Personal Loans
A personal loan could be a solution if you are wanting to borrow money for small personal items, a holiday, or to consolidate other loans such as Credit Cards and Pay Day lender loans who typically have much higher rates than you can achieve through a personal loan. If you don’t have enough equity in a property or don’t own any property a Personal Loan could be a solution to reduce your payments to a more affordable level and because personal loans have a set time frame unlike credit cards they can form part of a suitable strategy to assist with eliminating debt.
Most personal loans are offered as unsecured loans which means the lender does not have any security available to sell up should you default on your loan. Because of this expect higher rates than you would achieve for a car loan that the lender has the ability to repossess and sell to repay their debt.
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