A Fool and His Money

Loans can either be secured or unsecured. A secured loan is tied to your house so if you can’t keep up with repayments then you might have to sell it. If you default on your unsecured loan then you just end up getting credit blacklisted so its not tied to anything but problems may arise when it comes to taking out a mortgage or a credit card.

Flexible loans are becoming more common now. They allow you to pay back the money whenever you want but they often come with a higher interest rate.

If your loan is application is ever rejected by your bank or building society then they are obliged to explain the reasons for doing so.

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