Martin Burns Limited

If you’ve never had a loan before, the good news is that assuming you have a good credit rating, rates have edged downwards in recent weeks. However, you may be totally confused about what to look for, so we’ve compiled a list of 10 things you need to know before you make an application. You can only borrow up to £25,000 with an unsecured loan There are two types of loan – secured and unsecured. Unsecured loans are aimed at people who want to borrow a relatively small amount – they tend to be available for amounts between £1,000 and £25,000. A secured loan is held against your property Secured loans (also known as ‘homeowner loans’) derive their name from the fact that the debt is held against your property. This means your home is at risk and may be repossessed if you fail to keep up with your monthly repayments. The minimum loan size on a secured loan is usually around £10,000 and you may be able to borrow up to £100,000. However, the maximum loan size could be lower as it ...