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Compare Personal Loans
A personal loan is in actual fact the same thing as an unsecured loan. Lenders simply use the term ‘unsecured’ to describe this type of loan as it allows you to borrow a sum of money without the need of providing security against it i.e. your home. Personal loans are therefore granted to the applicant on the basis of their financial circumstances such as their income and employment status.
There are many reasons why you may need a personal loan:
- Debt consolidation: This is a great way to take many smaller debts, like credit cards, and combine them into one simple monthly repayment by consolidating your debts with a personal consolidation loan. You deal with one creditor and can save £100’s in interest.
- Car purchase: Is your poor old car not worth the high cost of repairs? A personal car loan can help you purchase that new, or used, vehicle to get you confidently back on the road again.
- Home repairs: Homeowner’s also apply for personal loans for home improvements without using the security of their home’s equity as in a secured loan.
- Education: Personal loans can help you during your studies at Uni by helping to purchase books and materials and other needed expenses. However, only borrowing what you can afford is recommended.
Each year millions of personal loans are taken out for a variety of different reasons. Unsecured personal loans prove very popular for those who do not wish to borrow money against their home or for those who do not actually own a property. A personal loan may be use to clear off smaller debts, finance a purchase, such as a car, make a payments to something which has fallen in arrears or simply be used for recreational purposes.
Personal loans can offer credit from as little as £500 right up to £25,000 and it is worth remembering that the more you actually borrow the more interest you will pay in the long run as the repayment term will generally be set over a long period of time. However, most personal loans offer lower introductory interest rates the more you borrow. It is important that you try to borrow the absolute least amount as possible and pay off the loan in as short a period as you can, providing of course the repayments are affordable.
Just like credit cards, the key cost of your personal loan is dependent on the APR the lender might charge on the loan. The majority of personal loans do however charge a fixed interest rate which means that your monthly repayments will not alter throughout the duration of your unsecured loan. However for those personal loans offering a variable rate you must be prepared for a potential rise in your rate, so it is wise to make an allowance for this within your budget.
Credit checks are also carried out as part of the procedure to determine the person’s credit history. A thorough credit check will reveal to the lender if any risk is involved in approving a personal loan. It is important to remember that any credit check carried out on request by a lender will in fact be recorded on your credit rating by the credit reference agency and noted in future credit checks. The credit check procedure should be quite straightforward on the basis that the personal loan applicant has had no previous credit issues. It is however advisable to only apply to one lender at any one time as multiple applications may be seen as unstable and go against you in the lenders final decision.
Remember that most banks and lenders will impose a higher interest rate on a personal loan as opposed to a secured loan. This is because personal loans are seen as high risk since there is nothing secured against it as a sign of good faith.
Should you wish to pay off your personal loan early, that is to say before term ends, make sure that no early settlement penalties are imposed before you actually do so.
Do check the market before you go ahead with any personal loan. Here at the MoneyOutlet we compare the market with a vast network of UK loan brokers and lenders offering personal loans to all UK residents, even if you have poor credit, CCJ’s, mortgage arrears or filed for bankruptcy. You safely and securely provide your requirements in the form above and we immediately begin searching 100’s of low rate personal loans in minutes. You’ll receive your free, no obligation quote without a credit check (important!).
Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available personal loans in today’s market no matter your credit status. Apply Now to save time and money!
Published on September 19, 2007
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