Borrowing money with a personal loan can be a simple and quick way to cover the costs of essential purchases, or to help manage your money when life throws something unexpected your way.
The money borrowed can be used for whatever you like, from consolidating debts to home improvements, perhaps you’ve been looking at a new car or once in a lifetime trip – there are a lot of different types of loan available, tailored to how you intend to spend the money.
The most popular type of loan. An unsecured loan lets you borrow money, usually up to £25,000 without you needing to put something valuable up for security against it.
A secured loan will generally allow you to borrow larger amounts than an unsecured loan for example, however you will need to put up something you own as collateral.
Designed specifically for people with a bad credit history or low credit score. Bad credit loans typically have a higher rate of interest and will often require a guarantor too.
Personal loans aren’t the only way to borrow money. If you are borrowing a small amount of money for a short period of time, an arranged overdraft or credit card may be able to offer better rates, 0% in the case of some credit cards.
This can change depending on a few different things, such as how much you intend to borrow, for how long and what you plan to spend the money on. There are dedicated loan types available for things like starting a business, debt consolidation or car purchases which will generally carry more suitable terms.
Your personal circumstance and credit score will also affect the types of loan you are eligible for. There are specific loans types designed for people with bad credit, or requiring a guarantor.
Yes, it is possible to get a loan if you are unemployed, however as lenders will see you as a higher risk than other customers there will be limitations. Generally these loans will come with a much higher rate of interest than if you have a steady income, you may also need a guarantor to be accepted.
This will depend on the terms of your loan agreement. Generally, most lenders will allow you to overpay or settle the debt early and in full – Some may charge a fee for early repayments.
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