In-depth guide to Personal Loans
- 5 years ago
This guide goes into depth about how unsecured personal loans work, unsecured vs. secured loans, and credit rating impact.
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▶️ ON OUR WEBSITE & "MONEY MATTERS" BLOG
- Personal Loans: https://www.solution-loans.co.uk/personal-loans/
- Unsecured Loans: https://www.solution-loans.co.uk/unsecured-loans/
- Cheap personal loans for unemployed people: https://www.solution-loans.co.uk/blog/cheap-personal-loans-unemployed-people/
- Unsecured vs secured loans: https://www.solution-loans.co.uk/blog/secured-loan-v-unsecured-loan/
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Website: https://www.solution-loans.co.uk/
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▶️ ABOUT SOLUTION-LOANS.CO.UK
Solution Loans is a leading UK online credit broker. We started in 2005 with the express mission of providing people with information and online tools to help them make smarter financial decisions.
We're fully authorised and regulated by the Financial Conduct Authority (FCA). Our credit broking service is FREE to use; there are NO UPFRONT FEES. In most situations the deals you will get will be AS GOOD AS GOING DIRECT, although you should also have more choice than if you went direct.
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▶️ VIDEO TRANSCRIPT
Unlike homeowner loans, logbook loans or other secured forms of finance, unsecured personal loans do not require the borrower to put up a form of security - be it a house or vehicle - as a guarantee for the lender. There is also no requirement for a third party to act as a guarantor. The lender bases a decision on whether a borrower will be able to repay the loan by assessing the applicant’s creditworthiness, income and their other financial commitments.
They can offer a borrower an affordable option to pay for a car or a holiday in a flexible way with repayment schedules which can range from one to 10 years. Most people who successfully apply for a personal loan are able to borrow between £1,000 and £25,000 and there are lenders who have financial products for non-homeowners & tenants as well as homeowners. Interest rates are lower than for other forms of finance and there are now personal loans available for borrowers with less-than-perfect credit.
Personal loans are available form a wide range of lenders and applicants are not restricted to the traditional High Street banks when looking at this type of finance.
There are probably more unsecured loan products on the market than any other type of loan with each lender having different acceptance criteria, different repayment schedules and different interest rates. In general, however, the more that you borrow, the lower the APR you are likely to pay.
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▶️ ON OUR WEBSITE & "MONEY MATTERS" BLOG
- Personal Loans: https://www.solution-loans.co.uk/personal-loans/
- Unsecured Loans: https://www.solution-loans.co.uk/unsecured-loans/
- Cheap personal loans for unemployed people: https://www.solution-loans.co.uk/blog/cheap-personal-loans-unemployed-people/
- Unsecured vs secured loans: https://www.solution-loans.co.uk/blog/secured-loan-v-unsecured-loan/
------
▶️ SOCIAL
Like us on Facebook: https://www.facebook.com/SolutionLoansUK/
Follow us on Twitter: https://twitter.com/solutionloansuk
Follow us on LinkedIn: https://www.linkedin.com/company/solution-loans/
Follow us on Instagram: https://www.instagram.com/solutionloans/
Website: https://www.solution-loans.co.uk/
Subscribe to our YouTube channel: https://bit.ly/solutionloansYT
------
▶️ ABOUT SOLUTION-LOANS.CO.UK
Solution Loans is a leading UK online credit broker. We started in 2005 with the express mission of providing people with information and online tools to help them make smarter financial decisions.
We're fully authorised and regulated by the Financial Conduct Authority (FCA). Our credit broking service is FREE to use; there are NO UPFRONT FEES. In most situations the deals you will get will be AS GOOD AS GOING DIRECT, although you should also have more choice than if you went direct.
------
▶️ VIDEO TRANSCRIPT
Unlike homeowner loans, logbook loans or other secured forms of finance, unsecured personal loans do not require the borrower to put up a form of security - be it a house or vehicle - as a guarantee for the lender. There is also no requirement for a third party to act as a guarantor. The lender bases a decision on whether a borrower will be able to repay the loan by assessing the applicant’s creditworthiness, income and their other financial commitments.
They can offer a borrower an affordable option to pay for a car or a holiday in a flexible way with repayment schedules which can range from one to 10 years. Most people who successfully apply for a personal loan are able to borrow between £1,000 and £25,000 and there are lenders who have financial products for non-homeowners & tenants as well as homeowners. Interest rates are lower than for other forms of finance and there are now personal loans available for borrowers with less-than-perfect credit.
Personal loans are available form a wide range of lenders and applicants are not restricted to the traditional High Street banks when looking at this type of finance.
There are probably more unsecured loan products on the market than any other type of loan with each lender having different acceptance criteria, different repayment schedules and different interest rates. In general, however, the more that you borrow, the lower the APR you are likely to pay.