Unsecured Loans

An Unsecured (or Personal) Loan is a Loan that can be used for a range of purposes and is available from banks and online lenders.

This type of loan is not secured against your assets, making it more risky for the lender and resulting in stricter borrowing terms.

How much can I borrow?
You can generally borrow up to £25,000 for anywhere between six months and 10 years, depending on the health of your finances. 

Check Interest Rates
When comparing  products, the interest rate is a good place to start.  This is also known as the Annual Percentage Rate (APR).

Interest rates can be offered in 2 different ways;

• A Fixed interest rate
  this will stay the same throughout the term of your loan so your monthly payments remain the same
• A Variable interest rate
  this will alter inline with any changes to the bank base rate so your monthly payments could rise or fall

Quick to arrange
The application is the hard part, when your loan has been agreed funds can be made available quickly – often within 24-48 hours of being accepted by the lender.

Tips to find the best Loan 

• shop around!
• borrow over the shortest term you can afford - the shorter the term of the loan, the lower the overall cost will be
• apply for one loan at a time - multiple applications can reduce your chances of being accepted
• read the small print
• consider insurance to help you make your monthly payments