personal loans

Personal Loans

If the idea of borrowing money and paying it back in monthly instalments sounds like a great idea to you, then why not try it? Personal Loans allow you to do exactly this.

What are Personal Loans?

Personal loans are loans which you can use for whatever. For example, your dream holiday or even a new car. Typically, they range from around £1,000 to £30,000, but some lenders will offer different ranges. Again, depending on the lender, the repayment period varies from around 1 year to 6 years. This is because people usually borrow a larger sum of money.

What are personal loans used for?

Due to Personal Loans being larger than the average short term/payday loan, they tend to be used on things which cost more money. For example, holidays, cars or even home DIY. Hence the longer repayment period and amount range which is available. Although they are designed to be spent on whatever you like, so, once you have got the loan, you are able to spend it on whatever you wish to.

How do I apply?

Applying for a personal loan can be made easy if you chose the right lender. But finding the perfect lender can take time and if you’re applying for an emergency loan, you probably don’t have the time to wait. Broker’s like Simple Personal Loans do all of the hard work for you. They have access to the UK’s largest panel of lenders, giving you a higher chance of having your application accepted.

Is a personal loan the right choice for me?

Depending on the amount you want to borrow, a personal loan might be the best choice. If you’re wanting to borrow under £1,000, a short term loan could be a better option.

You should also consider whether or not your reason for applying for a personal loan is worth it as you could find yourself in a worse financial position in the future.

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