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An unsecured loan is a lending solution that is not linked to your assets - typically your house. Essentially this means that in the event you miss your personal loan payments, the loan company who offered the loan is unable to automatically sell your property as a means to pay off the loan. However, the unsecured lender might and, with few exceptions will, pursue you through the civil courts in an effort to get their money back.
The advantage of getting an unsecured loan is that it is usually arranged much sooner compared to trying to get a secured loan. With a secured loan your house needs to be evaluated by a surveyor. However, with a personal unsecured loan, since the unsecured lender is taking a greater risk, the interest charge for the provision will be more, particularly if the person borrowing holds an impaired credit file. This is because, if you ever fail to meet your unsecured loan payments, the unsecured lender is not able to immediately take hold of your property.
An unsecured loan could potentially not be the right type of loan in the event you wish to get a loan for a sizeable sum of money (£10,000 or more), as you will certainly be given a higher annual percentage rate than if you chose a secured loan for a similar loan amount - particularly if you have an adverse credit record.
When looking for an unsecured loan, it is advisable that you shop around for the cheapest unsecured loan deal because taking on an unsecured loan is an important financial descision. An unsecured APR (Annual Percentage Rate) and terms and conditions can differ a great deal between unsecured lenders.
With unsecured loans, a significant aspect to be aware of is the possible penalties for 'early repayment' should you plan to clear the unsecured loan quicker. Something to note is that the shorter the length of the unsecured loan, the less interest you you should have to pay out.
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