Spread the cost of a significant purchase safely

The biggest advantage of a personal loan is that it allows you to take a large purchase such as a holiday, wedding or buying a new car and spread the cost over a longer period. This makes it much more affordable and means you won’t compromise your existing personal finances in order to afford it

Can help you manage your personal finances

Personal loans are not always used for making significant purchases; they can also be used to manage your existing debt more effectively. This takes the form of a debt consolidation loan, where you take multiple debts accrued on credit cards, overdrafts and previous loans, for example, and lump them together into one product. The advantage here is that you could save money on interest in that you will only pay one rate, rather than multiple rates that could end up being more expensive.

Ideal if you have struggled to save in the past

If you have had issues in the past trying to save money on a monthly basis, getting a personal loan is the opposite way to do it. Rather than put money aside over the course of months and years, you’re actually setting aside an amount that you will have to pay, in order to afford something more expensive.

Unsecured loans are not tied to assets

By opting for an unsecured personal loan, you are also saving yourself the risk that is associated with a secured loan, where you have to ‘secure’ a loan against your home or other asset. It is purely based on your own credit score so there is no other collateral that is required for this type of borrowing.

Be Used for Almost Anything

Personal loans are a popular financing option because they are so versatile, and you can use them to cover everything from auto repair costs to home improvements and event-related expenses, like weddings & etc.

Eliminate the Need for Collateral

We do not require the borrower to pledge any collateral. This means you won’t have to risk losing a valuable asset—like your home or car—if you default on the loan. However, keep in mind that unsecured loans typically come with higher interest rates and may be more difficult to qualify for because they pose more risk to lenders.

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