Personal loans are usually available for amounts between £500 and £15,000, over a period ranging from 6 months to 10 years.

For a given lender, the interest rate charged will vary depending on the amount borrowed and the period over which the loan is to be repayed. Generally, the more you borrow, the lower the interest rate offered. (Don't take this as an excuse to borrow more than you need!)

The lender's interest rates can either be fixed or variable, although the majority of personal loans offer a fixed rate. As a general guide, it is advisable to compare the Annual Percentage Rate (APR) of different lenders.

A Personal loan can either be secured or unsecured. Secured personal loans have your property set against them as security for the amount borrowed, meaning that if you fail to repay your loan you may be at risk of losing your property. Secured personal loans usually offer a lower rate of interest compared to unsecured loans.

Some lenders offer flexible loans allowing you the option of over-payments or under-payments. This could be of benefit, depending on your personal circumstances, however, the rates of interest charged on these loans can be uncompetitive.