An unsecured loan comes with higher interest rates as compared to a secured loan. But, the biggest advantage with this loan type is that you will not be having the threat of your property being repossessed. Those who own a home in UK prefer to have an unsecured loan, as they want to avoid the threat of repossession of their property.
The loan amount for an unsecured loan varies from £ 500 to £ 25000. Whether you want to buy a car or would like to go to an exotic holiday trip, you can use the loan amount the way you want. Nowadays, people are also using unsecured loans for the purpose of paying their tax bills.
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Though, the lender doesn't have the right to repossess your home with this loan option. However, they can take legal steps against the borrowers in case if he doesn't keep up his repayments. So, it is advisable to take PPI (Payment Protection Insurance) at the time of availing a loan. You can cover yourself against any unforeseen circumstances (like critical illness or unemployment) by taking this insurance coverage.
The preference is given to the borrowers who have a good credit score. One more criteria which the lenders look for is that the borrower should be employed. Though, the loan criterion can vary from lender to lender.
There are various loan sites in the UK which offers an online unsecured loan. If you apply for an online loan, the lenders may contact you with a suitable loan quote. Once you receive loan quotes from them, you can select a viable loan deal according to your needs and personal circumstances.
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