Loan Types.

There are various types of loan that you can apply for, and it is important to take the time to choose carefully which one suits you best.

Unsecured loans are loans that are not secured on any property, such as your home. This type of loan is a higher risk to the lender, so the interest rates will be higher. An unsecured loan is suitable for non-homeowners, tenants and students.

A secured loan is where your home is used as collateral. This means in the event of you being unable to pay the repayments on the loan, you could lose your house. The interest rate on this type of loan is usually lower as it is a lower risk to the lender. A secured loan is suitable if you are sure you can afford to pay the repayments on the loan.

There are other types of loan, such as career development loans and home improvement loans. Please see further information about these, and other types of loans under Loan Types.