Personal Loans

A personal loan can be used for any personal use such as a new car or holiday. Anybody is eligible to apply for a personal loan, whether they are a homeowner or non-homeowner.

Keywords: Personal Loan | Secured Loan | Unsecured Loan | Debt Consolidation | Credit History

You can apply online today - just use our Loan Application Form

Personal Loans can be taken out either secured or unsecured. A secured personal loan is secured against your home and therefore will have lower rates than an unsecured loan, which is not secured on your home.

Unsecured Personal Loans

Personal Loans are most popular among tenant and non-homeowners. As the loan is not secured on a property it is available even to those who do not own their home. To many people this is the only way that they are able to obtain a loan as they are not homeowners. The loans can be used to buy a new car or holiday, be used to consolidate debts, or even to pay for plastic surgery!

Once the loan is taken out, the borrower will pay back a set amount until the loan is repayed. On top of the amount you borrowed you will pay interest on your monthly payments, this means that the total amount you pay back will be more than the amount you borrowed. The rate you are offered for an unsecured loan will be higher than a secured loan as you do not have a home which the debt can be secured against, meaning the lender does not have guarantee that the repayments will be made.

The rate you are offered will also be affected by your credit rating. Having a poor credit rating due to CCJs, Defaults or other problems will mean you are offered a higher rate as you will be deemed as more of a risk.

Secured personal loans

Any homeowner can apply for a secured personal loan. A secured personal loan will have lower repayments than an unsecured loan as the borrower's home is used as security. However if repayments are not meet then your home may be repossessed.