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In UK, be it buying a new car, expanding business, home renovation or wedding, all these personal needs are attended with the help of personal loans. These loans are easily accessible from the financial market.

Personal loans in UK are designed to suit the financial conditions of all borrowers. This is the reason why, it is classified in secured and unsecured format. So based on the prevailing circumstances like need and requirement, you can opt for any of the two.

Secured option of these loans requires any valuable asset such as home, car or real estate property to be placed as collateral. The collateral provides an assurance that the lenders amount is safe and sound. Based on the equity value of collateral, lenders approve the loan amount. It means an asset with a higher equity value will assist the borrower to fetch a bigger amount. Usually this option is source of bigger amount. Here you can borrow amount in the range of *5000-*75000 with a repayment duration which is equally large. You can conveniently repay the borrowed amount in a period that lasts for 5-25 years. Moreover these options are offered to borrower at low interest rates which makes repaying easier.

On the other hand, unsecured option of these loans can be accessed without any involvement of collateral. These loans are beneficial for home owners who do not want to pledge any asset or tenants and non homeowners who do not have any. Amount approved is smaller in comparison to secured option which falls in between*1000-*25000. These loans can be repaid within the specified period of 6 months-10 years. Since the loans are sanctioned without any collateral, interest rates offered are considerably higher.

Borrowers with flawed credit history can also avail these loans. But for that, borrower has to convince the lenders with their repayment capability and income.

Most borrowers in UK apply for personal loans using the online option. It is because the online lenders offer very comfortable rates. Moreover, the processing does not involved any cost and approval rate is very fast. By comparing quotes of various lenders, it becomes easy for the borrower to attain competitive rates.