What are Personal Loans?
Personal Loans are a great way to afford that extra special thing or pay off that one frustrating bill. They can be used for holidays, car, homeowners and more. Usually, they tend to range from £1,000 to £35,000 and have a lending period of between 1 year to 6 years giving you plenty of time for repayment, especially if your loan is on the larger side.
How do they work?
Once your application has submitted, looked at and approved, you will receive your money and from then, you will pay back the specified amount in fixed monthly payments including the interest.
Typically the longer you borrow for, the more you will repay due to the increase in interest.
For more information, see here.
What can I use them for?
Personal loans can be used on whatever you like, hence the name. But, that doesn’t mean they should be used for anything and everything. You should take careful consideration when deciding what is best for you. Here are a few of the most common uses for personal loans:
- Holiday Loans
- Debt Consolidation
- Home DIY
- Car Loans
How to apply:
Companies like Simple Personal Loans offer an online application process, which is the easiest of them all as it allows you to apply from the comfort of your own home. But other companies
Alternatives to Personal Loans:
- Borrowing from family or friends | Borrowing emergency money from a family member or a friend can help you avoid the risks that go with payday loans, like late repayment charges.
- Credit Cards | If you’ve got a credit card, you could use it for your everyday necessities, but we advise that you only use it if you really have to, as they can be expensive.
- Pay Advance | It’s always worth asking your employer if they’ll give you an advance on your wages, especially if it is for an emergency.
Recent Blog Post
Summer is approaching, slowly but surely. Have you planned out your summer yet or are you debating whether you have enough money or not for this year? A holiday loan could be the best option for you. Click here to read.