Totally Money will put you in touch with a personal loan expert for independent advice. With so many different personal loan types available, there is a personal loan to cater for every budget and all situations.
A personal loan usually means an unsecured loan and therefore is not secured against your home or other valuable asset. A personal loan is a good option if you are looking to borrow less than £25,000 and you have a very good credit history. As there is no collateral offered to the lender for the loan, potential lenders will consider your history of borrowing in order to assess the rate of interest at which to lend to you. If your credit rating is very good, you will be more likely to be able to borrow at a lower APR.
If your credit rating is less than perfect and you’re a homeowner, you should consider a secured personal loan. You may well be offered a lower APR. Over 85% of unsecured personal loan applications are declined on the basis of credit ratings (Totally Money data March-April-07, selected suppliers), and the more applications for credit you make, the further your credit score will be negatively affected. A secured personal loan may offer more attractive interest rates and more flexible loan terms as you will be offering the lender a safety net in the event that you default on your loan repayments.
Use our Totally Money online comparison tool and consider your best-value personal loan options for free. You can be in touch with a personal loan specialist today and receive expert advice to help you find the cheapest personal loan deals in the market.