Unsecured Personal Loans

Unsecured Personal Loans To Your DoorWhen people think “loans” the personal loan is what they are normally referring to. More traditional loans that are available in larger amounts and with repayments that can be spread over several years.

Unsecured personal loans are available from a variety of lenders – from your high street banks and building societies to independent brokers and specialist lenders for those whose application may not be straightforward for various reasons such as self employed, bad credit history etc.

What Is An Unsecured Personal Loan.

Unsecured personal loans are monetary loans that are paid on the trust of the promise of the borrower to repay in accordance with the agreed terms. Also known as signature loans because they’re granted on the basis of a signature. For this reason there is no property, of any description, required as security, or to guarantee the loan making them available to homeowners and tenants alike.

How Much Can I Borrow.

A personal loan can be much more flexible in terms of amounts available to borrow – meet the criteria and be able to afford the repayments and you could be eligible to borrow £10,000, £15,000 or, in some cases, even more.

You can shop around to find the various options available but, bear in mind, there are two main types of companies advertising:

1: Lenders – deal direct with the actual company who will lend you the money.

2: Brokers – apply through a third party who will take your application to the market and shop around to find you the best deal for your situation. There may be a fee (sometimes upfront) for this service but it can be beneficial in some cases, especially in respect of credit problems.

Who Can Apply.

As stated previously, these are flexible loans that are granted to the individual and not secured against property. As such any individual meeting the specific lenders requirements will be able to apply. Typically these standard requirements will be UK resident adult with UK bank account. Employed or self employed with a minimum income depending on the size of loan.

You must be able to afford the repayments comfortably and whilst credit will usually be subject to status, there are a growing number of lenders specialising in the poor credit marketplace and hence prepared to lend to those with a less than perfect credit history … normally at a price that reflects the increased risk though!

What Can I Use The Money For.

Because these are personal loans they are available for any purpose you choose and because they are available in larger amounts there is more flexibility in what they can be used for – home improvements, holidays, wedding, car, unexpected expenses etc … the choice is yours.

More Information.

There are a wide variety of lenders providing such loans including all the main stream banks and financial institutions. There can also be a variety of interest rates and terms and so there are also a good number of loan comparison websites that will help you shop around to find the best deal before you actually apply.

For those with a bad credit history there are still lenders out there who are prepared to lend and those who actually specialise in this market so shop around, look at the bad credit brokers but keep an eye on interest rates as they could be pretty high as you might expect.

As always think carefully and take professional advice before entering into any form of financial contract.

Doorstep Loans Bad Credit – More info at MoneyUnmuddled.co.uk