What Type of Loan is Right for Me?

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Personal loans come in all shapes and sizes, and knowing which one is which can feel like trying to navigate a minefield at the best of times. Not going for the right one can lead to trouble further down the line, so it’s best to know the ins and outs of each, and from there, you can decide which is best for you! When chosen correctly, unsecured loans from Credit Noble, for example, can provide you with a cash boost when you need it most, whereas each of the alternatives offers something different – here’s our definite run down.

Secured Loan

A secured loan, unlike an unsecured loan, is called so, because it is secured against assets. These could be anything that would be reasonably seen to repay your debt through sale, should you not be able to – for example, your car, house or similar item of high value. Whilst these loans place a larger risk on the borrower, as they stand to lose those assets, it means less risk for the lender, and as such, you may find lower interest rates, or you may be able to borrow the money over a longer period of time.

Debt Consolidation Loan

Having an array of debts can be difficult to keep on top of and can result in yet more debt. A debt consolidation loan brings this all together and allows you to pay off a single figure to a single creditor, often reducing monthly payments by extending the life of the debt, although this generally increases the total amount. This can also be done by securing the loan against assets in the same vein as the aforementioned secured loan.

Unsecured Loan

A quick injection of extra cash most suitable for borrowing smaller amounts, granted on the basis of credit rating and history, perfect for covering emergencies such as broken down appliances or vehicles, or to take advantages of weekend only sales when you don’t have the cash to hand! Here at Credit Noble, we provide quick and affordable loans, with easy to manage repayments and less than perfect credit rating funding.

For an unsecured personal loan that’s right for you, simply visit Credit Noble today!

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