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Since an unsecured loan is not attached to equity in your home (dissimilar to a secured loan where, if you fail to keep up your loan repayments, your home could be repossessed), it is a frequent choice for people wanting to borrow. In contrast to secured lending, unsecured loans do not use collateral such as your property to insure repayment to the lender.
Nevertheless, due to the lack of financial security for the lender, with some unsecured lending, you could pay a slightly higher interest rate than you would for a secured loan.
Unsecured loan products seem to be more suitable for those who would rather borrow smaller amounts of money - usually an unsecured loan may be up to £25,000, but each lender has their own limit as to how much they will allow you to borrow.
The funds from these loans can be used in the same manner as secured loans (with some restrictions) and you can decide on the amount of time you need to repay the loan. Normally, you will be offered the option of repaying the loan within 6 - 120 months, so it is important to carefully estimate to decide an affordable monthly repayment amount.
Due to differing lending criterias when obtaining an unsecured loan as opposed to a secured loan, it could be harder to get an unsecured loan. However, more often than not, there are sympathetic unsecured loan companies who will help you in your efforts to acquire an unsecured loan.
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