Unsecured
personal loans are offered by
lending institutions such as
banks and building societies
and are so called because the
lender requires no security
for the debt. They are not available
for speculative purposes or
business purposes. Depending
on the individual lender some
other purposes may also be excluded.
Personal loans are available
for a range of different amounts
and repayment terms. Depending
on the amount and purpose of
the loan, you will be able to
choose from a range of repayment
periods. Larger loans such as
those over £10,000 can
usually be taken over longer
terms of 7 or more years. The
minimum loan amount is typically
£500 and upwards. The
maximum amount you can lend
is £25,000, although this
will vary between lenders and
products.
If you need a loan over £25,000?
& you’re a homeowner
you may consider a Secured
Loan.
The amount borrowed is subject
to an interest charge, and the
interest rate applied is known
as the Annual Percentage Rate
(APR). Generally, it is advisable
to compare the APR's of different
products as a means of determining
how competitive they really
are.
Personal
Loan Report Page 2...
