The range of personal loan which are secured against your property varies from £ 5,000 to £ 250,000 and payment term can be as long as 25 years. Of course, unsecured personal loans can not fetch you such big amount. Nevertheless, loan amount interest rates are directly proportional to borrowers’ credit history, collateral and ability to repay.
There can be either secured personal loan or unsecured personal loan. Secured personal loan require collateral like home or any immovable property or security of stocks, bonds, bank deposit certificates etc.
Even in the case of secured personal loan, CCJs, IVA’s, insolvency, late payments are likely to loose their significance; equity in collateral can help you get an impressive rate of interest. Secured personal loan is easy to get approved and the interest rate will be comparatively lower than unsecured personal loans. Personal loan is used for multiple purposes like:
Home improvement
To purchase a car
Pay hospital bills
Fund your education
Business development of existing business
Business start up
Buying a holiday package
Though it is comparatively easy to anchor a secured personal loan, lenders can confiscate your collateral or security in case of non-repayment of the loan in stipulated time frame.
The risk factor for the secured personal is minimal from lenders’ point of view; lenders are pouring in to offer personal loans. They are ready to satisfy your demand on highly competitive terms. The better idea will be to get quotes from different lenders before settling down for any deal.
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Quick personal loan are very much popular in the UK. A resident in UK can get up to £25,000 without providing any security. The repayment period may be from six months to 8 years depending upon the lender’s policy and your individual circumstances. The interest rate on such loans starts from seven per cent and may increase with every adverse condition of the borrower.
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