A personal loan will enable to you borrow a sum of money over a fixed period. It is usually the
case that the more you borrow, the lower the interest rate. The maximum amount of money that a bank, building society or other organisation
will lend is usually in the region of £15,000.
The actual amount of interest that you pay will vary considerably - most companies will quote a value known as the APR.
The term APR is short for: Annual Percentage Rate. You will need to beware, as the APR does not necessarily provide
an objective means to compare different loans, as lenders vary the method by which they calculate the APR.
There are two types of loan: secured and unsecured.
Secured loans are usually secured against your home. What this means is that, if you
fail to make the repayments on your loan, then you will be liable to lose your home.
Unsecured loans are not secured against your home but you may find that lenders
are not as willing to lend as much money. If you do default on an unsecured loan then you can expect to find
yourself with a poor credit rating and will find it difficult to borrow money in future.
More about loans
Our main personal loans section offers information on other types of loans.
Student loan dept
Payday Advance Loan
Choosing the right loan
Discount Secured Loans from Home Equity Loans UK .
Check out more on loans at our personal loan comparison page and consider applying for a loan from First Plus Financial Group.
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