Although the majority of Unsecured Personal Loans are used to pay for home improvements, new cars or to consolidate existing debts - essentially they can be used for anything!
Unsecured Personal Loans offer more flexibility compared to Secured Loans, in that both homeowners and tenants are eligible and there is no waiting while collateral is approved.
As is often the case with the Credit Cards, the temptation to borrow more is not an option with Unsecured Loans. This is because they are agreed at a set rate of interest, for a set period and a set amount. This 'fixed repayment schedule' can also prove very helpful in planning future financial commitments.
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There are situations though, where an Unsecured Loan would not be the best solution. For instance, if the amount required is quite low (£1000 or less), and therefore smaller than what would generally qualify for a low APR then borrowing against a credit card or overdraft would probably be more suitable. If however, a considerably large amount is required, (£25,000 an above) then a Secured Loan would be more suitable.
Its worth noting that just because the Unsecured Loans aren't technically 'secured' against any property, if you fail to make regular agreed repayments, then lenders have the legal right to reposes property and belongings to cover what is owed.
Due to the rapidly expanding Loan market, it is vital that you know exactly what you want before you go on the hunt for a loan. Although APR is a descending factor in figuring out how much the overall cost of taking out a particular loan is going to be, there are a number of other things to take into consideration, some of which are as follows -24 Hour Loan Transfer involves the lender transferring the loan directly into the borrowers account within 24 hours of the loan being approved. This usually costs about £20 to £50, however, in most cases loans only take a few days to come though so this service isn't necessary. Early Redemption Penalties are charges levied on the borrower, if they decide to repay the loan earlier than agreed. They are usually either; a number of months interest; a % of the total borrowed, current balance or sum repaid. Since interest is calculated based on how long the loan is outstanding, this gives you the potential of saving literally thousands of pounds in interest charges. Payment Protection Insurance offers borrowers the guarantee that their debts will continue to be paid during times of unemployment, sickness and death. Although such protection may be welcome and may afford the buyer peace of mind it doesn't come cheap. It can cost the borrower almost as much as the cost of the interest, nearly doubling the cost of the loan!
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