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A guide to loans
Helping you understand the basics
Lots of lenders offer loans. There are a few key things to look out for when comparing products.
Personal (unsecured) loans
What is it?
Personal loans, sometimes called unsecured loans, are issued by banks and other financial companies. It is different from an overdraft or credit card because it allows you to borrow a fixed amount over a fixed term, usually at a fixed rate of interest.
A few things to consider
- This type of borrowing is available from a choice of lenders and is most commonly for between €2,500 and €40,000 (amounts can differ depending on the lender)
- The loan is not secured against your home
- It is available to those who meet the lender's criteria (a key criteria being a minimum age of at least 18)
- The amount of interest you'll pay depends on the length of time you want to spread the repayments over and the amount you're borrowing. Sometimes it's also affected by your credit score or financial history.
Secured loans
What is it?
These are loans that are secured against your home or other property. They are only available to people who own or have a mortgage on their home or property and who have enough equity in the property to secure against the amount they want to borrow.
A few things to consider:
- If you take a secured loan, you're agreeing your home or property can be used as security against the debt. Put simply,if you miss payments and slip into arrears, your home or property could be repossessed.
- Some lenders may give a better interest rate on a secured loan, especially if you're borrowing larger amounts. However, you should compare all types of loans from a range of lenders before taking one out.
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT
Things to look out for when considering a loan
If you need additional support, are in financial difficulty, or are in a vulnerable situation we continue to be here to help you please call us on 0818 211 461. (Lines open 24 hours a day including Bank Holidays. Call costs may vary and calls from mobiles may not be free)
Find out more
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