Loans Calculator
Personal Loan
Personal loans are available at banks, building societies and other
leading financial institutions. A lump sum is borrowed in return
for making regular repayments usually via direct debit and paid
monthly. The repayment period is fixed and can be anything from
6 months up to 25 years. The sum borrowed can be between £1,000
and £1,000,000+.
For lower loan amounts from £1,000 to £25,000 no security
is held against the debt, and the repayment period is short from
1 to 5 years. This type of personal loan is an unsecured loan and
is usually only available to people who have a good credit history.
For higher amounts from £3,000 to £1,000,000 security
is held against the debt, such as a house or car. The repayment
period is also longer for larger amounts from 3 to 25 years. This
type of personal loan is a secured loan and is available to people
who have a good credit history as well as to people who have credit
history problems.
Interest is charged on the loan and this can be fixed or variable.
A personal loan is usually fixed through out the repayment period
but can be variable for longer repayment periods; you will be informed
of this when you set up the loan. The exact rate you will be offered
depends on the amount you want to borrow, the repayment period and
your own personal circumstances.
A personal loan can be used for any purpose, as long as it's legal,
although there are some restrictions on using a personal loan for
business or investments.
Quote Comparison
We will provide you with a comprehensive list of quotes from the
major lenders. All you have to do is click on the Unsecured Quotes
or Secured Quotes button below then enter your loan requirements,
how much and repayment period and let us do the rest.
Click the Unsecured Quotes button for quotes on an unsecured personal
loan.
Click the Secured Quotes button for quotes on a secured personal
loan.
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