What is a personal loan?
A personal loan is a type of credit that makes a one-off payment of cash into your account. You then make a single fixed repayment each month, with interest, for the lifetime of the loan to pay it back.
At Ocean we can find you a loan between £100 and £5,000 with a personal loan. You can then spread repayments over 3 to 36 months.
Personal loans are unsecured. This means you don’t need to provide us with something you own, like your home, as security.
But because the lender doesn’t have this added security, the amount you can borrow is less with a personal loan than with, say, a homeowner loan that is secured to your property. The interest rate is also likely to be higher.