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Loan Lion
Personal loans
Are you interested in learning more about the different types of loans available? Learn more before making a decision and when ready apply with us.
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Loan example |
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|---|---|
| Loan amount | £550 |
| Loan length | 18 months |
| Total loan amount | £2,035 |
Representative example: if you borrow £550 over 18 months at a flat rate of 180% per annum (fixed) with a representative 770% APR you will make 18 monthly payments of £113.06, repaying £2,035.08 in total. Rates from 45.3% APR to 1721% APR. A short term high cost loan should not be used as a long term solution. We are a broker not a lender. We don't charge fees. We don't sell your personal information. We may receive a commission from the lender.
Personal loans
An introduction & guide from Loan Lion
What is a personal loan?
A personal loan is a type of credit where a payment is made into your account from a loan provider. You then make a single fixed repayment each month, with interest, for the duration of the loan until it has been paid back.
Personal loans are unsecured which means you don’t need to provide any assets you own, such as your home, as security.
Personal loan benefits
A personal loan is unsecured, so your home is not at risk. Personal loans for bad credit can help get your finances back on track if you make payments on time. But remember failure to do so could harm it further so look at your monthly budget first before making the decision to apply.
With a personal loan you might be able to borrow more than you could with a credit card. With a personal loan, you agree how much the you can pay each month as part of the repayment term. You can also control your budget as the repayments are fixed.
Questions about personal loans
Popular questions & answers
You can choose what to use a personal loan for. Here are some common reasons:
- To cover wedding costs
- Purchasing a car
- Debt consolidation
- Home improvements
A personal loan is unsecured. This means that your assets such as your home, car, or any other valuables won't be used as security on the loan. This can make personal loans a less risky form of borrowing than some other options. If you start to miss your repayments, your home will not be at risk. However, missing payments will negatively affect your credit rating.
If you have struggled to keep up with repayments in the past, you might not qualify for some of the better personal loans offered online. This is you'll have a low credit score that doesn't meet the requirements.
This doesn't mean you won’t qualify for any personal loans however. At Loan Lion, we can help you if you don’t have the best credit history or, like many, haven't had the chance to build up a credit score over time. If you’ve been turned down in the past, we may still be able to find you a personal loan that suits your needs.
Some lenders will allow you to pay off your personal loan without early repayment charges. This is something you should discuss with your lender.
At Loan Lion we will provide an instant decision once we've matched you with a personal loans lender once you've completed the online application.