| Unsecured
Personal Loan
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Unsecured personal loans are available
for a range of different amounts and repayment terms. They are
not secured against property or other assets. The repayment term
available may depend on the purpose for which you require the
loan; 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. 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 (A.P.R). As a general guide, it is advisable
to compare the APRs of different products, as this will help you
to determine how competitive they are.
The way lenders quote interest rates varies. A fixed interest
rate will stay the same throughout the term 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 base rate
changes during the term. When lenders quote their APRs they will
state whether these are "typical" or whether they are set at one
rate for all successful applicants, regardless of the risk they
present. The typical rate is a rate that is offered to over 50%
of successful applicants, and the exact rate offered to you will
depend on your personal circumstances, the amount and term of
the loan along with the credit assessment procedures.
Personal loans are repayable monthly. The lender may permit over-payments
and lump sum payments, which allow you to clear the loan over
a shorter term than that agreed at the outset. It is important
to remember that some lenders will charge you a penalty for repaying
your loan early - this can be up to 2 month's interest. Lenders
may offer "payment breaks" or "repayment holidays" as part of
their personal loan package and these allow you to take a break
from your repayments at the beginning of the loan or at any agreed
point during the term. Interest may still accrue on the balance
outstanding so the exact terms should always be verified with
the lender.
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