Secured loan
A secured loan requires you to put up something you own as collateral – in the case of a homeowner loan, that would be your house; in the case of a secured car finance loan, that would be your car. You can borrow larger sums of money with this type of loan, but if you can’t pay it back you could lose your home or your car.
Finance a home project.
Whether you want to stay in your home or sell, you can use a personal loan to fund home remodeling, repairs or upgrades.
Peer-to-peer loan
With a peer-to-peer loan, you borrow money from an individual or a group of people instead of borrowing from a financial institution, like traditional bank loans. Peer-to-peer websites connect you with people willing to lend to you, then act as intermediaries. Peer-to-peer loans are typically unsecured. You can't compare peer-to-peer loans with Compare the Market.
Cover emergency expenses.
When life happens and you’re dealing with a sudden cost or unexpected bill, a personal loan can help you get the funds you need quickly.
About
the best type of loan
The best type of loan for you will depend on your individual circumstances.
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Secured loan
A secured loan requires you to put up something you own as collateral – in the case of a homeowner loan, that would be your house; in the case of a secured car finance loan, that would be your car. You can borrow larger sums of money with this type of loan, but if you can’t pay it back you could lose your home or your car.
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Guarantor loans
A guarantor loan could be an option if you have bad credit or no credit history at all. It’s an unsecured loan but is guaranteed by someone agreeing to make the loan repayments if you’re unable to. You can’t compare guarantor loans with Compare the Market.