There are a vast amount of lenders willing to lend money. As with most financial products there are an enourmous amount of deals to consider with varying rates of interest and term lengths. Many people prefer to ask their bank for a loan and as they have a clearer indication of your finances, they are often very approachable. A loan may just be en extended overdraft facility or for a fixed period with monthly payments made untill the debt has been paid.
A secured loan This loan tends to be more competitively priced as it carries with it the security of a property's equity and if there is no equiry in the property the property itself could be sold. This would only happen if the lender was forced to relieve the borrower of the property for repeatedly failing to pay the monthly repayments and only as an absolute last resort.
Unsecured personal loans are offered by lending institutions such as banks and building societies and are so called because the lender requires no security for the debt. There are some restrictions to this type of loan. They can not be used to build up a business or speculate on investments. They tend to carry a higher risk and so the interest rate is usually higher than for secured loans.
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Best UK Mortgages & Grovelawn Limited does not provide personalised financial advice.