Owing to fact that you will not have to offer your home as collateral against loan, an unsecured loan offer less risk to person taking out loan than a secured loan.

Unsecured loans can complete quicker than secured loans making money available to you sooner. One of main benefits of unsecured loans is quick turnaround in applying for one.

Since an unsecured loan does not require your home to be valued before application can proceed. The turnaround from making an application to receiving an answer, and ultimately your loan, is much quicker.

You may be able to get short terms on a small unsecured loan because often shortest term for a secured loan is five years.

Another benefit of unsecured loans is fact that success rate of applicants is very high, and although adverse credit records, CCJ's, mortgage arrears or debt issues will not affect loan application, it should be remembered that better credit record, better loan terms and rates are likely to be.

Unsecured personal loans can be used for a variety of reasons, including, home improvements, debt consolidation , mortgage arrears, new car or a luxury holiday.

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Professor Merlin Stone of Bristol Business School, comments: "Economically, some providers cannot sustain their current offers of zero per cent interest which means they may have to remove them or start introducing new charges to help reduce their losses.”

This is exactly what appears to be happening, Professor Stone stated, "Research shows that in 2003, none of cards offering zero per cent APR interest on balance transfers applied charges for transferring balances compared to around 11 per cent that do today."

Perhaps in an effort to justify reduction in 0% introductory period on credit cards, Patrick Muir, marketing director at Morgan Stanley Consumer Banking (http://www.morganstanleycard.co.uk/), said: "Our research suggests that cardholders are wising up to short-term deals, as majority of those currently switching or planning to switch are not moving from one short-term offer to another.”

Only eight per cent of people are looking to change their credit card in coming months, said investment bank Morgan Stanley, however Stuart Glendenning advises, "Whilst not all have gone down fee route yet, my advice is simple: transfer your balance for free while you still can."