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Types of Loan

People can take out loans for all sorts of reasons. The biggest loan that most people will take out is a mortgage to enable them to buy a house. Alternatively loans can be used for other major expenses such as car purchase or house repairs. If you need a loan for a holiday or to buy consumer electronics such as a tv or hifi, then you should really consider waiting and saving the money until you can afford it. Although it needs patience and self control, it will be far cheaper in the long run.

There are two major types of loan - secured and unsecured. The main difference is that a secured loan gives the lender a charge on your property (normally your house). So for the borrower this can be a risky option. If you are unable to pay the monthly instalments, your home may be repossessed. So this is the best option for borrowers who know they will be able to make the regular payments.

Secured loans are often for a longer period (usually between 5 and 25 years) and often appear attractive due to a lower interest rate.

Unsecured or personal loans are usually for a shorter period, are not secured on your house or other property, but often have a slightly higher rate of interest.

Payday loans are unsecured loans where you are expected to pay the loan back + interest the next time you are paid.

Bridging loans are particularly used when buying property and are to bridge the period between buying your new house and selling the old one.

Logbook loans are secured against the value of your vehicle. If you do not meet the loan repayment requirememnts, you may lose your car.

Which you choose should depend on what is right for you in your circumstances. You can get advice from an Independent Financial Advisor.






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