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A General Discussion about Unsecured Personal Loans in the UK Financial Market

Written by: George McGonigal

Personal loans are offered by lenders such as banks and building societies and are available in a variety of formats, each of which may differ in the possible size, term and purpose of the loan you need. The internet has widened the choice of lenders available supplying personal loans online. Personal loans are offered by lenders such as banks and building societies and are available in a variety of formats, each of which may differ in the possible size, term and purpose of the loan you need. The internet has widened the choice of lenders available supplying personal loans online. The maximum loan value and length of time over which the loan is repaid will not be the same for all types loans for instance. The repayment term available may depend on the purpose for which you require the Credit, and may be restricted accordingly e.g. Loans for holidays and travel may be restricted to a 12 or 24 month term. The amount available usually ranges from 500 to 25,000 over a term of 6 months to 10 years. This will vary between lenders and products that they offer. The amount borrowed is subject to an interest charge, which will be quoted as a percentage. This rate is known as the Annual Percentage Rate (APR). As a general guide, it is advisable to compare the A.P.R's of different products, as this will help you to determine how competitive the different creditors are.

The way lenders quote interest rates varies. A fixed interest rate will stay the same throughout the length of your loan, regardless of any changes in the bank base rate. If the rate offered is a variable rate, it may rise or fall in line with any changes the Bank of England makes to the base rate during the term of your loan. When lenders quote their APR's they will state whether these are
About the Author

George is webmaster of an online personal loan resourcs website for UK borrowers. We bring under one roof lenders who offer online quotations to allow our visitors to compare rates in the comfort of their own homes.


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