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Debt consolidation loans

If you have a number of debts, for example store cards and credit cards, where the interest rates are relatively high, then a debt consolidation loan could be worth considering.

Typically these loans allow you to borrow money from one lender to pay off borrowing from a number of other lenders, the loan will usually be at a lower interest rate than you are paying to the other lenders, and the laon may be repayable over a longer period (five years or more is not uncommon). The effect of this is to reduce your monthly outgoings to a more affordable level.


Personal loans

Personal loans can typically be used for any purpose with amounts available between £1,000 and £25,000 and repayment periods between 1 and 5 years.


Secured loans

A secured loan uses the value of your house to secure your borrowing, this means that if you do not keep up with the payments on the loan then the lender may be able to force you to sell your house to pay them back.

The advantage to the consumer, is that either the interest rates (i.e. how much you need to pay back) will typically be lower for an individual for a secured loan than for an unsecured loan.

For some people, particularly those with poorer credit history, then a secured loan may be the only option.


Unsecured loans

An unsecured loan is the opposite of a secured personal loan. This means that the lender does not have any security if you are unable to keep up payments (secured loans are typically secured on your house, and in the case of default the lender can force you to sell your property).


Chase saunders - secured loans


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