A personal loan offers you the flexibility to borrow money for almost any purpose. You may choose to take out a personal loan to cover the cost of a new car or improvements to your home, or pay for any unexpected costs or repairs. It can even be used to consolidate existing debts and make repayments more manageable.
Personal loans are also known as unsecured loans, meaning the loan is not secured against your home or any of your assets. Aspire Money has a panel of lenders that offer personal loans to customers based on their individual circumstances.
Unsecured loans are better suited to small amounts of borrowing as they are usually set at a fixed interest rate over a fixed repayment term.
- A personal loan is not secured against your home or any other assets and the amount you can borrow will typically be lower and have a shorter repayment period. Aspire Money has lenders on the panel that offers loans from £500 to £25,000 over a period of one to five years.
- Your loan repayments will also usually be a fixed amount each month.
Important points to consider:
- Personal loans have higher rates of interest than some other forms of borrowing.
- Although your home may not be at risk, lenders still have the legal right to recover monies not paid on the personal loan.
- Lenders can arrange for County Court Judgments to be issued against you if the debt is not paid in full.
You will need to repay the amount you have borrowed in full and the additional interest. The interest rates on personal loans vary and are calculated on your individual circumstances. However, our loan calculator, can help you work out the cost of borrowing.
We specialise in finding loan options for customers, so even if you have a poor credit rating, we may still be able to help you find a suitable loan. Lenders on the panel evaluate candidates based on their individual circumstances and will look at factors such as your income and outgoings, as well as any other assets you might have, to help determine your eligibility and whether you can afford the monthly repayments.