Generally, the loan term varies depending on the amount of money you borrow, furthermore, personal loans can be secured or unsecured.

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A secured loan requires you use the asset in which you require the loan for to be used as security against the loan. This way if you ever default on your repayments the lender can repossess your asset, sell it and cover your debt. This type of loan has less risk so interest rates are often lower.

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An unsecured loan doesn’t require any security and may be the perfect option if you’re looking for some extra cash, but interest rates can be higher because there is more risk for the lender associated with this loan.

 

Instead of spending hours comparing loans and interest rates and fees, Focused on Finance will make it easy. We have experience, we have access to many lenders so clients have a larger choice of loan products, and we will work with you one-on-one to find the product that best suits your needs.