There are two main types of loan - personal loans (unsecured loans) and homeowner loans (secured loans):
Personal loan: Also known as an unsecured loan, the amount you can borrow is based on your personal circumstances, such as how much you earn and your monthly outgoings, as well as how good you’ve been at repaying debt in the past. Most financial providers offer unsecured loans up to £25,000 and repayments are usually spread over a fixed period of up to 10 years.
Homeowner loan: This is secured against your property, so you must be a homeowner (either own outright or have a mortgage) to be eligible. These loans can be up to 25 years and you can borrow up to £100,000. If you don’t keep up your repayments, the lender may be able to force you to sell your home to repay the debt.
Loan Specialists by 1st4uloans.co.uk