In simple terms, personal Loans UK which are also known as unsecured loans. You can borrow a fixed amount from a lender, and agree to pay it back over an agreed time period, in one go or paying fixed monthly repayments.
As per loan agreement, the lender will charge you interest as its fee to lend money to you, so you have to repay both the amount you borrowed plus interest. The mai advantage of personal loans is that you get cash upfront, but are able to spread the cost of a purchase over several months or years.
The formula's simple. Borrow as little as possible, repay as quickly as possible. To avoid complications, always base your borrowing on what you can comfortably afford to repay, as borrowing too much can cause debts to spiral out of control.
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Fixed interest rate of 292% per year. 1272% APR Representative.
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