Unsecured Personal Loans
Unsecured Personal Loan
An unsecured personal loan tends to be more straightforward than other forms of finance. As the loan is unsecured, it does not require you to put an asset (such as your home) down as collateral against the loan. Personal loans are offered by the majority of banks and other lenders, and you can typically expect to borrow between £1,000 and £25,000over a relatively short period of time (in comparison to a secured loan).
Advantages of unsecured personal loans
Flexibility – unsecured personal loans offer the flexibility to choose how long you have to repay them, with most borrowers making fixed repayments for between one and five years.
Payment holidays – Some personal loans offer the option of a payment holiday of two to three months at the start of the agreement.
Cheap – Unsecured personal loans can be a cheap and easy way to get your hands on the cash you need.
Am I eligible for an unsecured personal loan?
As a general rule, whilst you don’t have to be a homeowner to apply, unsecured personal loan lenders will only consider applications from borrowers who have at least fair credit score. Additionally, most lenders will require that:
- You are in paid employment
- Be over the age of 18
- Not currently be in full time education
Find the best unsecured personal loan deals
Taking out an unsecured personal loan is a big investment, which is why you should ensure that you have the capacity to afford the repayments. Whilst our personal loan calculator can assist you in filtering out a selection of secured loans that fit your criteria, we still urge that you contact a mortgage broker to assist you.
We have a specialist unsecured personal loan advisory team, who can help you calculate the personal loan terms that you can comfortable afford. Additionally, our expert team can also compare a range of leading and exclusive personal loan deals, to help find the ideal loan perfect for your personal circumstances.
If you have any questions or queries about finding a personal loan, why not call us today on 0117 313 8872, for a free initial consultation.