What is an Unsecured Loan?
An unsecured loan is primarily based on your personal credit rating, affordability and the amount borrowed. You aren’t required to offer your home as security for the loan – however, you are legally bound to pay back the loan as agreed. When deciding whether or not to offer you an unsecured loan, the lender will look at your personal credit history and assess how much of a risk is involved in lending you money. The rate of interest you are offered will reflect that level of risk.
Popular reasons for why someone will take out an unsecured loan is to pay off debts into one possibly less expensive loan, to carry out home improvements, purchase a car or pay for a holiday.
In order to apply with Loansearch UK for an unsecured loan, you can be a homeowner or a tenant and must be able to afford the loan repayments. Apply for a no obligation quote to see if you qualify.