Personal loans are one of the most common types of loans, commonly taken out by people looking to make a one-off essential purchase. Unlike with a secured loan lenders won’t require you to secure the loan against your property as personal loans are usually for smaller amounts. However this doesn’t mean they are without risk, and your credit rating may determine the size of the loan you will be able to take out.
A debt consolidation loan allows you to simplify your finances. If you owe money on multiple cards or are paying back several loans you can consolidate all your payments into one loan, meaning you no longer make multiple payments each month.