Personal loans come in two basic forms unsecured and secured. Depending on your credit history and whether or not you are a homeowner, the type of personal loan available to you may vary. When you apply for a personal loan, the lender will carry out a check on your previous borrowing history and will come to a decision based upon your previous credit history. If you have a good credit rating and want to borrow a smaller amount (under 25k) over a shorter repayment period (usually no more than 10 years), then it is likely you will be accepted for an unsecured personal loan. These normally come with a higher interest rate than a secured loan. However, the loan is not secured against any of your assets and is granted based on the lenders opinion that you have the ability to fulfil the repayments so they are a good option for lower sums of borrowing and especially if you are not a homeowner.
If, however, you are looking to borrow over 25k and you are a homeowner, then the secured route is your likely option. With a secured loan, you can often borrow up to 125% of your homes equitable value over a timescale ranging up to 25 or 30 years. As the lender is securing the loan...
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