Unsecures Loans UK
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Since anunsecure loan is not linked to the equity in your home (unlike a secured loan where, if you default on loan repayments, lenders could legally sell your home), it makes it a popular choice for people wanting a loan. Unlike secured lending, unsecure loans do not use collateral such as your property to ensure repayment to the loan company.
Nevertheless, as this puts loan companies in a less secure position with no collateral, with some unsecure lending, you are likely to pay higher interest rates than you would with a secured loan.
Unsecure loan products are considered more appropriate for those who don't want to borrow large amounts - usually an unsecure loan might extend to the £25,000 level, however, lenders tend to have their own standards and limits as to the size of the loan.
Just like secured loans, they can be used for almost anything (with some restrictions) and it's up to you to decide the period to pay it back. Typically, lenders will offer you the possibility of repayment within 6 - 120 months, so it is important that you always do your calculations beforehand and determine the amount you can comfortably pay back each month.
As the lending criterias are not the same when taking an unsecure versus secured loan, you may have more difficulty getting an unsecure loan.
However, in the majority of circumstances, there are understanding unsecure lenders who will be able to help you and offer you an unsecure loan.
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