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Due to the fact that an unsecured loan is not attached to equity in your home (in contrast to a secured loan where, if you do not meet monthly repayments, the lender could take possession of your home), it is a frequent choice for people wanting to borrow. Unlike secured lending, unsecured loans do not use your property to be held as security against your loan.
However, because this is a riskier proposition for the loan company, with some unsecured loans, unsecured lenders could apply somewhat higher interest rates than secured loan lenders would.
Unsecured loans are considered more appropriate for those who are more conservative in their borrowing - generally an unsecured loan might extend to the £15,000 level, however, lenders tend to have their own standards and limits as to the size of the loan.
Just like secured loans, they can be used for almost anything (with some restrictions) and you can decide on the amount of time you need to repay the loan. Typically, 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 beforehand and determine the amount you can comfortably pay back each month.
Since the lending requirements for loans are not the same when taking out an unsecured loan in contrast to a secured loan, it could be harder to get an unsecured loan. However, in most cases, there are willing unsecured lenders who will assist you in the arranging of an unsecured loan.
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