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The term loan refers to a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount. In many cases, the lender also adds interest or finance charges to the principal value which the borrower must repay in addition to the principal balance.

Loans are advanced for a number of reasons including major purchases, investing, renovations, debt consolidation, and business ventures. Loans also help existing companies expand their operations. Loans allow for growth in the overall money supply in an economy and open up competition by lending to new businesses.

Unsurprisingly, the most popular loans in the UK are personal. Personal loans are available from a wide choice of lenders and can offer between £1,000 and £25,000 with repayment up to 10 years. What makes personal loans so popular amongst a variety of people is that they don’t require borrowers to have perfect credit, meaning they are widely available to a number of individuals regardless of circumstances.

The typical demographic of someone who takes out a payday loan is an employed (or job hunting) 25-30-year-old. Typically, payday loan applicants are on lower than average incomes and they are typically used for unforeseen, expensive circumstances, like a funeral, a car or a boiler in need of repair.