Larger Unsecured Loans
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Due to the fact that an unsecured loan is not attached to equity in your home (unlike a secured loan where, if you default on loan repayments, your home could be seized), it is a viable option for people wanting to borrow. Different from secured loans, unsecured loans do not hold your home as security to ensure that the lender will get their money.
On the other hand, because this is a riskier proposition for the loan company, with some unsecured loans, lenders could apply a higher APR than lenders would with secured loans.
Unsecured loans are considered more appropriate for those who don't want to borrow large amounts - usually an unsecured loan may be up to £25,000, but each loan company has its own limit as to how much they will allow you to borrow.
Just like secured loans, they can be used for almost anything (with some restrictions) and it's up to you to decide the period to pay it back. Normally, you will be offered the option of repaying the loan within 6 - 120 months, so it is vital that you always do your calculations beforehand and determine the amount you can comfortably pay back each month.
Since the lending criterias are different when taking an unsecured loan rather than a secured loan, it could be harder to get an unsecured loan.
However, in most cases, there are sympathetic unsecured lenders who will help you in the arranging of an unsecured loan.
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