What is a personal loan?
A personal loan is a loan which is not secured against a property or any other kind of asset. You can generally borrow around £1,000-£25,000 with a personal loan – if you need to borrow more than this you may need to consider a secured loan.
Personal loans can usually be arranged quickly, sometimes within less than 24 hours, making them popular with those who need fast access to borrowing. You can usually repay a personal loan over anywhere from 1-10 years, depending on the lender.
How much can you borrow with a personal loan?
As stated above, you can normally borrow in the region of £1,000-£25,000 with a personal loan, although the exact amount you can borrow will depend on your personal circumstances.
Factors which affect how much you can borrow will likely include:
- Your income
- Your credit history
- How much debt you already have
How much do personal loans cost?
The main cost of a personal loan is the monthly repayments. These will usually be the interest on the loan and a percentage of the capital. You can usually get fixed rates on personal loans, meaning you will be paying back the same amount each month for the lifetime of the loan.
Find the best personal loan quotes from across the market
Most high street lenders and wide variety of private lenders offer personal loans, so it is well worth doing your research and comparing the various deals before making a choice.
Our loan calculator can help you quickly find the most attractive deals on personal loan quotes that match your borrowing needs and personal circumstances. Alternatively, feel free to get in touch using the contact form above or by calling Fair Loans on 0117 313 8872 to speak to a member of our friendly, professional team.