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Since anunsecured loan is not attached to equity in your home (in contrast to a secured loan where, if you default on loan repayments, your home could be seized), it is a frequent choice for people wanting to borrow. Different from secured lending, unsecured loans do not hold your home as security to ensure that the lender will get their money.
On the other hand, because that financial protection is not in place for the loan company, with some unsecured lending, a slightly higher APR could be charged than those for secured loans.
Unsecured loan products seem to be more suitable for those who don't want to borrow large amounts - normally an unsecured loan could amount to £25,000, but the quantity of the loan is established and limited by the individual lending institution.
They can be used for any purpose (with some restrictions) - the same as secured loans and you can decide on the amount of time you need to repay the loan. Usually, the period to pay back the loan will be quite flexible, between 6 -120 months, so it is vital that you always do your calculations first to see how much you can comfortably afford to repay every month.
As the lending criterias for personal loans differ 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 sympathetic unsecured lenders able to assit you and offer you an unsecured loan.
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