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Personal (Consumer) Loan

Personal loans can be secured or unsecured. These loans can be used for any purpose, including home renovations, purchasing appliances or furniture, debt consolidation, a vacation, or anything else. Before applying for a loan, it's crucial to ensure you can afford the monthly payments.

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Key Aspects of Consumer Lending

A personal loan, in its most basic form, is a loan that is generally used for funding large purchases and household appliances. Holidays, debt consolidation and many higher education fees are all examples of what is paid for with personal loans as the credit is ideal for allowing you to buy large items and pay for them on a monthly basis.

In the personal loan sector, there are two aspects – a secured personal loan and an unsecured personal loan. Generally, if a loan is secured, it means that you have put an asset as security against the loan. This asset however has to be something that you own and has to be significant in value – in most instances your property will be used as the guarantee against the deal.

Because the loan is secured, this type of loan is seen as lower risk by lenders and therefore means that interest rates will be lower and the amount you can borrow will be higher in comparison to the unsecured alternative. With a secured personal loan, repayments can also be spread over a longer term, making it easier to keep finances under control.

The time for downsides on a secured loan comes if you fail to make repayments however. If you cannot keep up with the requested instalments, you could risk losing your asset as creditors will sell up to reclaim the money that they are owed.

Unsecured loans are equally as well known and have their own positive and negative aspects that need to be taken into consideration before any decision is made.

An unsecured loan doesn’t require any asset to be used as security against the deal. Because of this, it is widely considered to be a lower risk to the borrower, although there are some downsides too. For instance, because there are more risks to be taken from a lenders point of view, interest rates tend to be higher than on secured loans. They are also normally available in smaller amounts and over a shorter period of time – which is in stark contrast to the secured loan alternative.

Because the two personal loan options vary so much, it all depends on what your circumstances are when it comes to choosing which is one is right for you. In some cases, the choice will be out of your hands as the decision will be made for you. For example, if you need a loan but aren’t a homeowner, you will be unable to get hold of a secured loan against your property, so an unsecured loan will be your only option. Alternatively, if you are a homeowner and have a reliable income, a secured loan is normally cheaper providing you don’t have any serious debts as it allows you to borrow more over a longer period, meaning that the loan is easier to pay off.