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Personal Loans

Personal Loans is really a generic term used for unsecured loans, whether they be a loan for a car, kitchen or anything else.

Personal Loans are generally for terms of between 1 and 7 years. If you want to pay back the loan over a longer period you may want to look at a secured loan instead. Most loans will allow you to pay back the loan sooner than you originally arranged. This can mean a big saving in interest charges. However, make sure that your loan doesn't have any pre or early payment penalties before paying off you loan early.

Loan amounts vary but often you can borrow up to £25,000. How much you can actually borrow will, however, depend on your individual circumstances and your credit history and score.

Flexible Personal Loans

A fairly recent addition to the personal loan market are flexible personal loans. The features of a flexible loan will vary from lender to lender but essentially they give you more freedom to borrow when you want and pay back when you want.

Many flexible loans will set you a loan limit, much like on a credit card. You will then be able to borrow what you want, when you want, up to this loan limit. Repayment of the loan is often flexible too, allowing you to pay back what you want, when you can afford it. Loans will have a low minimum payment and you can choose how much over this you want to pay each month so you can pay the loan off as quickly as you want, or just pay off what you can afford to.

Personal Loans Compared

	Interest Rate	Repayment Term	Loan Amount	Application
Cahoot Fixed Rate Loan	Typical 5.8% APR	2 to 7 years	£5,000 to £20,000	Details
Cahoot Flexible Loan	Typical 6.9% APR	Flexible	Up to £20,000	Details
Special Features: The Cahoot flexible loan allows you to make payments when you want for how much you want. You can also borrow more money when you need, up to your loan limit.
24 Hour Loans	Typical 10.9% APR Variable	Varies by Lender	Varies by Lender	Details
24 Hour Loans compares a wide number of available loans to get you the best quote possible.
Alliance & Leicester	Typical 5.9% APR	1 to 5 Years	£5,000 to £15,000	Details