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Your existing borrowing may cost more than you think

Do you know how much you spend each month on interest payments? The figure might be higher than you think, especially if you have store cards, an overdraft or hire purchase agreements. Replacing such borrowing with personal unsecured loans can dramatically reduce your monthly expenses.

How much does your borrowing cost each month? You might be surprised by how much interest you pay each month. Big overdrafts have big interest charges (and massive penalties if you go over your limit) while store and credit cards or hire purchase agreements are significantly more expensive than personal unsecured loans.
If you've borrowed money using methods other than personal unsecured loans you're almost certainly paying more interest than you need to. Even small amounts add up: £50 of credit card interest per month works out as £600 per year; if you have a few such cards or even worse, store cards, you could be paying thousands of pounds each year in interest payments. Have a good look at your finances, identify the most expensive forms of borrowing you have, and replace them with low rate personal unsecured loans – ideally, a single loan. Your bank balance will thank you for it. helps you find the best loans companies for your specific needs, and gives you background information on the various types of loans available in our loans articles, more loans articles and still more loans articles.

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