2. The unsecured loan
This is a loan provided to borrowers without them having to provide security (e.g. over a house). The credit rating and/or financial position of the applicant is such that no security is required.
Upside: the application process is usually quicker. There is, for example, no need to have a valuation of your home carried out.
Downside: this type of loan is only available to people with good credit ratings and is usually a more expensive alternative to a secured loan.
Homeowners Loan Guides:
You may qualify for a secured personal loan, usually at a lower interest rate than an unsecured loan. For further information, please email:
info@ukfinancials.com