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PERSONAL LOANS INFORMATION

Below you will see information on Personal Loans.

        

PERSONAL LOANS

Personal loans are offered by many banks in the UK and are not secured against a large asset like a house or car. That means the lender needs another form of guarantee that you will pay back the loan. Rather than ask for physical assets, they will thoroughly check your credit file and assess whether or not they think you are suitable for the loan. You might be approved for a personal loan even if your credit rating isn't perfect, but the interest rate may be higher as a result. You'll notice that many banks offer personal loans, but there are also independent lender that can provide them.

Because personal loans require a better credit rating than, say, a Payday loan, they generally have larger borrowing amounts. However, the amount you will be offered still depends on your personal circumstances. Typically, a personal loan will start from around 1,000 and go upwards until about 25,000. The lender might offer more (or less) than this. If you want to borrow more, you could consider a secured loan.

Personal loans carry with them the risks that you might not be able to repay them. That is why it is important to really consider carefully before applying for one. If you take a personal loan and find yourself barely managing to meet the regular repayments, you could end up in debt. In addition, your credit rating will be negatively affected and this could make it harder to get credit in the future.


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