Our own financial resources are sometimes not enough to fund some big budget purposes. That is why we take loans to acquire the necessary amount. Loans are available under the name of personal loans. They are called so because they are lent for use in the personal ventures of the borrowers.
You can take a personal loan for a home renovation scheme, car purchase, wedding expenses, holidays, consolidating debts, paying college fees, medical procedures, paying off huge unpaid bills and a whole lot of other reasons.
Personal loans are available under two forms:
Secured personal loans
Under this loan form, you have to provide collateral/security. This can be any of your high value assets. People generally pledge their home, car, real estate and bonds for this. Due to this provision, interest rate tends to be low for this personal loan option.
Secured personal loans provide huge amounts. You can borrow any sum in the range of £5000-£10000. Depending upon the borrowed amount, you could get repayment tenure between 5 and 30 years. Such a long duration also ensures that you get to make the repayment in the form of small monthly installments.
Unsecured personal loans
This is the option that allows you to borrow without the obligation to provide collateral. So, if you happen to be a tenant, a businessman or a non-homeowner, then you will find this option to your advantage. Even if you happen to be a homeowner but are wary of pledging your assets, you can take this loan. Interest rate on this loan form is a little higher than that on the secured option.
Unsecured personal loans take their customer's financial position and credit status into account. Depending upon your credit worthiness, repayment capacity and your requirements you can borrow any amount between £500 and £25,000. The duration of repayment may come up to a maximum of 10 years.
Personal loans are provided by various lenders. You can check out their online sites and compare the free quotes to shop for affordable deals.
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