Unsecured Personal Loan:

An Unsecured personal loan is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.

An Unsecured personal loan is a personal loan where lender has no claim on a homeowner's property should they fail to repay. Instead, lender is relying solely on ability of a borrower to meet their loan borrowing repayments.

The amount you are able to borrow can start from as little as £500 and go up to £25,000.

The repayment period will range from anywhere between six months and ten years.

An Unsecured personal loan can be used for almost anything - a luxury holiday, a new car, a wedding, or home improvements.

Unsecured personal loans are invariably more expensive than secured loans, and repayment periods demanded by lenders are shorter too.

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Secured loans are quick to arrange as property is always a good bet for lender. Consequently, terms are normally superior, with larger loan amounts, longer repayment periods and better interest rates than those you would obtain for an unsecured loan.

For people with little or poor credit history, a secured loan is probably one of easiest ways to access credit.

A secured loan is a loan where you pledge your home against amount of money borrowed. In event that you default on loan, lender can sell your home to recoup loss. The danger with a secured loan is if you are unable to keep up repayments on your loan your home could be in danger.

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