Personal Loans

If you have a spotless credit record or are looking to establish one by becoming a borrower for the first time then a personal loan may be your best option.

The repayments are often over a short period of time and the amount to be borrowed is also relatively low.

A personal loan is a loan from a lender that is not secured by any property of any kind.

A personal loan is used to establish a person's consumer credit. It is a loan that is granted for personal use and is mainly based on the borrower's honour and ability to make the loan repayments.

Rates for personal loans tend to be similar to those of credit cards, which are another type of unsecured loan. Personal loans are available from banks and other financial institutions to private individuals for personal use such as the purchase of a motor vehicle, holiday or similar item.

Repayment periods for personal loans can vary from one year to five years. The most important point about a personal loan is that no collateral is asked for by the lender.