Can I Use a Personal Loan for Holiday Expenses?

If you are looking for a personal loan, whether itbs secured or unsecured, you can use it in whatever way you choose. While the lender may ask the purpose of the loan, once you have it, itbs up to you how you use it. Before you take out a loan of any kind, itbs a good idea to contact your local Essex mortgage advisor at Central Mortgages to find the best loan for your situation.

Secured Personal Loans

There are two main types of personal loan, secured and unsecured. A secured loan is one where the money is lent against the value of your home. Itbs always a good plan to get professional advice before you take out a personal loan, as you could risk losing your home if you fail to make the agreed repayments. If you donbt own your own home then you will probably look for an unsecured loan.

Unsecured Personal Loans

Your local mortgage advisor in Brentwood can advise you on getting an unsecured personal loan. One of the things that lenders look for before granting an unsecured loan is a good credit record. If you have a bad credit history then you might be offered an unsecured loan, if you can find a guarantor. A guarantor is someone who promises to repay the loan if you fail to do so. While both the lender and the guarantor may want to know why you need the loan, it can actually be used for any legal purpose b including holiday expenses.