Any Purpose Loans
- Replace your car
- Consolidate your debt
- Take a holiday
- Improve your home
- Pay for your wedding
- Do whatever you wish!
Loans For Any Purpose
Borrow from £1,000 to £25,000
The beauty of an unsecured personal loan is that it can be used for just about any reason you can imagine.
If you need to buy something, pay off some expensive existing debt or invest in an idea then a personal loan could be a relatively straightforward way to get it done.
And personal loans don’t require you to place any assets at risk – it’s your own credit history that largely determines the APR% you pay.
Are all Any Purpose Loans Unsecured?
Unsecured loans are typically up to £25,000 which is a large enough sum for most domestic needs. But if you need to borrow more than £25,000 and own your home then you could consider a secured loan or a remortgage. Ordinarily, we would not recommend securing your loan on any assets simply because of the risk attached to doing so. But larger loan amounts will require it.
How to Use an Any Purpose Loan
Here are some real-life examples of how you could use an all-purpose loan of up to £25,000. As you can see the opportunities are endless:
- Business start-up – £6,000 for IT, marketing and materials
- Replacement car – £15,000 for a Ford Fiesta (more)
- Home improvements – £10,000 for a new kitchen (more)
- Debt consolidation – £7,500 for all existing unsecured debts (more)
- Family holiday – £5,000 for a 2 week Florida holiday
- Cosmetic surgery – £8,000 for breast enlargement
- University education – £15,000 for a 3-year course at the Open University
Buying a Car
The most common reason to apply for a personal loan is for the purchase of a replacement car. However, it’s worth pointing out that this is not the only way to finance your next vehicle. There is also specialist car finance that you may wish to consider. It is possible that this could allow you to buy a better and/or newer car if you do not want to own the vehicle outright.
Using a Personal Loan to pay off Other Debt
Apart from car loans, the most common questions we get asked are about paying off existing unsecured debt with a new personal loan – i.e. consolidating debt.
It’s no surprise that this issue is so common – UK households each have an average of £7500 of unsecured debt (i.e. excluding mortgages). This is the sum of things like bank overdrafts, credit cards, small cash loans (e.g. payday loans or doorstep loans), personal loans, store cards etc. And this amount is growing by £500 per year.
With so many sources of credit, it can be hard to keep on top of repayments and total interest costs. Paying all of these off with a single new loan sounds appealing as it could simplify your life, but it also needs to make financial sense. You really need to make sure that going forward such a debt consolidation will reduce total interest costs.
Personal Loans Guide
If you’re uncertain which type of credit might suit you or you have a money problem then one of the guides may help you. We summarise each type of loan and its pros and cons and address issues regarding debt and credit ratings.
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