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- A fixed interest rate will stay the same throughout the term of the loan, regardless of any changes in the bank base rate. This means your monthly repayments should always stay the same, allowing you to budget accurately.
- A variable interest rate may rise and fall in line with any changes to the bank base rate. This could result in your monthly repayments changing during the term.
Unsecured Personal Loan
Unsecured personal loans are offered by lending institutions such as banks and building societies and are so called because the lender requires no security for the debt. They are not available for speculative purposes or business purposes. Depending on the individual lender some other purposes may also be excluded, for example the purchase of timeshare property.
Personal loans are available for a range of different amounts and repayment terms. Depending on the amount and purpose of the loan, you will be able to choose from a range of repayment periods. Larger loans such as those over £10,000 can usually be taken over longer terms i.e. 7 to 10 years. The minimum loan amount is typically £1,000 although some lenders do offer £500 and upwards. The maximum amount you can lend is £25,000, although this will vary between lenders and products.
If you want to compare loans, you can check the comparator
Instant Cash Loan
Instant cash loan are also called Payday Loan. Money up to £750 can usually be available within 24 hours with no credit check. The disadvantage of those instant loans is that the cost of borrowing is usually high. For Instant Cash Advance, click Here
APR: Low cost Loan
The amount borrowed is subject to an interest charge, and the interest rate applied is known as the Annual Percentage Rate (APR). It is not unusual for lenders to offer different APRs depending on the method of application. (Online versus Telephone. Usually cheaper online)
If you are looking for a low cost loan, comparing the APR is a good place to start. Lenders do quote interest rates in different ways:
If you want to compare loans, you can check the comparator