Personal loans are a type of non-commercial loan that may be obtained by any UK citizen above 18 years of age. The loan amount can be put to any use as long as it is not against the law. Before applying for personal loans, borrowers should be aware of a few things. This article tries to provide a cursory glance at some of the important factors that need to be considered.
Type of loan: Generally, by personal loans, we understand it to be unsecured in nature. That is, a loan type that can be availed without the need of placing any collateral against it. The upper limit of the loan amount is generally fixed at £25,000. Borrowers may apply for as low as £500 too against this loan type.
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APR (annual Percentage Rate): Don't be taken in by the interest rate alone. An APR will give you a better idea of all the other charges that are associated with the loan that includes notary fees, brokerage charges and so on. Usually, the charges against unsecured personal loans are quite high.
TRP (Total repayable amount): It covers the exact amount that you will be required to repay back at the end of the loan period. This way, you can have a proper idea about how much you will be paying each month to the lender. It also makes for better financial management.
Credit score: The better the credit score, better are the chances of getting a good interest rate against it. As no collateral has to be pledged against unsecured personal loans, the credit profile of the borrower becomes the basis on which the lender will grade the loan seekers repayment capacity.
Quick Internet check: A quick net check will let you know the prevailing market rates. Look around before applying for personal loans. Don't apply randomly because every lender will do a credit check on you profile. Too many checks will affect your credit health adversely.
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