Download the Personal Loan PDF Guide here - see our other free PDF guides here

Guide Contents

What is a personal loan?
Managing your loan
Types of personal loans
Find a loan that suits you
Apply for a personal loan
Frequently asked questions
Where can I go to get more personal loan help?

What is a Personal Loan?

How does a personal loan work?

A lender such as a Bank, Building Society or other financial company agrees to lend you a sum of money - anything from £500 to £25,000 and upwards, and you agree to pay that amount back plus interest, using regular payments over a pre-determined period of time, from between six months and twenty five years. Your loan repayment amounts gradually repay both the amount you've borrowed (the principle) and the interest.

Banks and other lenders will usually need a reason why you require the loan so that they can provide products that suit you. Most personal loans can be used for any legitimate purpose.

Some examples of when you might need a Personal loan are:

• a holiday
• a wedding
• a car
• home improvements
• to repay other debts

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