Default Unsecured Loans
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Due to the fact that an unsecured loan is not attached to equity in your home (different than a secured loan where, if you default on loan repayments, your home could be seized), it makes it a popular choice for people looking for a loan. In contrast to secured loans, unsecured loans do not use collateral such as your property to ensure repayment to the loan company.
On the other hand, as this puts lenders in a less secure position with no collateral, with some unsecured lending, loan companies could apply a higher APR than lenders would with secured loans.
Unsecured loans tend to be suitable for people who do not need large sums of money - generally an unsecured loan may go up to £15,000, but each loan company has its own limit as to how much they will allow you to borrow.
They can be applied towards any of the things secured loans might be used for (with some restrictions) and the period of time needed to pay back the loan is chosen by you. Usually, the period to pay back the loan will be quite flexible, between 6 -120 months, so it is imperative that you do your homework prior to commitment and see exactly how much you can afford to repay each month.
As the lending criterias are not the same when applying for an unsecured loan as opposed to a secured loan, you could have more difficulty getting an unsecured loan.
However, often there are willing unsecured loan companies who will be able to help you and offer you an unsecured loan.
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