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SECURED & UNSECURED LOANS

A loan can be an effective way to release the stress on your financal debt.

Available UK-wide

An unsecured loan can be a method to ease the pressure on your finances by putting several more expensive debts into one payment, with lower payment levels. It’s most suited to relatively low levels of debt.

A secured loan is usually a loan of higher value which is secured by an asset, very often a home so that the lender has some security over the debt.

  • One fixed monthly repayment makes it easier to budget.
  • It can be cheaper than a credit card – and you could borrow a higher amount to repay your other debts.
  • The interst rate you pay is usually fixed (but not always).

ADVANTAGES

  • You may be able to borrow more than with a credit card and the costs may be cheaper.
  • Your personal loan repayments may be fixed amounts.
  • That means you know your repayment amount is going to be the same every month, so it makes it easier to budget.
  • The interest rate you pay on a personal loan is also usually fixed (but not always).

CONSIDERATIONS

Personal loans have higher rates of interest than some other forms of borrowing, particularly if you want to borrow a smaller amount, such as £1,000. Because the interest rate may reduce the more you borrow, you may be tempted to take out a bigger loan than you need.

Older loans (taken out before 1st February 2011) normally have an early repayment charge if you want to pay off your loan. They can have higher rates of interest than some other types of borrowing, especially on a smaller amount such as £1,000.

Yearly repayment charges can apply if you want to clear your loan faster.

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