There are primarily two types of loans in the UK financial market: secured personal loans and unsecured personal loans. While the former requires the presence of collateral to be availed, the latter can be procured without the borrower having to put collateral against the loan amount.

Unsecured loans are basically short-term in nature and can be used by the borrowers to fund smaller exigencies. The maximum one gets with these loans is 25,000 and the repayment term can stretch up to 10 years. There are several advantages to this kind of loan. One major advantage is that there is no need to put collateral against the loan amount. Another one is that there is no real need of paperwork, the kind that accompanies secured loans. That saves a lot of time on needless paperwork.

Unsecured loans can go up to 25000 with a repayment term of up to 10 years. The interest rates are high with these loans, as the lenders do this to cushion potential pitfalls from the borrower's side. There are several avenues from which one can get unsecured loans. While some are traditional and have a good following among the customers, the more modern versions of loan availing are more embraced by the contemporary borrowing fraternity.

Traditional banks and financial institutions are two of the more common ones. However, lately, there has been surge in the number of online loans that are being taken in the UK financial market.

The Internet offers the customer expediency and quickness of loan processing. However, it is best that customers go through proper loan analysis and comparison before availing anything in haste. There are a lot of loan sharks in the market, who are out there just to make a fast buck. They advertise the best rates, but these loans often come with hidden and extra charges.