There is a very comprehensive article on The UP Coming website that is entitled
Everything You Need To Know About Personal Loans
-The UP Coming
Different Loan Types And Sources
They discuss things like secured loans verses unsecured loans and then detail exactly what each one is and how best to use them to your advantage.
Then there are long term loans and short term loans with two sections to cover these.
The sources of loans or where to find them is covered and products such as bank loans, payday loans, installment loans, peer-to-peer loans and overdrafts mentioned.
What Type Of Credit Do You Need?
It really does depend on your own circumstances as to what product you should go for.
If it is just a small amount of fast cash that is needed, then the old faithful payday type loan would be most suitable.
A larger purchase of say up to £25,000 could be funded either by an unsecured loan or if you are a property owner with equity, then a secured loan as an alternative. Unsecured loan rates will be slightly higher, as the lender is taking more of a risk.
Secured loans can be used by homeowners to borrow over £25,000 and rates are currently very attractive.
If you are on good terms with your bank, you could also investigate what their loan terms would be and even look at an overdraft for short term needs.
Whatever your current financial need is, we trust you will get the best finance sorted out soon and find out what you should know about personal loans.
The next article is about Christmas 2020.