Hot Topics

What exactly is a personal loan?
A personal loan is a sum of money which you borrow. This could be from a bank, building society or another financial institution.
What is a secured loan?
Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
How long can I take the loan over?
How long you take the loan over depends on how much you need and how much you can afford to repay on a monthly basis.
I’m self-employed, am I still eligible?
Self-employed loans used to be difficult to find and expensive. But today, now that more and more people are working for themselves, self-employed loans are widely available and, as interest rates have fallen to their lowest in years, more affordable.
I live at home with my parents, can I still apply for a loan?
If you live at home you are still eligible for a tenant loan – this is basically an unsecured loan in which you have no property to provide as security against the debt.

In what circumstances should I consider taking out a personal loan?

You can get a personal loan for any reason you want.

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The most common reason for getting a loan is to buy a car. Not many people have £10,000 or more sat in the bank so when buying a new car, it is extremely common to get a loan. You can also get a loan out to buy a holiday, maybe a honeymoon or a holiday of a lifetime for you and the family. Many people also get a loan to pay for major home improvement - perhaps you want to fit double-glazing and add on a conservatory to increase the value of your house. Or maybe you want to build a swimming pool in your back garden. The loan company will ask you why you want the loan in the first instance, and basically it is entirely up to you.

Many people think of an unsecured loan as being a 'personal loan' but, if you're a homeowner, a secured loan could be an alternative. Click on our FAQ's 'What is a secured loan' or 'What is an unsecured loan' for more details.

 

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.