Help Desk

Personal loan not require a collateral security

Unlike a secured loan, an Personal loan (unsecured loan) does not require you to have property to use as collateral for the loan. This type of loan is not secured against your assets, it is therefore more of a risk for the lending institution and more stringent criteria are used to assess applications. It is important that the lender can see evidence of a good credit history and earnings sufficient to meet regular loan repayments.

Quick & Fast Loan

Without onerous requirements for arranging security an personal loan is relatively quick to arrange and funds can be made available often within 24 or 48 hours of being accepted by the lender. The terms of the loan will reflect the risk profile of personal loans however and characteristically will allow lesser amounts to be borrowed and a higher rate of interest. An personal loan will usually have a fixed term and a fixed interest rate and is generally repaid monthly. Some lenders allow payment holidays and some will allow penalty free early repayment. Remember to shop around for the best personal loan deal.

Any purpose loan

An Personal loan is therefore suitable for those looking to borrow up to around £15,000 and who have a good credit history and obvious ability to make repayments. As the size of the loan is generally smaller than that of a secured loan the term of the loan will often be shorter, usually up to 5 or 10 years.

An Personal loan can be used for a variety of purposes including for example buying a car, going on a holiday, home improvements or debt management and consolidation.