Personal Secured and Unsecured Loans UK. Reduce your monthly payments with a low cost personal loan

Personal Secured and Unsecured loans UK - Low cost, low interest rate personal loans to pay off high interest credit cards, store cards and unsecured personal loans.  Save money, cut outgoings and reduce monthly payments by paying off your credit cards and loans with a low rate personal loan.  We can help if you have CCJs, arrears or defaults, if you are self employed, with or without accounts

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  UK Personal Secured and Unsecured Loans

If you are reading this, the chances are you are having financial problems and are looking for a way to solve them. There are various options open to you. One of them is to take out a low cost personal secured or unsecured loan. You can use a personal loan to pay off your high rate credit cards, unsecured loans and other HP, and replace them with one low monthly payment.

This website gives you the opportunity to find out exactly how much a personal loan would save you, dependant on your individual circumstances. We can help if you have CCJs, arrears or defaults, or if you are self employed, with or without accounts

We deal with many lenders, all with different criteria.  Some will accept applicants with a history of credit problems, such as CCJs, arrears or defaults; others will lend more than the value of your property; others will offer loans to people who can't prove their income.  Whatever your circumstances, we are sure we will be able to find a lender that will offer you a loan, even if you have been turned down elsewhere.

To find out how much you could save, go to our online loan calculator, and list all the items of credit you want to pay off.  Enter the amount owed and your monthly payment, and we will  show you how much your outgoings could reduce. If you want a personal loans quotation, where we can check which would be the best lender for your circumstances, click apply online.

  Unsecured Personal Loans

Unsecured personal loans are available from various banks and building societies. They are "unsecured" because the lender needs no security for the debt. The use of the money borrowed is often restricted and usually excludes business purposes

  Unsecured loan amounts and terms

Unsecured personal loans are available for a range of different repayment terms and amounts. Loans up to £10000 are usually over a period of up to 7 years. Larger loans - £10000 to £25000 can be taken over 10 years. 

The minimum loan amount is normally £1,000 and the maximum you can borrow is £25,000, although this will vary between lenders and products.

If you need a loan over £25,000 then homeowners should consider a secured loan.

The amount you borrow is subject to an interest charge, and the interest rate applied is known as the Annual Percentage Rate (APR). We would advice you to compare the APRs of different products as a way of determining how competitive they are.

  Fixed or variable loans

Comparing the APR is a good place to start if you are looking for a low cost personal loan. You may also want to know if the loan is "fixed" or "variable":

• A fixed interest rate will stay the same throughout the term of the loan, regardless of any changes in the bank base rate. This means your monthly repayments should always stay the same, allowing you to budget accurately.

• A variable interest rate may rise and fall in line with any changes to the bank base rate. This could result in your monthly repayments changing during the term.

Although the lowest APR is one factor that identifies a 'cheap' loan, you should always pay attention to the small print as any additional costs will be found there. Some lenders apply an early settlement charge (also known as an early repayment charge or redemption penalty) if the loan is repaid before the agreed end date. This is normally up to 2 months interest. If you think you're likely to clear the loan before the end of the term then you should try to find a loan with no early settlement costs, even if the interest rate is slightly higher.

  Personal loan repayments

The repayments on an unsecured personal loan are paid on a monthly basis.  Some lenders will offer repayment holidays or payment breaks, allowing you to take a break from your monthly repayments either at the start of the loan (known as 'deferred repayment') or at an agreed point during the term. Interest will continue to accrue on the outstanding balance and this may result in increased monthly payments so your debt is still repaid over the term agreed at the outset.

Often, it is difficult to get accepted for a personal loan if you have a bad credit record or have no previous credit history, if you have changed addresses frequently or are self-employed. There are lenders who can help those who need 'bad credit' loans and those who have difficult personal circumstances. The interest rate will be higher than that offered by a standard personal loan provider, but there is much more chance of being accepted.

If you own your own home or have a mortgage, and you have a poor credit history, it is worth considering a secured loan - Click here.

  Personal loan payment protection

Personal loans are governed by the Consumer Credit Act 1974. The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000 (known as 'regulated loans'). When taking out a personal loan you will be asked to sign a credit agreement, and you'll be bound by it's terms. As extra protection for both yourself and the lender, insurance policies (known as payment protection insurance) are available and these will cover your repayments in the event of sickness, accident or unemployment, and optionally cover in the event of your death - your loan could even be repaid in full. Although beneficial, these policies can be expensive. You should always check what a policy includes and excludes. Stand-alone policies are available and these may prove better value than the policy offered by your personal loan company.

  The bottom line

This is the bottom line. As a company, we only get paid if we successfully get your loans paid out. We will endeavour to find the most suitable loan for your individual circumstances, and we will do everything we can to get your loans paid out as quickly as possible. Click here for a personal quotation - More

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