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What types of loan are available?
There are many types of loan – business loans (secure & unsecured loans) and homeowner loans (secured loans):
Personal loan: Also known as an unsecured loan, the amount you can borrow is based on your personal circumstances, such as how much you earn and your monthly outgoings, as well as how good you’ve been at repaying debt in the past. Most financial providers offer unsecured loans up to £25,000 and repayments are usually spread over a fixed period of up to 10 years.
Homeowner loan: This is secured against your property, so you must be a homeowner (either own outright or have a mortgage) to be eligible. These loans can be up to 25 years and you can borrow up to £100,000. If you don’t keep up your repayments, the lender may be able to force you to sell your home to repay the debt.
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A personal loan is a type of unsecured loan, which means the debt isn’t secured against any asset. With a personal loan, you borrow a fixed amount over a fixed term and usually pay a fixed amount of interest. You then repay this over time, making set monthly repayments.
Your credit rating is very important if you want to take out a personal loan – poor credit will mean high interest rates, or a potential refusal for credit.
When comparing personal loans, make sure you review the fees and charges associated with the loan and check small details such as whether you can overpay or defer payments to get a fair comparison.
Bad credit loans
If you have a bad credit rating, your choice of loans will be very limited and it’s likely that you’ll have to pay a high interest rate. However, if you need to borrow money to help you out of a tight financial spot, a specialised bad credit loan may be the best option for you.
There are three types of bad credit loans: unsecured, a guarantor loan (where someone commits to repaying the loan on your behalf if you default), or a peer-to-peer loan (when you borrow from people instead of banks).
Make sure you review the fees and charges when you compare bad credit loans and shop around to find the most competitive deal.