Mortgage Loan Qualifying

A personal loan is granted by either individuals or financial institutions for almost any purpose. The rate of APR charged to customers is based on a combination of credit history, the provision of collateral and affordability. Both unsecured loans and secured loans alike are governed by the Consumer Credit Act 1974 in order to prevent unfair or unjust lending practices by ruthless lenders.

Reasons for Getting a Personal Loan

The most common reasons for taking out personal loans are home improvements, debt consolidation, foreign holidays and car purchases. Without access to personal loans it may take many years to save enough money to pay for a car. Without a homeowner loan, very few people would be able to buy their own home.

How Unsecured Loans Work

An unsecured loan is a personal loan that isn't backed by collateral. In the event of loan default, the lender of an unsecured loan has limited powers to collect the debt. This means that individuals borrowing money can opt for a debt solution, such as a debt management plan, Debt Relief Order (DRO) or Individual Voluntary Arrangement (IVA), in the event of financial difficulty.

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  * Offer subject to change without notice. Small Business Real Estate Loans are limited to owner-occupied real estate only; no investor real estate or rental properties.

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