Looking for a loan? Look no further. Our loans centre has all the information you need to compare the best unsecured loans and secured loans. You can use our search tool to find the exact loan you’re looking for, or choose from our top personal loans.
There are two main types of loan, the unsecured loan – which is also often referred to as a personal loan, and the secured loan which is commonly also known as a homeowner loan. Such loans are available through many different sources including banks, building societies and even supermarkets.
The personal loan is probably the most popular choice in the loans business, whereby the borrower initially receives an amount of money from the lender which is usually paid back in regular installments over a pre-defined period of time. Typically the installments are paid on a monthly basis. This service is generally provided at a cost in the form of interest which is calculated on the initially amount that is loaned/borrowed. The interest rate can be calculated in a variety of ways but APR is generally the most common. APR stands for Annual Percentage Rate, and is the percentage that your loan will cost you every year. APR can be fixed or variable depending on the loan provider and the specific loan product applied for.
The secured loan is very similar to the personal loan, but the amount offered by the lender is subject to the borrower offering some form of collateral or asset as a form of security, generally speaking this will be in the form of a car or else property. Secured loans are more commonly offered in instances where the borrower has a poor credit history or else is after a large sum of money, in excess of £20,000 – £25,000.
