Personal loans - the ‘any purpose loans’ - are in great demand

By: Angelo Drew | Posted: 11th April 2007

Personal loans are the only loans in the credit bazaar that touch most lives. Based on usage, some of the most saleable products are:

  • Bad credit loans enable bad credit holders to fix their finances and the improve the credit record for the future

  • Business loans enable aspiring or established entrepreneurs to give concrete shape to their new ventures or new life to existing businesses

  • Car loans help people buy and drive their desired vehicle – new or used

  • Cosmetic surgery loans help people to achieve the look they always wanted

  • Debt consolidation loans enable people to consolidate their multiple debts or outstanding amounts into a single manageable debt

  • Education loans and career development loans help students and professionals attain the desired knowledge and fulfil their career ambitions

  • Holiday loans ensure that a tight financial situation does not stop people from taking a break or enjoying the holiday season

  • Home improvement loans ensure maximum loan benefits like low APR, flexible repayment options and easy loan terms and conditions to homeowners

  • Wedding loans ensure that endless wedding expenses do not over-shadow the wedding plans of prospective couples
    The above-mentioned range of personal loan products proves that these loans are ‘any purpose loans’. The basic approval criteria to avail all personal loans remain same – UK residency, above 18 years of age, credit history, employment status, DTI ratio and the value of the pledged collateral (if applicable).

    Please note: The APR (Annual Percentage Rate) varies according to the type and amount of loan required, desired payback option and period, past and current credit record and value of the pledged collateral.

    personal loans have two sub-types. Secured personal loans – for homeowners and property owners, are obtainable by pledging collateral. Whereas, unsecured personal loans – for all, i.e., homeowners, property owners, tenants and students, are obtainable without pledging collateral.

    Ability and willingness to pledge collateral is the basic criteria for opting for a secured or unsecured loan deal. However, the loan seeker must also give importance to the practicality or feasibility of getting into property related legalities and risking his property for a small amount, along with APR and other loan benefits.


    About The Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in business administration and is currently assisting Go4UKLoans as a finance specialist.

    For more information about personal loan please visit: http://www.go4ukloans.co.uk
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    Tags: annual percentage rate, debt consolidation loans, home improvement loans, bad credit loans, education loans, unsecured personal loans, flexible repayment options, wedding expenses, concrete shape, holiday loans, loan benefits, surgery loans, purpose loans