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Since an unsecured loan is not linked to the equity in your home (unlike a secured loan where, if you default on loan repayments, your home could be seized), it is a frequent choice for people wanting to borrow. In contrast to secured lending, unsecured loans do not use collateral such as your property to insure repayment to the lender.
However, because this is a riskier proposition for the lender, with some unsecured lending, you could pay a slightly higher interest rate than you would for a secured loan.
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Unsecured loan products are considered more appropriate for those who are not in the market for big loans - normally an unsecured loan might extend to the £25,000 level, but the individual loan company will set limits to the amount of the loan at their own discretion.
They can be applied towards any of the things secured loans might be used for (with some restrictions) and it's up to you to decide the period to pay it back. Normally, lenders will give you the option of paying back the unsecured loan within 6 - 120 months, so it is important to carefully estimate prior to commitment and see exactly how much you can afford to repay each month.
Due to differing lending criterias when applying for an unsecured loan as opposed to a secured loan, you may have more difficulty getting an unsecured loan. However, most of the time, there are willing unsecured loan companies who will be able to help you and offer you an unsecured loan.
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