Loans are the oldest solution available to fulfill your monetary requirements. A person can avail a loan for almost anything nowadays, like a wedding, funding your education, improving your home and emergencies such as illness or mortgage. Also, growing competition in market has made it easy to avail  a loan.

Loans can basically divided into two categories secured loans and unsecured loans. Secured loans are loans which provide you with money against any asset as security. Hence, these can be termed as low risk loans which is the reason they come with relatively low APR s(Annual percentage rate) associated with them. These can further be divided into various categories like personal secured loan, logbook Loans, loan against gold, debt consolidation secured loans, bad credit secured loans and so on. The amount offered in these category of loan varies with type of loan and is between £ 500 to £ 100000 and repayment tenure can be as long as 25 years.

On the other hand, unsecured loans do not require any asset to be pledged as security. And hence, are termed as high risk loans on lender side and low risk loan on borrower side. Due to no collateral associated the APR is a relatively high when compared to secured loans. These can in turn be subdivided into payday loans, personal unsecured loans, tenants loans, debt consolidation unsecured loan, bad credit unsecured loans and so on. Like in the case of secured loan the amount of loan and tenure of loan associated with unsecured loans depends on its sub category. For example, in payday loans the amount is between £ 80 to £ 1200 while in case of personal unsecured loans it can go up to £ 25000. Similarly, the tenure in payday loans is 14-21 days and in case of personal loan can be up to 10 years.

Hence, these loans which comes to our rescue in someway or the other have become an integral part of our life.