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Unsecured Personal Loan Guide
The most popular type of Personal Loan is an Unsecured Loan.
You can normally get a decision in minutes and in some circumstances you can get your money on the same day. Most Personal loans are Unsecured loans , and are so called as unlike mortgages, secured loans and hire purchase agreements, where a lender secures their money against an asset such as a house or a car, unsecured loans require no security. For this reason unsecured personal loans are available to tenants and homeowners alike and in almost all circumstances an unsecured personal loan is preferable to you as a consumer than a secured loan . Unsecured loans are normally only available for loans up to £25,000 and you may be restricted to how long you can spread the payments over. Most unsecured personal loans are available as: online loans , debt consolidation loans , homeowner loans , car loans , bad credit loans , bank loans , debt loans , student loans and payday loans . The amount that you will be able to borrow and the cost will depend on a number of factors.
When assessing your application the lender will consider your personal status, such as your age, your employment status and whether or not you own your home. They will also look at your ability to repay the loan by not only considering your income, but also by looking at your monthly outgoings and conducting a credit search with a credit reference agency to evaluate your credit rating and to look at your credit score and credit history. The credit search is also known as a credit check.
After looking at a combination of these factors each lender has different rules to say who they will and will not lend money to, how much they will lend and at what cost. If you are planning on applying for a loan it is worth first finding out your credit score and checking that your credit history is accurate.
- Available to homeowners and tenants
- Fast and easy to arrange
- No security required
- Loan terms available up to 10 years
- Lots of lenders to choose from
- Usually no fees to pay
- Flexible payment terms available
- Your home is not at risk
- Maximum amount is £25,000
- Not readily available to applicants who are self-employed for less than 3 years
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2010-04-22 15:33:02 © Moneyextra.com
Loans - Top Picks
| Unsecured Loans |
| Barclays Bank - Existing Customer Barclayloan Plus Funded | ||||
Barclays Bank
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £386.94 | 6.2% | Fixed | £23,216.38 | |
|
Representative example: based on a loan of £20000 Representative APR 6.2% Fixed. Total amount repayable £23,216.38 at £386.94 per month for 60 months. |
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| Barclays Bank - Existing Customer Barclayloan Plus | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
|
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| HSBC - Existing Customer Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
|
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| Nationwide Building Society - Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Advertised rate for main FlexAccount customers only, other options available. |
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| Secured Loans |
| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
|
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| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
|
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| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
|
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| Willows Finance - Good Credit | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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