Unsecured Loans Advice

Want to know if you qualify for an unsecured loan? Or what risks are associated with unsecured loans? Read our unsecured loans advice section below.

Unsecured Loans Advice

There are lots of reasons why you might want to take out an unsecured personal loan: to help finance a new car; fund home improvements, or maybe pay for a much needed holiday? Or perhaps you need help clearing debts you owe other creditors?

What is an unsecured personal Loan?

An unsecured loan is where a lender - such as a bank or building society - agrees to lend a sum for a fixed period of time, without requiring personal assets to guarantee the loan in return. In order to qualify for an unsecured loan, your credit history will be checked before your application can be accepted. .

Unsecured loans are a means of borrowing money when you have no assets or don't want to put your assets up as collateral.

What is the process I have to go through to get an unsecured loan?

Once you have sent in your application, your lender will assess your personal circumstances before making a decision on whether or not to lend you money.

If your request is approved, the sign off process is usually very quick so you should have the money promptly. And, although interest rates are usually high with an unsecured loan, they tend to be fixed so your expenses should be the same each month.

Are there any risks?

There are risks associated with unsecured loans . Because you have no pledged assets, lenders can be faced with no choice but to sue if you fail to make your monthly repayments.

Other kinds of personal loans:

• Secured Loans

Every person's circumstances are different, so to discuss your situation why not simply call us now on 0800 011 4526. Our financial advisors are on hand to answer all your questions, as well as help you find the cheapest possible loan, with the most favourable terms.