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Like other forms of borrowing, a loan helps pay for something when for some reason the money isn't available. If you are looking at borrowing money to repay other debt, you may want to call the CCCS on 0800 138 1111 to find out about other alternatives.
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When you take out a loan, you repay the initial amount you borrowed, plus interest charged over the whole period of the loan, plus fees and charges and insurance if you sign up for it.
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If you need to take out a loan, you should review all the lender's terms before you consider signing a contract.
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There are two types of loans - secured and unsecured. The type you apply for often depends on the sum you want to borrow and you need it.
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Unsecured borrowing is when no security is taken by the lender.
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In debt and need help?
Call a CCCS counsellor on 0800 138 1111.
