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Loan Information - What is a Personal Loan


Personal Loans


About Personal Loans

A personal loan is an amount of money that you borrow from a bank, building society or some other lender. This is usuallya lump sum. You then agree, in return, to make regular repayments which are usually monthly although these payment can vary. The most common personal loan is a repayment loan, whereby some of the money you repay will go towards servicing the loan ( interest payments ) and the rest of your payment will be used to pay off capital and reduce the outstanding debt.

The two basic types of personal loan are secured and unsecured. With an unsecured loan you will normally make payments on a regular basis to the lender who, if you should default on the payments, would have to take legal action to obtain the outstanding money. With a secured loan the terms are different since the lender will ask for the amount that you borrow to be 'secured' against a piece of your property, usually your home although other items of value can normally be used, These would become the property of the lender in the case of default.

Please note: that this is a very basic description and you should always check very carefully with lenders about their terms and conditions before entering any agreement since these may vary.

List of Major Secured Loan Providers

List of Major Unsecured Loan Providers

List of Major Debt Consolidation Loan Providers

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.