Unsecured loans or personal loans as they are also known are available for both tenants and homeowners with amounts available up to £25,000.
Unsecured loans can be used for just about any purpose.
What are unsecured loans?
What differentiates between an unsecured loan and a secured loan is that no security is required against the loan. Personal loans also tend to offer fixed interest rates. That means you’ll know exactly how much you have to repay each month regardless of any changes to interest rates in the wider market.
Who should choose an unsecured loan?
As there are no restrictions on whether or not you own your own home, unsecured loans are available to both tenants and homeowners.
Unsecured loan rates vary dramatically and depend very much on your current credit rating. Careful attention must be taken when applying for an unsecured loan, at the rate of interest you are being offered. A lender will show a “typical APR” which means that this is the quoted interest rate they have to offer to at least two thirds of all applicants. Dependant on your credit rating you may be offered a much higher rate of interest.
More information about unsecured loans
To discuss whether or not an unsecured loan would be best for you please contact us.