💨 Abstract

Personal loans can help cover large expenses like cars, home improvements, or weddings, especially when savings are low. They involve borrowing a fixed amount, typically £1,000 to £25,000, repaid over 3 to 10 years. There are two types: unsecured (not tied to assets) and secured (tied to assets like a home). Secured loans offer higher amounts but risk asset repossession if repayments fail.

Courtesy: Emily Mee