Personal loans

A Personal Loan is also often referred to as an unsecured loan and is based solely upon the borrower’s credit rating. Personal loans can also be taken as a secured loan but this is not so common these days.

Getting a personal loan is much more difficult than getting a secured loan although they are cheaper and carry less risk to the individual borrowing the money.

The individual that carries out a personal loan is solely responsible for the repayment of it.

The loan tends to be paid out to the individual for personal reason which can include paying for a car, paying for a holiday and making improvements to the home.

Personal loans can be purchased from many banks and insurance companies including; Barclays, Alliance & Leicester, Nationwide, Halifax and Lloyds TSB. Other companies offering personal loans include Virgin and the Post Office.

Recently more and more supermarkets have been getting involved in the finance industry with many also offering loans to customers. Supermarkets involved in the industry include ASDA, Tesco and Sainsbury’s.

Personal loans can also be searched for through sites such as Money Expert, Money Supermarket and Compare the Market. These comparison websites search a variety of companies to find the best loans suitable for you.