Money is a primary requirement in our lives. And if we want to have a lifestyle that has the comforts that the modern world can provide, we inarguably need it more than the rest. But what we earn is sometimes not enough to cover all the expenses that have to be made.
That's when a personal loan enters the picture and saves our day.
Personal loans are available for a wide variety of purposes. They can be for taken for a home improvement plan, buying a car, wedding expenses, education fees or a long vacation. There are two types of personal loans:
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SECURED PERSONAL LOANS
Such types of loans require you to put up something, may it be a house or any other asset, as collateral/security to the lender. Hence the interest rate is lower than other types of loans. The amount that can be borrowed through this type of personal loan is quite large. You can borrow any amount ranging between £5000 and £75000. The duration of repayment duration is also quite long. It may extend from 5 to 30 years.
UNSECURED PERSONAL LOANS
As the name suggests, this type of loan does not require you to provide the lender with collateral. That means tenants, unemployed and those with no valuable asset can avail these loans without fuss. Your financial status might be taken into account to assess your repayment capability. The interest rate is higher than those charged for secured loans. The amount that can be loaned ranges between £500 and £25,000. The duration of repayment may come up to 10 years.
Besides traditional lenders like banks and financing institutions, there are online providers of personal loans. Compare the lenders' quotes available in the market and look for a scheme which has low interest rates and terms of repayment which suit you best. Then go ahead and make life better with your personal loan.
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