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Financial > Funding > Personal Loans
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These are legally binding contracts under which a relatively small sum of money - typically less than £25,000 - is given to you in exchange for your agreement to repay that debt by equal monthly instalments over a fixed period.
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You will have to pay a higher rate of interest if you are not able to secure the loan against equity in your house.
What this means is that the difference between the value of your house and the mortgage that you have on it would need to be big enough to repay the personal loan if you were unable to keep up the repayments. Please remember that with any form of loan the lender can seek permission to sell your home if the debt remains unpaid at any time.
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Beyond the formality of a personal loan it is possible to borrow money in other ways, including a personal overdraft with your bank or even using credit cards and store cards.
In each of these cases the rate of interest is much more than it would be with a personal loan because the borrowing is regarded as being temporary.
If you find that temporary borrowings are simply not being repaid you should consider converting them into a personal loan or even a further mortgage on your home to reduce the overall cost of the spending that you have already done.
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