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The following article was published in our article directory on August 14, 2018.
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Types of Loans in the United Kingdom

Article Category: Finances

Author Name: Terry Haller

Before you head to the nearby bank to borrow some money, you have to think about the available types of loans, and their benefits. Some lenders will require you to provide collateral while others will charge higher interest rates.
- Secured loans
Secured loans for bad credit are generally large. However, the lenders have to tie the loans to particular assets such as a vehicle or house. Mortgages are among the commonest types of secured loans. If you need the money for personal use, lender can have the security of your property or vehicle. Failure to repay your loan as per the terms may lead to sale of the property or vehicle.
- Unsecured loans
Unsecured bad credit loans tend to be smaller than the secured loans. The lenders do not tie them to any particular asset, but they will have to consider your credit rating when deciding on the amount you can borrow. Unsecured personal loans are helpful for people engaging in projects like home renovation. The loans are a more cost-effective alternative to bank overdrafts or credit cards. However, the interest rates highly differ depending on the provider.
- Peer to peer lending
Peer to peer (P2P) lending is a form of bad credit loan that brings savers and borrowers together. Even though the interest rates for the involved parties are more competitive, Financial Services Compensation Scheme (FSCS) does not cover the peer-to-peer websites. The compensation scheme protects around £75,000 of bank savings. The type of loan involves a fee depending on the amount you intend to borrow.
- Payday loans
Payday loans allow borrowing of smaller amounts over a shorter time – usually until the next payday. The application process is faster but the interest rates are higher. In other words, you can end up paying back an interest amount that is several times the principal amount – the amount of money you borrowed.
- Credit union loans
Credit unions are self-help co-operatives. The members merge their savings to provide loans to each other at lower and more competitive interest rates. To join a credit union, you have to share a goal or a bond with others. For example, you can join a credit union whose members live within your area.
- Conventional loans
Conventional loans are a common type of mortgage loans that mortgage-lending institutions offer. The government does not control the loans and they are generally short-term loans. Conventional loans include home equity loans, personal loans and car loans. The amortization and repayment terms are usually consistent and pre-determined. To add to the loan, you will have to apply for an entirely new loan. Any faster payment does not lead to penalties.
- Open-ended loans
An open-ended bad credit loan is a type of loan with a fixed credit limit line. You have to clear your credit to borrow again. The type of loans falling under this category includes credit cards, HELOC (home equity line of credit). In HELOC, the lender approves you for a particular amount of money depending on the appraised value of your home less the unpaid credit. The sum works as the credit line. To borrow again, you will have to payback.
- Close-ended loans
A close-ended loan is a type of loan meant for particular group of people. The common close-ended loans include student loans, car loans and mortgages. The loans decrease with every payment and require the borrower to apply for another loan if they need more credit. The form of loan is suitable when you require a set amount of money to accomplish a particular goal.
- Mortgages
A mortgage is a type of secured loan – the collateral is usually a real estate property. The loans are for larger amounts of money. They are also payable over very long period. Typically, the repayment period ranges between 25 and 30 years.
- Credit cards

Keywords: bad credit loans, loans bad credit,

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