Loans are available today from a variety of lenders, including banks, building societies, financial institutions, and even supermarket chains. With so much competition between lenders, it pays to shop around to find the best deal available. In the following section, we discuss how to find the right loan - where to go and what to look for!
There are essentially two main types of personal loans, secured loans and unsecured loans. With secured loans, the borrower's property or other assets are used as security for the amount borrowed, in contrast with unsecured loans where the lender is given no such security. Since unsecured loans represent a greater risk to the lender, they usually involve higher interest rates compared with secured loans to compensate for this. Both varieties of loan are discussed further in Types of Loan, along with variations on these loans based on the loan purpose and financial circumstances. Also considered are the less common, more specific types of loan.
Loan amounts start from around £500 and may reach £50,000 or more in the case of secured loans, although this very much depends on the lending institution and of course the borrower's financial circumstances.
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