Do men and women have different preferences when it comes to the selection of personal loans? Yes, a recent research by one of the leading banks confirmed this divide still remains with the Brits.
The research showed that a bigger percentage of women borrow for the purpose of consolidation of debts than men. At the same time, men take more loans for cars than women. So, the tastes and preferences do vary with the gender. However, men and women are equally likely to take a loan for home improvements - ranked as the third most popular use for a personal loan.
Personal loans have numerous uses. People take out these loans on the basis of their varying requirements. People in the age bracket of 30-35 are the ones who take most of the unsecured personal loans. This is also the age where defaults are most likely to take place. British women owe over £20 billion as unsecured personal loans.
personal loans can be secured or unsecured. If you are a homeowner you can give your home as security to the lender and get a big loan amount. The rate of interest is also likely to be low in this case. But, if you are a tenant or if you do not want to provide your home as a security to the lender then unsecured personal loans are appropriate for you. Some homeowners, who can otherwise afford to give security, shirk away from doing so. This may have something to do with the rising instances of repossessions taking place in the UK.
Personal loans provide you an easy opportunity to borrow money and repay the loan amount in easy instalments. Depending upon your individual circumstances you may get flexible loan amounts that fit your needs, flexible repayment terms, fixed rate guarantee, and a no prepayment penalty clause – helping you in repaying the loan earlier without incurring any penalty fees.
The author is a business writer specializing in finance and credit products and has written authoritative articles about
cheap unsecured loans, personal loans etc. He has done his masters in business administration and is currently assisting Go4UKLoans as a finance specialist.
