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As an unsecured loan is not attached to equity in your home (in contrast to a secured loan where monthly loan repayments must be paid without defaults, or else your home could be seized), it makes it a popular choice for people wanting a loan. Different from secured loans, unsecured loans do not require the loan company to secure the debt against your property or any other assets.
However, as this puts loan companies in a less secure position with no collateral, with some unsecured loans, you could pay a slightly higher APR than you would for a secured loan.
Unsecured loans are considered more appropriate for those who would rather borrow smaller amounts of money - normally an unsecured loan may be up to £25,000, however, lenders tend to have their own standards and limits as to the size of the loan.
The funds from these loans can be used in the same manner as secured loans (with some restrictions) and it's up to you to decide the period to pay it back. Usually, you will be offered the option of repaying the loan within 6 - 120 months, so it is vital to thoroughly evaluate beforehand and determine the amount you can comfortably pay back each month.
As the lending criterias for personal loans differ when taking out an unsecured loan in contrast to a secured loan, you may have more difficulty getting an unsecured loan.
However, more often than not, there are sympathetic unsecured lenders who will do all they can to facilitate an unsecured loan.
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