Money home
Compare Unsecured personal loans
A personal loan or unsecured loan are available as an unsecured home owner loan or tenant loan. You can usually borrow up to £25,000, and you usually repay over periods of up to 10 years.
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What are unsecured loans?
An unsecured loan does not require a property to be used as collateral against the loan. This loan is not secured against any of your assets, and is therefore considered a high risk by lending institutions. Lenders will need to see evidence of a sound credit history and sufficient earnings to repay the loan before they enter into an agreement.
What are the benefits of unsecured loans?
Not everyone is a homeowner; therefore unsecured loans exist to give those who don’t own properties the chance to take out a loan. Without the endless security measures associated with arranging secured loans, taking out an unsecured loan can be a relatively simple process, with funds made available within 24 hours in some cases.
What else should I know about unsecured loans?
- The terms of the loan will reflect the risk profile of unsecured loans, and characteristically will allow lesser amounts to be borrowed and a higher rate of interest. Interest rates on unsecured loans can be exorbitant in the extreme.
- The size of an unsecured loan is generally smaller than that of a secured loan. As a result, the term of the loan will often be shorter, usually up to 5 or 10 years.
- It may seem that an unsecured loan is less risky to the borrower as the loan is not secured against their house, but you should always ensure that payment deadlines are met. Secured or unsecured, court proceedings will still be brought against you if you fail to keep up with repayments.
For more information read our related guides
unsecured loans
do I need a loan