Applicants must be 18 years or over to apply for a loan. There is no age
limit and even retired people can apply also. Different lenders do have
different conduct, for example if you have a bad credit history, due to late or missed payments or mortgage arrears, you may be refused by your bank for a loan but will be able to apply for a bad credit loan with another lender, where you will probably have to pay higher interest rates.

Personal Loans.
A personal loan is an amount of money borrowed from a bank or lender. Anyone can essentially obtain a loan, however it does depend on your income, debt and credit history. Different lenders have different criteria when dealing with loan applications.

Personal loans are useful for applicants who require a loan, as they can be used for any purpose, such as for a holiday, a car, or to pay off other
debts. There are different types of personal loans, secured and unsecured, and bad credit personal loans. This means that there is usually a loan to suit most people's circumstances.

Loan products are advertised with their APR/annual percentage rate. The APR on the loan reveals the actual cost of the loan, as it includes interest rates and additional charges/fees. You should always check how much you would pay back in the end; this will help you to make the best decision.

Applicants must be 18 years or over to apply for a personal loan. There is no age limit and even retired people can apply also. Different lenders do have different conduct, for example if you have a bad credit history, due to late or missed payments or mortgage arrears, you may be refused by your bank for a loan but will be able to apply for a bad credit personal loan with another lender, where you will probably have to pay higher interest rates.

Secured Loan
This is a loan secured by specific collateral, usually property. Creditor
may foreclose and seize the specific property that is collateral to satisfy
an unpaid secure loan. A secured loan is available if you own a home, as this will be used as security. This usually means that the interest rates are lower, because you have the loan secured on your home, so it's a lower risk. If you default on your payments when you have a secured loan, you risk losing your home so you should make sure you can afford the repayments before applying for this type. It may also be unwise to take out a secured loan if you have had previous debt problems. It also takes longer to obtain a secured loan because you need to have your home valued.

You can apply for a secured loan as long as you have a home/property to secure it on and are over 18. Usually, the amount available is from £3000 to £150,000 and is repayable from 3 to 25 years.

Secured loans are usually cheaper because the risk isn't as high (as in the event that you cannot repay the loan, the lender can repossess your home). However, this type of loan can take much longer to obtain than any other loan. This is because the lender requires to value your home. Therefore, if you are looking for a quick loan, a secured may not the best option.

Unsecured Loan.
An unsecured loan is a loan that is not secured by collateral. Most credit cards are unsecured loans. Since there is no collateral offered, the rate is typically higher to compensate the lender for the greater risk being assumed. This type of loan is preferred for people who do not own their own home. Once you have been successful in obtaining your loan, you receive a lump sum, which you are expected to pay back within a defined period of time, for example, 36 months. The payments are usually a set amount each month. An unsecured loan usually has a higher interest rate, due to the fact that your home or any other asset is not secured on it, making it a higher risk. If you apply for an unsecured personal loan, your application will usually be processed much quicker than a secured personal loan, this is because you do not require to have your home valued as part of the loan application.
The amount you can borrow with an unsecured loan varies from about £500 upwards. It is repayable between 6 months and up to 10 years. Interest rates on an unsecured loan can be fixed or variable. A fixed rate offers the security of knowing what your payments will be each month, a variable rate means that if the interest rate increases or decreases, then so do your payments accordingly.

If you require a loan quickly, an unsecured loan is probably your best
option as the application process is much quicker than an unsecured loan.