Personal Unsecured Loans

Loans are easy to obtain when you have a home. You have this collateral to make you more attractive to lenders. When you do not own a home then you need a different kind of loan, a personal unsecured loan. This type of loan has characteristics that are all its’ own.

Uses Of A Personal Unsecured Loan?

You could get a personal unsecured loan for any number of reasons. You may wish to use it to

  • Buy a car
  • Consolidate your debt
  • Take a holiday
  • Pay school fees
  • Plastic surgery
  • Private health care costs
  • And many more!

Why Are There Special Personal Unsecured Loans?

Loans are granted to individuals, or not granted, based on their circumstances. Unlike secured loans, home ownership is not pivotal detail as with secured loans it shows that in the case that an individual is not able to repay a loan then there is a way that the lender can recoup its losses. The lender can repossess your home.

While this is a worst case scenario with secured homeowner loans, lenders have to have the foresight to protect their own interests. Ideally, the situation will never progress to this point but this is the basis for the majority of the differences between a personal unsecured loan and a loan given to a homeowner.

How Is A Personal Unsecured Loan Different Than Other Loans?

To begin with, if you do not have a home then there is no chance of losing it if you were to have trouble repaying the loan. On the other hand, you will probably end up paying more in interest payments.

This is only true because when a lender does not have your home as a way to ensure that they will get their money back, they charge higher interest rates. While there is undoubtedly much to consider to the proposition of a personal unsecured loan, they do offer you access to money when you need it even if you do not own a home.

Shopping around for the best loan quote is imperative and do not accept the first quote. By all means we would be very happy for you to apply with us but you should also check the market to find an affordable loan.

Other Names For Personal Unsecured Loans

The majority of leading financial institutions in the UK offer these loans and can also be referred to as

  • Personal loans
  • Unsecured loans
  • Tenant loans
  • Car loans and more

As far as how to get this type of loan, first you have to apply. To do this, click this link and you will be taken directly to the application form.