What is a Personal Loan?

A personal loan is a sum of money that a financial institution such as a building society, insurance company, or bank, lends you for a fixed period of time - although in certain circumstance you can repay it sooner.

In order to repay the personal loan you agree to make regular monthly repayments. The repaid sum will be higher than the sum you borrowed because you will be charge interest and administration costs on top of the money you borrowed. So your loan payments will cover all three aspects.

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Depending on your personal circumstances, how much you want to borrow and what you can afford, you will be required to repay your loan back over 1 - 30 years. For example, you would probably pay a loan of £2,000 back in 2 or 3 years, but a larger sum like £40,000 would usually be repaid over at least 15 years.

Most people will take out some form of loan during their lives especially after buying a new house when expenditure is high and family finances tend to be stretched.

Personal loans are available for lots of purposes from buying things for the home, a new car, even a special holiday! And the sum borrowed could be anything from between £1,000 and £100,000.