Personal Loan Options

A secured loan is when the lender will take security over an asset with value. The lender will have a security interest in this asset, if you default on your arrangement, they can recover the asset to pay the loan. This will decrease the risk for the lender, and they generally offer a lower rate. They will usually accept a car owner outright, caravan, motorbike or trailor.

Unsecured loans are not tied to a security, they provide quick access to funds without tying up your assets. However unsecured loans pose a greater risk to the lender, they may come with a higher rate and more Indepth assessment critera.

A fixed rate loan is suitable for a borrower who wants to know exactly what their repayments are each cycle.  This will allow to budget accordingly. The interest rate and repayments are determined at the time of taking out the loan, this will not change through the loan life.

Variable rate loans are subject to interest rate changes in line with the market. Many people choose this type of loan as it allows you to make extra repayments and contributions through the life of the loan.