Personal LoanPersonal
loans are available at banks, building societies and other leading financial institutions.
A lump sum is borrowed in return for making regular repayments usually via direct
debit and paid monthly. The repayment period is fixed and can be anything from
6 months up to 25 years. The sum borrowed can be between £1,000 and £1,000,000+.
For lower loan amounts from £1,000 to £25,000 no security is
held against the debt, and the repayment period is short from 1 to 5 years. This
type of personal loan is an unsecured loan and is usually only available to people
who have a good credit history. For higher amounts from £3,000 to
£1,000,000 security is held against the debt, such as a house or car. The
repayment period is also longer for larger amounts from 3 to 25 years. This type
of personal loan is a secured loan and is available to people who have a good
credit history as well as to people who have credit history problems. Interest
is charged on the loan and this can be fixed or variable. A personal loan is usually
fixed through out the repayment period but can be variable for longer repayment
periods; you will be informed of this when you set up the loan. The exact rate
you will be offered depends on the amount you want to borrow, the repayment period
and your own personal circumstances. A personal loan can be used for any
purpose, as long as it's legal, although there are some restrictions on using
a personal loan for business or investments.
For more information
on Unsecured Loans click here : Unsecured Loan
For more information on Secured Loans click here : Secured
Loan | 
