UK loans guide
Loans are probably one of the least complicated financial
products that it is possible to arrange. There are two types
of loan that are available in the UK, unsecured personal
loans and secured homeowner loans:
Unsecured personal loans are repayable on a monthly basis
at a fixed rate of interest. They are not linked to any
underlying security, such as your home, meaning that the
lender will have little option buy to sue you in the county
courts to recover their money in the event that you fail
to repay the loan. Click here for
more information on personal loans.
Secured homeowner loans or second charge mortgages as they
are sometimes known, are personal loans that are secured
by a second charge on an already mortgaged property. With
this type of loan, your home is at risk if you do not keep
up with your repayments. Click here
for more information on secured loans.
All loan products are advertised with an APR, or Annual
Percentage Rate. The APR on a loan reflects the true cost
of a loan to you, taking into account the loan interest
rate and any additional charges. This makes it easier to
compare loans with different up-front charges and introductory
discounts, meaning you can make an informed choice when
you decide which one to take out.
