What is a Personal Loan?
A personal loan is an amount of money loaned by yourself from a bank or other organisation. Personal loans are usually unsecured loans. This means they are not usually secured against your property or other asset, although some personal loans can be secured, depending on the reason you require the money.
Personal loans usually come in a lump sum, paid back in instalments. The amount you are able to loan will depend on the lender, as well as your own credit history. This will also affect your interest rates.
What are personal loans for?
Personal loans are taken out for a variety of reasons, depending on an individual’s circumstances. Some of the most popular reasons for taking out a personal loan include home improvements, a new car, to pay for a wedding or even a holiday.
Find everything you need to know at our personal loans hub, or view the Guru’s video on loans here.
What is a Business Loan?
Business loans are available for businesses of all shapes and sizes. From start-ups to small/medium enterprises and even global corporations, business loans can help companies grow and reach their next level.
As with a personal loan, a business loan will usually come in a lump sum, paid back in instalments. The amount your business can borrow will depend on the lender, as well as the company’s credit history. Business loans can be unsecured, or secured against your business assets as collateral.
What are business loans for?
A business loan can be taken for many reasons. It’s a good idea to have a clear reason behind securing a business loan, so the money doesn’t get swallowed up elsewhere in the company. You may be considering a loan in order to purchase new equipment, expand your office space or hire new staff.
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