Loans can be used for any purpose, be it debt consolidation, home improvement, holiday vacation, medical bills etc. These loans can be used any which way as long as the usage isn't unlawful.
Personal loans typically come in two types: secured personal loans and unsecured personal loans. Unsecured personal loans can be availed without the need for the borrower to put up any collateral as security against the loan amount. With secured personal loans, the borrower has to put up some asset as collateral against the loan amount.
Both these loan types come with their own set of advantages and disadvantages. With secured personal loans, one gets a big borrowable amount and a long repayment term. The amount one can avail with these loans is £250,000 and the repayment term can stretch up to 25 years. With unsecured personal loans, one can get up to £25000, with the repayment term stretching up to ten years.
The collateral plays a big part in both these loan types. The collateral with secured personal loans puts the lender at lesser risk and he is more willing to lessen the interest rates with this loan. In case of a repayment default, he can always sell of the collateral in question to recoup the loan amount. With unsecured personal loans, the absence of collateral means that the interest rates are slightly elevated.
Cheap personal loans can be availed though proper research and comparison analysis of the varied loan plans available in the UK financial market. Though secured loans are cheaper in terms of rates, cheap unsecured personal loans can also be availed with good terms and conditions with adequate hard work.
One can avail cheap personal loans from a number of different avenues in the market. Traditional banks, building societies, private lenders and the Internet offer these loan types. The online option is the best in terms of convenience and expediency.
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