The term personal loan is used to distinguish a loan provided to an individual as opposed to a loan provided to a business or a mortgage. Personal loans are typically for small to medium sized amounts £10,000 to £15,000, are borrowed over a few years ( 1 to 5 years) and are not normally secured against an asset. For larger loans, borrowed over longer periods some kind of security is normally required and hence these are referred to as secured loans. There are hundreds of providers of personal loans, high street banks and building societies, internet loan specialists, supermarkets and high street retailers.

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