Personal Loans are available in varying amounts and usually depend upon the purpose for which you require the loan. The amount borrowed usually varies from 500 upwards. The amount borrowed is usually repayable over a period of between 6 months and 10 years.
Lenders charge interest rates on the amount borrowed.
Their rates can either be fixed or variable. If the rate is variable, the rate changes with market forces and could change the amount you repay. Fixed rates offer more certainty but can be at a higher rate. Depending upon your circumstances, Personal Loans can either be secured or unsecured. Secured Personal Loans have your property set against them as security for the amount borrowed.