From holiday to special occasions, emergencies to school fees, giving the kids high-quality education, we are here to finance you with affordable interest rates. Personal loan is where you borrow some specific amount of money and repaid with interest on top in instalments within certain period or also called term. It is a short term typically 5-7 years where is varies with lenders. The personal loan can be secured or unsecured as it depends on the kind of asset (Example: Car) you offer as security for the loan. Secured loans are generally with low interest rates, but the risk involved is that the credit provider has the sole right to sell the security if you can’t repay the debt.
The interest on the amount you borrow, which may be at a fixed rate or variable rate plus any fees and charges. A personal loan can also be to pay for a deposit when buying a property and to pay for purchase related costs such as stamp duty.
Everyone’s personal circumstances are different which is why your Mortgage Central broker can steer you in the right path and opt the right loan that suits to your needs.