What can I use the loan for

Written by renxue January 09, 2008 16:56

Almost anything. Some lenders do restrict what you can use the money for (for example, timeshares or business purposes), or might insist that some of your existing credit is paid off so you can afford the payments - just tell us what you want the loan for and we'll get you the right deal.

One of the commonest uses for a secured loan is to consolidate existing credit, especially expensive credit cards, for people who are struggling with their payments. Paying only the minimum credit card payment will mean you will take many years to pay them off, and pay hundreds, or even thousands, of pounds in interest charges - a secured loan can save you a lot of money over the years!