Unsecured
loans are loans made to individuals which do not require any form
of collateral since the credit quality and financial position of
the individual is sufficient for the lender to extend credit without
collateral.
The key plus point of an unsecured loan is that you can qualify
for one if you don't have a house to use as security.
Unsecured loans tend to be small and more limited in size in what
you can borrow. If a bank is lending over a certain amount, they
will want security to keep their risk low.
The credit rating of those qualifying for an unsecured loan may
also have to be higher than someone applying for a secured loan
- again because the lender has to keep its risk low.
Here at 1StopCredit.co.uk we can offer
unsecured loans upto £25,000.
Typical
example: Borrow £10,000 over 60 months at 9.9% APR
and your monthly repayment would be £209.99 The total amount
payable would be £12,594.60 |
