A personal loan is a broad term for a loan and it can either be secured or unsecured depending on your personal circumstances and preferences. An unsecured personal loan is often used for debt consolidation, taking a vacation, or purchasing a new car. When applying for a loan the lender assesses the borrower’s income, current debt and credit history.
It is different from a secured loan in that the amount is not backed by a form of collateral. Generally, the borrower can take out a loan for up to £25,000 for a period ranging from six months to ten years. Typically, the more you borrow the lower the interest rate
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