Perhaps better known for its savings and mortgage products, Abbey personal loans are also competitive and suited to most circumstances. As an established bank with a major global presence, it is of course appropriate that Abbey loans should be a significant part of Abbey’s business. In that respect, and for the purposes of this page, what are Abbey personal loans and what are the benefits applying for one?
Understanding Abbey Personal Loans
There are two main types of personal loans from Abbey that you can choose from. These include:
- Standard Abbey Personal Loans
- Green Abbey Personal Loans
Typically, most people tend to opt for the standard Abbey personal loans product, which are designed to help to give you the finance that you need for any personal purpose. It could be that you need a new car, you want to go on holiday or you are renovating your kitchen. Whatever the reason, the standard Abbey personal loan is designed to meet your need.
Abbey’s Green personal loans are designed to help you to make your home more energy efficient. The goal is to help the planet by giving you the finance needed to improve your home. Since global warming is increasingly entering into the public consciousness, Abbey have decided to pioneer a program to tailor a specific solution to what it believes will be a popular option for many people who care about such issues. By giving you the finance you need to make energy efficient changes in your home, this type of Abbey personal loan can even help to save you money on your energy bills.
The Benefits of Abbey Personal Loans
Before you decide to take out any type of loan, one question you are likely to ask yourself is “what are the benefits?”. You need to weigh up both the pros and cons for any loan or credit agreement and then decide whether it is appropriate for your personal circumstances.
Abbey standard personal loans can cover from £1,000 to £25,000. They are unsecured loans, which basically means that you do not have to be a homeowner to qualify for one. Conversely, this type of personal loan also means that if you are a homeowner you do not have to risk your home as security.
The main benefit of an Abbey personal loan is that you can use the money for whatever you need it for. Perhaps you would like to use the loan for debt consolidation? Or maybe you need a new car? Whatever you need your Abbey personal loan for you can choose a repayment term to suit you. So if you are looking to prepay your loan quickly or whether you need to spread the repayments over a number of years, you can specify the repayment terms with Abbey.
If you successfully apply for an Abbey personal loan and already have an Abbey Bank account then you would be more likely to receive your loan funds quicker than if you were not an existing Abbey customer: Existing Abbey customers do not require quite so much historical checking such as for creditworthiness etc.
If you do choose to apply for an Abbey personal loan, you also have the option of payment protection. Abbey’s personal loan payment protection scheme is designed to help you if you run into difficulty meeting your monthly instalments. If you are made redundant, if you fall ill or even if you die, the personal loan payment protection will ensure the loan is settled.
Abbey’s personal loans deals are competitive and may offer you a good fit regardless of your personal circumstances.