In the vicious circle of cash needs, sometimes person feels inadequate cash in his pocket to meet the personal requirements such as once in a lifetime car deal, purchase of new home or last minute holiday. The personal demand increases by almost double fold when compared with income slab. Personal loans are even available if borrower had the misfortune of having bad credit.
The borrowers can avail personal loan in either secured or unsecured category depending upon the cash need and repaying capacity. The unsecured form for instance, comes with the opportunity to borrow loan amount without placing any valuable property as collateral. The collateral-free loans are popular among both tenants and home-owner. In this loan option, the borrowers can unleash an amount that ranges from £1,000-£25,000 with a flexible reimbursement term of six months to 10 years. Unsecured category of personal loans carries a slightly high rate of interest which is affordable by the tenants or homeowners. No collateral is involved so, lenders offer the loan on basis of credit history.
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On other hand, the secured personal loans are approved on the basis of valuable collateral which is offered to the lender against the loan amount. Lenders or financial institutions accept property that carries good market value. The collateral involved in the secured category of personal loan is land, car, house, valuable documents etc. Under this option, the borrowers can avail minimum loan amount of £5,000 and maximum amount of £75,000. This amount can be stretched further depending upon the collateral value. The repayment term is flexible as it ranges from10-25 years. Therefore, the borrower enjoy feasible rate of interest over flexible period of time.
The amount availed can be used to meet various needs and luxuries such as buying of newly launched car, going for holidays, funding high education, meeting wedding expenses of daughter's marriage, undergoing cosmetic surgery, renovating or reconstructing home etc.
Personal loans can be availed through traditional and online source. There are many lenders available who are ready to offer their services at feasible rate of interest. The presence of online calculator helps the borrowers to compare and contrast the loan quotes easily.
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