Free advice line 0800 520 0923
If you are looking for a hassle-free secured loan for any purpose, call the number above or contact us online. We promise to give you a decision quickly so you can consolidate debts, buy that car you have been after or improve your home.
Why not call now for an informal chat about a personal loan – we look forward to helping you.
For a guide to lending, please click More..
A personal loan is usually for borrowing amounts of £1,000 to £25,000. If you plan on repaying the loan over a period of one to 15 years, then it is likely a personal loan is the right one for you. You can apply for a loan here and compare the cheapest loans on our loan comparison table.
The majority of people take out personal loans to make purchases, such as a new car, or for home improvements. You can apply here for personal loans. Our lenders specialise in giving personal loans to clients, even with bad credit history. Shop around or apply online for cheap personal loans.
Online loans are popular due to their convenience and can save a lot of time. However, don’t forget the traditional means of high street banks and building societies, it is a competitive market and many banks are offering personal loans despite the credit crunch.
If you need money in the region of £1,000 to £3,000, you could consider a low cost credit card or overdraft instead of a personal loan. It may work out cheaper and offer you greater flexibility. Check out the interest rates.
Unsecured loans are a riskier investment for loan providers as there is no security if repayments are not met. Those with a very poor credit history who have been refused unsecured borrowing may find that a secured loan is their best option due to particularly high interest rates on unsecured lending. Lenders are likely to offer you lower interest rates if they deem you as an acceptable risk. Those who are not an acceptable risk usually fall into one of three categories: 1) People who do not own their own property 2) Self-employed (unless working record is well established) 3) People with poor credit history A lender may refuse a loan entirely, or offer higher interest rates if one of these three categories applies to you. Alternatively you could apply for a bad credit personal loan. Compare personal loans on the table above or shop around using using our convenient a-z directory.
It is important you find the loan to suit you and not the lender. Typically a loan with repayment over a longer period of time will have higher rates of interest. On the flip side, the greater the amount you borrow the lower the interest rates. For example, a personal loan of £30,000 over a 5 year term could have as little interest as 5% or 6% - which amounts to very cheap borrowing. No matter what the amount you have borrowed, you ought to repay even a low rate loan in the shortest time possible. Note: You could incur penalties for paying-off a loan in a shorter time than the term that was agreed. Check the small print. Flexible loans can be appealing because they allow you to repay your loans at a time that suits you. Don’t forget, however, the interest rates for flexible loans are significantly higher.
If you are unable to make a loan payment, then contact your lender immediately. It is likely they will give you an opportunity to explain your reasons. The lender will then assess whether you can’t pay or you won’t pay. If the lender is convinced your situation prevents you from making payments but believes the situation is likely to change, then the loan repayments may be frozen or the term of the loan extended. On the other hand, if the lender forces you to make payments, if it is a secured loan you may have to sell your house to meet the payments. If it is an unsecured loan, the lender may still take legal action that could have the same result.
When agreeing a loan it is likely you will be offered Payment Protection Insurance. This will protect you in the event of unemployment, sickness or an accident, any of which could prevent you from making repayments. Rates for protection policies tend to vary but be careful to add in the additional costs to your monthly repayments. Return to Debts homepage.
