Unsecured Loans - A Brief Guide

Unsecured loans - often known as personal loans - are among the most popular loans currently available on the market. That's because they can be easy to arrange and can usually be approved quickly, with the loan amount being paid into your bank account as quickly as the same working day. In most cases, unsecured loans are used to finance smaller purchases (such as holidays, cars or home improvements) and because they're unsecured, they pose no risk on the part of the borrower as no collateral or guarantor is needed. They also generally (but not always) offer lower interest rates than credit cards, making them a good option for those with limited income.

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Unsecured loans can also be used for debt consolidation, as they can be used to combine multiple debts and/or loans with high interest rates into one single low-interest monthly repayment. The only real negative is that given their unsecured nature, such loans generally have a slightly higher interest rate than their secured cousins as there's more risk to the lender. Because of this, a credit check is usually done on the credit history of anyone applying for an unsecured loan. That said, there are lenders and loan providers around who don't require such credit checks - however, the loan products that these people offer is usually higher still as a result.

In Summary

An unsecured loan can offer you...A good interest rate compared to credit cards Financial freedom to buy a car, holiday or home improvements The option to consolidate existing debts An easy application process - apply online in just minutes A quick decision on your application Repayment terms between 1 and 5 years No up-front fees

Copyright: Individual Finance, 2010

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