Personal Loan

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A personal loan isn't the only option when you're short of cash - consider credit cards or overdraft facilities. But if you like the organised and structured repayments or if you're buying a large purchase, then a personal loan could be right for you.

Personal loans have a rather unenviable reputation. In actual fact, these days loans are only one of several options if you find yourself short of cash, and if it proves to be the right one, there are plenty of places you can get your loan. So if you just find yourself a bit short at the end of each month, we can help you get a cheap loan.

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The point of a personal loan is structured borrowing - you'll be repaying a fixed amount over a fixed term. The ideal situation in which a loan is appropriate is where you can clearly say to yourself that the life of the loan is the same or less than the life of the product. For example, a car can well be bought with a personal loan. If the loan is across 5 years, it's fair to assume the car will last you five years, and possibly give you some money back at the end. Less sensible, unless you really know what you're doing, is taking out a loan for a holiday. Remember, a holiday will be over in three months time but your repayments definitely won't, so don't expect a holiday next year!

In exchange for being organised about your borrowing, a personal loan will attract a far better interest rate than unauthorised borrowing. Equally, you can often get a good deal on your credit card, and that allows you to pay off what you want when you want. If you like the discipline of repayments or if it's a large amount you're after, then go for a personal loan.

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