No need to stress you're protected.
What is a personal loan and how does it work?
Personal loans are loans given to a person or people, repayable over an agreed term.
What is a payday loan and how does it work?
Payday loans are short-term, high-interest loans that are usually expected to be paid back the next time the borrower receives their wage.
Both personal loans and payday loans are unsecured debts.
Some loans are not unsecured (secured loans). These should be handled differently; see this section.
If you are unsure whether your loan is secured or unsecured, don’t worry! The simple way to find out is to check your agreement or ask the lender; they will tell you.
If you don’t own a property or have not taken out a logbook loan, you can be 99% sure your loan is unsecured.
If you are struggling with loan payments, relax. Once you visit our unsecured debt section, you will feel ten times better.
The good news is that you're protected by section 7.3 of the Financial Conduct Authority (FCA) Handbook, which means you have options like making token payments. This is just one option; we have reviewed other options you may encounter, highlighting any pros and cons without creditor or debt collector bias.
Anyway, enough chitter chatter, put the kettle on and head over to the unsecured debt section to start tackling your situation head-on.
