What is a personal loan?
Unsecured personal loans are a way of borrowing that’s different from having an overdraft or a credit card. With a personal loan, you would borrow over a fixed period of time with a fixed monthly repayment. Plus, the rate of interest you pay on a personal loan is usually fixed too. All this means that you know exactly where you stand from the moment you first take the loan. Being able to plan exactly when payments are to be made and how many payments there will be puts you in control, helping you manage your finances more easily.