The legal positionSpecial featuresChecklist for actionPersonal loanA personal loan is a loan offered at a fixed or variable rate of interest over a set period.**Alert: With effect from 25 November 2020, the FCA has published updated tailored support guidance regarding expectations of how creditors should support clients facing payment difficulties as a result of the coronavirus pandemic and who were not receiving payment deferral under earlier guidance(s), including if they were not, or were no longer eligible for, such payment deferrals. See Credit card for further details. The current version of the guidance is available at: fca.org.uk/publication/finalised-guidance/consumer-credit-coronavirus-tailored-support-guidance.pdfThe legal positionPersonal loans are regulated credit agreements, provided the credit is for no more than £25,000 (if the agreement was made before 6 April 2008) or £15,000 (if made before 1 May 1998). If the agreement was made on or after 6 April 2008, the agreement is regulated regardless of the amount, unless it is exempt (see here). Special featuresPersonal loans are widely available from banks, building societies and other financial institutions, including small moneylenders. Some personal loans have fixed interest rates and the total interest charged is set at the beginning of the period of the loan. Repayments are then made in equal instalments. Sometimes, a personal loan is part of a linked transaction (see here). The amount to be loaned may be paid directly to the supplier rather than the borrower. With smaller moneylenders, repayments are often collected at the door by a representative. Checklist for actionAdvisers should take the following action.•Check liability, including enforceability of the agreement, under the Consumer Credit Act 1974 (see Chapter 4).•Assist the client to choose a strategy from Chapter 9, as personal loans are generally a non-priority debt.