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Applicants must be 18 years or over to apply for a personal loan. There is
no age limit and even retired people can apply also. Different lenders do
have different conduct, for example if you have a bad credit history, due to
late or missed payments or mortgage arrears, you may be refused by your bank
for a loan but will be able to apply for a bad credit personal loan with
another lender, where you will probably have to pay higher interest rates.

A personal loan is an amount of money borrowed from a bank or lender. Anyone
can essentially obtain a loan, however it does depend on your income, debt
and credit history. Different lenders have different criteria when dealing
with loan applications.

Personal loans are useful for applicants who require a loan, as they can be
used for any purpose, such as for a holiday, a car, or to pay off other
debts. There are different types of personal loans, secured and unsecured,
and bad credit personal loans. This means that there is usually a loan to
suit most people's circumstances.

Loans
A loan is an amount of money borrowed from a bank or lender. Anyone can
essentially obtain a loan, however it does depend on your income, debt and
credit history. Different lenders have different criteria when dealing with
loan applications.

Loans are useful for applicants who require a loan, as they can be used for
any purpose, such as for a holiday, a car, or to pay off other debts. There
are different types of loans, secured and unsecured, and bad credit personal
loans. This means that there is usually a loan to suit most people's
circumstances.

Loan products are advertised with their APR/annual percentage rate. The APR
on the loan reveals the actual cost of the loan, as it includes interest
rates and additional charges/fees. You should always check how much you
would pay back in the end; this will help you to make the best decision.

Applicants must be 18 years or over to apply for a loan. There is no age
limit and even retired people can apply also. Different lenders do have
different conduct, for example if you have a bad credit history, due to late
or missed payments or mortgage arrears, you may be refused by your bank for
a loan but will be able to apply for a bad credit loan with another lender,
where you will probably have to pay higher interest rates.

UK Applications for Secured Loans Welcome

You can apply for a secured loan as long as you have a home/property to
secure it on and are over 18. Usually, the amount available is from £3000 to
£150,000 and is repayable from 3 to 25 years.

Secured loans are usually cheaper because the risk isn't as high (as in the
event that you cannot repay the loan, the lender can repossess your home).
However, this type of loan can take much longer to obtain than any other
loan. This is because the lender requires to value your home. Therefore, if
you are looking for a quick loan, a secured may not the best option.

Unsecured Loan
An unsecured loan is a loan that is not secured by collateral. Most credit
cards are unsecured loans. Since there is no collateral offered, the rate is
typically higher to compensate the lender for the greater risk being
assumed. This type of loan is preferred for people who do not own their own
home. Once you have been successful in obtaining your loan, you receive a
lump sum, which you are expected to pay back within a defined period of
time, for example, 36 months. The payments are usually a set amount each
month. An unsecured loan usually has a higher interest rate, due to the fact
that your home or any other asset is not secured on it, making it a higher
risk. If you apply for an unsecured personal loan, your application will
usually be processed much quicker than a secured personal loan, this is
because you do not require to have your home valued as part of the loan
application.
The amount you can borrow with an unsecured loan varies from about £500
upwards. It is repayable between 6 months and up to 10 years. Interest rates
on an unsecured loan can be fixed or variable. A fixed rate offers the
security of knowing what your payments will be each month, a variable rate
means that if the interest rate increases or decreases, then so do your
payments accordingly.

If you require a loan quickly, an unsecured loan is probably your best
option as the application process is much quicker than an unsecured loan.

Bad Credit Loans
If you have bad credit…
Bad credit personal loans are available for applicants who have a less than
perfect credit history. If you are not sure of your credit rating, you can
obtain a copy of your file from a credit reference company, such as Equifax
and Experian. Or similarly, if you have been refused credit, and aren't sure
why. Most companies have different rates that can be very high for a lot of
people to pass. Credit ratings take into account your employment,
accommodation history and past repayment tendencies, for example, did you
ever miss payments or pay your bills late? All these are taken into
consideration when you apply for credit.
People can get bad credit due to missed or late payments of bills or
mortgage arrears. This can make it hard to obtain credit in the future from
mainstream lenders; however, there are reputable companies who can help. If
you have bad credit and you require a loan, be prepared to pay a higher
interest rate. This is because companies will do a credit check when you
apply for a loan. Until you have a few years of borrowing where you pay
regularly and on time, you will have to pay a higher interest rate.

Bad credit loans will usually have a fixed interest rate (although it may be
quite high due to your credit history) and are repayable on a monthly basis.
You should make sure that you are definitely able to repay the loan
including the interest as you will want to repair your credit history, not
make it worse by taking out a loan and not being able to pay it back.

Tenant Loans
When you do not own your own home or you are renting, you can apply for a
tenant loan. This type of loan is unsecured, as your home is not used as
collateral. This usually means higher interest rates as this type of loan is
a higher risk (as you don't have a home secured on it).
An unsecured loan is a loan that is not secured by collateral. Most credit
cards are unsecured loans. Since there is no collateral offered, the rate is
typically higher to compensate the lender for the greater risk being
assumed. This type of loan is preferred for people who do not own their own
home. Once you have been successful in obtaining your loan, you receive a
lump sum, which you are expected to pay back within a defined period of
time, for example, 36 months. The payments are usually a set amount each
month. An unsecured loan usually has a higher interest rate, due to the fact
that your home or any other asset is not secured on it, making it a higher
risk. If you apply for an unsecured personal loan, your application will
usually be processed much quicker than a secured personal loan, this is
because you do not require to have your home valued as part of the loan
application.

The amount you can borrow with an unsecured loan varies from about £500
upwards. It is repayable between 6 months and up to 10 years. Interest rates
on an unsecured loan can be fixed or variable. A fixed rate offers the
security of knowing what your payments will be each month, a variable rate
means that if the interest rate increases or decreases, then so do your
payments accordingly.

If you require a loan quickly, an unsecured loan is probably your best
option as the application process is much quicker than an unsecured loan.

Debt Consolidation Loans
Often when people are struggling to pay their debts every month, due to
having a number of credit cards and loans, they apply for a debt
consolidation loan. This is where they borrow enough money to pay off all
their debts (i.e. credit cards and other loans, not mortgage). This helps to
reduce your monthly outgoings, as you would be paying one amount each month,
this will be lower than you were paying before. Also the interest rates are
usually lower compared to credit card rates.

You should think carefully before taking out a consolidation loan, as there
are downsides. Firstly, it is usually people with bad credit histories who
apply for debt consolidation loans and once the loan is successful, they may
be tempted to spend on the cards they have just cleared, for example, a
credit card or store card, so may find themselves in more debt than before.
Also the term for a consolidation loan is usually over a longer period.