surgery - you name it! Personal loans for specific purposes often carry different rates of interest, for example cars, so do tell the lender what you have in mind, as it may save you a little money!

Make Your Personal Loans Application Today