Personal Loans

A Personal Loan can be a secured loan or an unsecured loan and is based solely upon the borrower’s credit rating. Personal Loans taken as secured loans were not as common as unsecured loans, though this is changing as the face of the world’s economy changes.

Getting a personal loan is becoming much more difficult due to the economic downturn and even though UK interest rates are low, the rate on a loan is still relatively high.

An individual who takes out one of the many personal loans on offer is solely responsible for the repayment of it and they can be used for almost anything, though you need to let the lender know what it is for. This can range from paying for a car, paying for a holiday and making improvements to the home.

The personal loans tend to be paid to individual and sometimes a partnership such as a husband and wife. They can be obtained from many banks and insurance companies including; Barclays, Alliance & Leicester, Nationwide, Halifax and Lloyds TSB. Other companies offering personal loans include Virgin and the Post Office.

Recently more and more supermarkets have been getting involved in the finance industry with many also offering loans to customers. Supermarkets involved in the industry include ASDA, Tesco and Sainsbury’s.

Personal loans can also be searched for through sites such as Money Expert, Money Supermarket and Compare the Market. These comparison websites search a variety of companies to find the cheapest personal loans for you.