Unsecured Loans

An unsecured loan is one that does not require the borrower to offer any form of collateral as security against the amount being borrowed. This makes unsecured loans available to a wide range of people, including non-homeowners who lack the collateral for a secured loan, and makes them appealing to those who do not wish to put their home at risk of compulsory sale.

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The downside of unsecured loans is that due to the bigger risk of not being able to recoup their money that the lender is facing, the interest is generally charged at a higher rate than for similar secured loans in order to balance out this additional risk.

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Because you are not guaranteeing the loan against the value of your home it is unlikely that you will be able to borrow huge amounts of money with an unsecured loan. You can usually apply to borrow anything from £500 to £25,000, but ultimately it is up to the specific loan companies. We have a comprehensive list of the top unsecured loan companies.

The majority of lenders will give you the option of paying the loan back within a period of between six months to ten years. It's ultimately your decision how much or how little time you require in which to pay back the loan in full, but it is strongly advised that you set the repayments at a level that you can manage whilst giving yourself some leeway in case you have unexpected costs to meet at any time. However, you should aim back enough each month so that the loan is cleared as quickly as possible, thus reducing the amount that you are paying in interest, and therefore lessening the overall cost of the loan to you. You need to find a balance between what you need to pay and what you can afford each month.

Growing competition in the marketplace has brought down the average APR of unsecured personal loan over the past few years, so taking out a loan has become less expensive than it used to be. The total amount you pay back depends on how much you have borrowed and the length of time you have agreed to repay the loan. If you are going to look for your loan yourself, rather than using our free service, then be sure to seek out one with the lowest APR. You should also check the small print to see if there are any penalty charges associated early repayment, especially for larger loan amounts that you may wish to switch to a different lender to take advantage of a lower rate at some time in the future.

Our brokers are specialists in matching your particular needs and circumstances to the right lender. We search through thousands of lenders and choose the ones that offer you the best deal on the amount you wish to borrow. Don’t delay use our no obligation online application form today