Personal loans for consolidating debt

23-Aug-2016 07:18 by 10 Comments

Personal loans for consolidating debt

With interest rates at a historic low, there’s never been a better time to get a personal loan.

Smart Search will not leave a mark on your credit file but also doesn’t guarantee you’ll be accepted for your loan.

Doing up or extending your home is a great way to add value to your home – as well as giving you and your family a wonderful place to live.

We can help you find the right home improvement loan for you.

For example, if you are getting married and the wedding is set to cost £7,500, you could take out a loan for £7,500 at 5% over three years.

Your monthly payments would be fixed at £224.41 and you would pay total interest of £578.76 over the 36-month term.

An unsecured loan, often referred to as a personal loan, is not secured against any asset.

Of course, you still have to pay the money back and the lender could pursue you into court if necessary to get its money back.With a secured loan, the lender will insist on some sort of security against the money you borrow, often a house or car.If you default on the payments, the bank or building society can then sell the asset to clear the debt.If not, you could end up with a poor deal – and costly credit can send you into a downward debt spiral.Loans can broadly be divided into two categories: secured and unsecured.But you don’t have to put up your house or car as collateral.