Loans are there for everyone to use for whatever they want. There are various loans you can apply for – the two most popular forms of credit are secured loans and unsecured loans.

Unsecured Loans: Unsecured loans ‘do what they say on the tin’ – they are a type of credit that are not secured against anything tangible and therefore carry a much lower risk. The amount you can borrow unsecured typiclally goes up to £5000 and anything above this amount may be deemed secured.

Secured Loans: A secured loan is taken on, secured against an asset – a mortgage is probably the most classic example of a secured loan and could be the largest secured loan you may get!

Logbook Loans – this is a relatively new form of credit that enables people to lend money, balanced against the value of a car. It could be argued that this form of borrowing is a secured loan and when you scratch beneath the surface, it is. If the loan is not repaid, the clients car may be taken and subsequently sold on.