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As an unsecured loan is not linked to the equity in your home (dissimilar to a secured loan where, if you default on loan repayments, your home could be seized), it makes it a popular choice for people wanting a loan. Different from secured lending, unsecured loans do not require the lender to secure the debt against your property or any other assets.
However, as this puts loan companies in a less secure position with no collateral, with some unsecured loans, you could pay a slightly higher interest rate than you would for a secured loan.
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Unsecured loans seem to be more suitable for those who would rather borrow smaller amounts of money - generally an unsecured loan may go up to £25,000, however, lenders tend to have their own standards and limits as to the size of the loan.
They can be applied towards any of the things secured loans might be used for (with some restrictions) and you can decide on the amount of time you need to repay the loan. Normally, a timetable of a 6 - 120 month period for paying back the loan is offered by the lender, so it is essential that you always do your calculations beforehand and determine the amount you can comfortably pay back each month.
Due to differing lending requirements when applying for an unsecured loan as opposed to a secured loan, you may find it harder to get an unsecured loan. However, in the majority of circumstances, there are sympathetic unsecured loan companies who will help you in the arranging of an unsecured loan.
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