What is a Personal Loan?

Want to know what a personal loan is?

When it comes to life’s essential purchases, a personal loan can be a great way to borrow the funds you need. However, before you apply for a loan, it’s important that you understand all the advantages and disadvantages to discover the loan options that are the best fit for you.

One of the main benefits of unsecured loans is that, unlike secured loans, you don’t have to put any valuable assets, such as your house, up as collateral, so your home is not at risk if you do not keep up repayments. However, at Oplo, you will need to be a homeowner in order to be eligible to make a loan application with us.

Personal loans also let you borrow for a number of reasons. Unlike a student loan or car loan, an unsecured personal loan is not limited to a specific purpose. You can use them for everything from covering essential purchases to buying a new car or even consolidating your existing debt into a more manageable repayment.

We also allow you to tailor your unsecured loan to suit your individual needs. We could offer you a loan amount between £2000 to £15000, which you can repay over a period of 24 months up to 72 months. Shorter loan terms mean you pay back your loan sooner, while longer terms could give you lower monthly payments. However, unlike borrowing money on credit card, you will be required to make fixed monthly payments on time. If you have a good credit score, you could find that a personal loan offers more competitive interest rates than credit cards. On the other hand, if you have had a poor credit history, then you may find you are offered higher interest rates. However, with unsecured loans, your credit history may not be the barrier to borrowing you expect. We could approve your application even if you have been turned down by a lender in the past. Plus, we’ll give you an instant, no obligation quote using a soft credit check that won’t affect your rating.

Unsecured Personal Loans from Oplo

Here at Oplo we offer unsecured personal loans from £2,000 to £15,000 subject to your personal circumstances, simply complete our online application form for a decision. Whether you’re looking for a new car, redesigning your kitchen or thinking of a major purchase, our unsecured personal loan could help to make your plans a reality. 30.8% APR Representative (fixed).