Personal Loans

Personal loans can be used for almost any purpose, whether you want to pay for home improvements, a family holiday or to pay for existing debts (such as credit cards). With a personal loan, your immediate cash needs are met. Of course it is essential to choose a loan which reflects what you can afford - are the interest rates affordable? Could you land in further debt if you are unable to pay off the loan? Use the chart below to compare the main features of each personal loan product. Make sure you have found out if you are eligible for the loan - do you need to be earning a certain amount? What is the minimum age requirement? If you are ready to enquire further or to make an application, click on More Info. Make sure that you read the terms and conditions of personal loans.

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Personal loans can be extremely useful, but work out exactly what you need first.

There are different types of personal loan available

With a secured loan you are required to put up an asset used as collateral such as your home or car. As the lender has this security should you default on payments you will be able to borrow more money and be offered lower interest rates with a secured loan. However, should you miss payments then you risk having this asset seized meaning in a worst case scenario you could have your home repossessed. You are more likely to qualify for a secured loan if you have a good credit rating.

Personal loans are taken out for a number of reasons

People take out personal loans for a number of reasons. Whether it is for a new home, new car, for unexpected expenses or debt consolidation personal loans can be a usefully when you need a cash injection. Personal loans can be used for any purpose and you will be able to find one whatever your credit rating. It is important that you take the time to compare different personal loans so you can be sure you find the one best suited to you and your finances. Use the table above to weigh up the pros and cons of some of the leading personal loans in India. There are many interest rates can be considerably higher. You can also find you will not be able to borrow as much as when compared to a secured loan. People with bad credit are more likely to qualify for an unsecured loan.

Consider your financial situation carefully before taking out a loan

Before taking out a loan remember that a loan is a serious financial commitment. You need to make sure that you will be able to make the repayments when they are due because you could have to deal with fines and interest charges which can easily accumulate. You will also damage your credit score by missing payments.

Think about how much you need to borrow

Before you start your personal loan research, you should work out how much you actually need to borrow. This will enable to you be able to make an informed decision when you are comparing the different personal loans on the market. When you are deciding how much you need to borrow, you should begin by thinking “how much can I afford to repay every month?” If you miss a payment you could find yourself in serious debt or have you home repossessed so it is of paramount importance that you think this through and budget correctly. Deciding how long you want to take to repay the loan is also essential when looking for the best loan for you individual needs. If you are in any doubt then you should seek independent financial advice.

Personal Loans - Latest News News and Charts

Is it important to compare personal loans before you apply for one?

03 April 2014
Which Way To Pay

With the increasing demand for personal loans over the last few years, there have never been so many providers in the market. But how do you know which company to choose?

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Has Christmas left you with a financial hangover? Will a personal loan help you get through to the end of the month?

21 January 2014
Which Way To Pay

Christmas is over and all you are left with is a large waist line, flu and massive debt. Read our personal loans guide for some tips on how to cope with Christmas debt.

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Standard Chartered Personal Loans offer high amounts for low interest rates

06 December 2013
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If you need sums up to INR 30 lacs and want to have plenty of time to pay the loan back you have reached the right adddress!

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The pros and cons of taking out a personal loan

06 June 2013
Mark Maffia

The idea of buying something now and paying for it later is always very tempting. Imagine you can have the object of your desire right away and don't have to save up for it first. Imagine you can go to your dream holiday right now and don't have to wait until you have enough money. Imagine you never have to wait but can have everything you want right now.

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Before taking out a loan look at the different options available

04 April 2013
Mark Maffia

A huge variety of loans is available which doesn't always make it easy to decide which one is the most suitable. A secured loan is probably the most popular loan because it allows you to borrow a large amount of money over a period of time. Usually the loan is secured against property, but also gold and other assets can be used.

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