Personal loans are the only
loans in the credit bazaar that touch most lives. Based on usage, some
of the most saleable products are:
- Bad
credit loans enable bad credit holders to fix their finances and
the improve the credit record for the future
- Business loans enable aspiring or established entrepreneurs to give
concrete shape to their new ventures or new life to existing businesses
- Car loans help people buy and drive their desired vehicle-new or
used
- Cosmetic surgery loans help people to achieve the look they always
wanted
- Debt
consolidation loans enable people to consolidate their multiple
debts or outstanding amounts into a single manageable debt
- Education loans and career development loans help students and Holiday
loans ensure that a tight financial situation does not stop people from
taking a break or enjoying the holiday season
- Home improvement loans
ensure maximum loan benefits like low APR, flexible repayment options
and easy loan terms and conditions to homeowners
- Wedding loans ensure that endless wedding expenses do not over-shadow
the wedding plans of prospective couplesThe above-mentioned range of
personal loan products
proves that these loans are ‘any
purpose loans’. The basic approval criteria to avail all personals
loans remain same-UK residency, above 18 years of age, credit history,
employment status, DTI ratio and the value of the pledged co llateral
(if applicable).
Please note: The APR (Annual
Percentage Rate) varies according to the type and amount of loan required,
desired payback option and period, past and current credit record and
value of the pledged collateral.
personal
loans
have two sub-types.
Secured
personal loans - for homeowners and property owners, are obtainable
by pledging collateral. Whereas,
unsecured
personal loans - for all, i.e., homeowners, property owners, tenants
and students, are obtainable without pledging collateral.
Ability
and willingness to pledge collateral is the basic criteria for opting for
a secured or unsecured
loan deal. However, the loan seeker must also give importance to the
practicality or feasibility of getting into property related legalities
and risking his property for a small amount, along with APR and other loan
benefits.
Other Related Articles:-
Back to articles