Low Rate Personal Loans
Low Rate Personal Loans
A personal loan tends to be more straightforward than other forms of finance. As the loan is unsecured, it does not require you to put an asset (such as your home) down as collateral against the loan. Personal loans are offered by the majority of banks and other lenders, and you can typically expect to borrow between £1,000 and £25,000 over a relatively short period of time (in comparison to a secured loan). As there are so many lenders offering different personal loan deals, it can often be difficult to sort through the deals to find those with the lowest rates.
What can personal loans be used for?
Personal loans can be used for almost any purpose including buying a car, wedding or consolidating other credit commitments. The only restrictions that come with personal loans is that they cannot be used for business investment purposes, bridging loans, mortgage deposits, speculative reasons and for purchasing or retaining an interest in land.
Who can apply for a personal loan?
Like any financial product, the specific criteria for each personal loan is likely to vary depending on which lender you use. Typically, you can expect to see the following eligibility criteria:
- All applicants must be over the age of 18
- All applicants must have a net income of £ 8000
- all applicants must have a fair credit score
However, some lenders might be willing to overlook some of the above criteria, if you do not meet the requirements stated but are still interested in pursuing a personal loan, it is worth contacting a loan broker to see if they can find you a deal based on your personal circumstances.
How to find low rate personal loans
With the vast amount of personal loans available, it is important to shop around when looking for low rate personal loans. In addition to this, we urge that you speak with a personal loan broker.
As a loan broker, we work with the majority of UK personal loan lenders, which means we have access to leading and exclusive low rate personal loans. Our team of specialist personal loan advisers can also weigh up the best options for you, and give you expert and unbiased advice and guidance to assist you in finding the a personal loan with a leading low rate.
If you have any questions or queries about acquiring a personal loan, why not call us today on 0117 313 8872, for a free initial consultation.