Personal loans have always been in great demand, as they are the only loans that touch most lives. A market report shows that the UK personal loans market was worth £83 million (approx.) in 2006. At present, it accounts for over a quarter of total consumer credit gross lending and is expected to grow by 19% by 2011.
Industry experts believe that people are gradually realising that multiple overdrafts and payment card debts - in the form of credit cards, cash cards and store cards - prove to be more costly, as they have high interest rates.
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Consequently, more and more people are availing personal loans not only for critical and routine needs, but for convenience and indulgence too. Some of the most popular and saleable loan products are:
Bad credit loans enable bad credit holders to fix their finances and the improve the credit record for the future Business loans enable aspiring or established entrepreneurs to give concrete shape to their new ventures or new life to existing businesses Car loans help people buy and drive their desired vehicle - new or used Cosmetic surgery loans help people to achieve the look they always wanted Debt consolidation loans enable people to consolidate their multiple debts or outstanding amounts into a single manageable debt Education loans and career development loans help students and professionals to attain the desired knowledge and fulfil their career ambitions Holiday loans ensure that a tight financial situation does not stop people from taking a break or enjoying the holiday seasons Home improvement loans ensure maximum loan benefits like quick attention, high credit range, low APR and flexible loan terms and conditions to homeowners Wedding loans ensure that endless wedding expenses do not over-shadow the wedding plans of prospective couple The above-mentioned range of personal loans prove that these loans are 'multi-purpose loans' and most of them can be availed in both secured (credit assistance against collateral) and unsecured (credit assistance without collateral) form. The fundamental difference between the two sub-types is the presence or absence of collateral, which has both advantages and disadvantages.
Loan seekers must understand the pros and cons of each sub-category of personal loans and choose wisely according to their ability and willingness to pledge collateral, monetary requirement and future plans, and credit history and payback capacity.
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