Fri, 18 Aug, 2017

PERSONAL LOANS

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In the UK, there are two kinds of personal loans.

 

Unsecured personal loans are available to UK residents over the age of 18 and are not secured against personal property assets i.e. the borrower’s home. However, unsecured personal loans are usually only granted to those people with good to excellent credit profiles. At the moment unsecured loan providers can only lend out a maximum of £25,000 to one individual.

 

Secured personal loans are, as their name suggests, secured or guaranteed against personal property assets, usually the borrower’s home. A first or second charge on the property is registered with the Land Registry. Secured loans can usually be for much higher amounts, often up to £200,000. Furthermore they are often also available to those people with bad credit records.

 

Personal loans have become increasingly popular in recent years, and can provide you with the fiscal support you need to finance various ventures, including paying off credit cards, making unusual purchases, or simply facilitating of a well-earned break. The particular advantage of personal loans over credit cards is that the interest rates tend to be significantly lower, making them a great prospect for a one-off project or purchase.

 

For smaller loan amounts, many use a type of loan that is often referred to as a 'payday loan'. These are cash advances, up to around £1000 and repayable on your next payday, that are typically granted with no credit check.

 

Below are some featured providers of personal loans in the UK. Take a few moments to learn who would be the best for you. Be sure to check out our daily-updated best-buy unsecured loans table.