Roughly, loans can be categorised as mortgage, personal loans and commercial loans. As mortgage and commercial loans are dedicated categories with specific scope, the market share of these loans is not as big as that of the personal loan category. Let us understand the concept behind its inception and the reasons behind their mass appeal.
Actually, the term personal loans is self-explanatory - loans for personal needs. As the word personal itself is immeasurable, the loan category based on it is bound to have a vast scope. With that view, the world of credit has devised a variety of personal loan products.
Some of the most popular ones are bad credit loans, business loans, car loans, career development loans, cosmetic surgery loans, debt consolidation loans, education loans, holiday loans, homeowner loans, home improvement loans and wedding loans.
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Though most of the above-mentioned personal loans products can be availed in unsecured form too, a secured deal ensures maximum benefits - subject to basic credibility parameters like UK resident, over 18 years of age, past credit history, employment status, debt to income ratio and the value of the pledged collateral.
A secured personal loan can only be obtained by pledging collateral against the loan amount. As the loaned amount remains protected, the lender facilitates the borrower with benefits like quick attention, high credit limit (normally starting from £5,000), competitive low interest rates (normally starting from 6.7%),
flexible payback methods and negotiable loan terms and conditions.
Though a secured personal loan sounds very attractive, it has certain inseparable limitations too. Firstly, it can only be availed by a homeowner or a property owner. Secondly, due to time-consuming property evaluation procedures, the overall loan application process is slow. Last but not the least, in the event of repeated defaults or non-repayment, the lender can take over the pledged collateral to recover his money.
Yet, this personal loan sub-type is a safe bet for all parties involved. It is most suitable for big monetary requirements, and is the best option for a bad credit holder and the only alternative for someone who has been denied an unsecured loan.
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