Unsecured Loans

An unsecured loan does not require you to secure anything against the loan – the lender relies on your contractual obligation to pay it back.

Because there is no security and the risk they are taking is therefore greater, the amount you can borrow tends to be less, and the repayment period is usually shorter.

The lending criteria also tend to be tighter: lenders generally charge a higher interest rate which is determined mainly by your credit history and level of income.

Advantages of an unsecured loan
Preserves the equity in your property and avoid the risk of losing your home or assets. Lenders are not entitled to repossess your belongings if you struggle to make your payments – although they can attempt to pursue this in court if necessary.
You don't need a property or any other expensive assets to take out an unsecured loan.
It's cheaper than credit/store cards for smaller purchases. Credit and store cards usually have very high interest rates, so if you're planning on repaying over a few months, you can save a lot of money by taking out an unsecured loan to fund your purchase.
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