Compare Unsecured Loans
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Due to the fact that an unsecured loan uses none of your home for collateral (unlike a secured loan where monthly loan repayments must be paid without defaults, or else you could lose your home), it makes it a popular choice for people wanting a loan. Unlike secured loans, unsecured loans do not use your property to be held as security against your loan.
However, because that financial protection is not in place for the lender, with some unsecured lending, you are likely to pay a higher APR than you would with a secured loan.
Unsecured loans are considered more appropriate for those who are not in the market for big loans - typically an unsecured loan might extend to the £15,000 level, but each lender has their own limit as to how much they will allow you to borrow.
They can be applied towards any of the things secured loans might be used for (with some restrictions) and it's up to you to decide the period to pay it back. Normally, you will be offered the option of repaying the loan within 6 - 120 months, so it is vital that you do your homework to decide an affordable monthly repayment amount.
As the loan requirements vary when applying for an unsecured versus a secured loan, you may have more difficulty getting an unsecured loan.
However, more often than not, there are sympathetic unsecured loan companies who will help you in the arranging of an unsecured loan.
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