Depending on your needs and circumstances you may want to consider if a secured or unsecured personal loan will be best for you.
A secured personal loan requires an asset such as a car or property as collateral for the loan in case the borrower defaults on payments. An unsecured personal loan is not asset-backed and the amount you can borrow is based on your ability to repay.
Interest rates on unsecured loans tend to be higher as these represent a greater risk to the lender. Unsecured loans usually suit those borrowers with a strong credit history, but who don’t own significant assets.
Getting the help of an experienced finance broker can be a smart first step.
Reach out to a Liberty Adviser today to see how a personal loan could help you get your post-lockdown plans in motion sooner.
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