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Unsecured Loans

Unsecured loans can be the best solution.

On the face of it unsecured loans often look like the best borrowing option when you need a loan. Unlike secured loans you can borrow money without putting an asset such as your home on the line just in case you stop making your repayments. In simple terms, a lender will just hand over the cash and charge you interest for the service!

This may sound great on paper but we don't live in an ideal world and unsecured loans can have some drawbacks for some people. Sure, your home won't be on the line if you default on payments but you won't get the best cheap rate either. Those rates are reserved for the secured lending market. With unsecured products lenders have nothing on you that they can immediately call in if you walk away from their debt.

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Unsecured loans needn't be a headache

This might be a bit of a headache but you can get round it by shopping around. The unsecured loans sector is just as competitive as any lending business - basically loan companies want YOU and they know that the quickest way to get you is with a cheap loan rate. You'll just have to dig a little to find the best deal. It really helps if you have a good credit history - if you're a shining credit angel then they'll welcome you with open arms as you look like a good customer. Even if you don't have a home to put on the line to make them feel better! A good tip as a first step is to talk to a unsecured loans specialist such as a broker - they'll be able to give you a good overview of rates and the current market.

The fact is that unsecured loans actually suit many people much more than secured ones do. The whole arrangement process is generally quicker as there is less administration involved - some lenders promise an unsecured loans deal in a day. Lenders also offer smaller loans and shorter repayment periods for unsecured loans than those they give for secured loans. So, if you don't need that much cash, want it quick and want it paid back as soon as possible, then this might be the best option for you.

But what do you do if your credit rating is not so good or you have CCJ's or bankruptcy judgements behind you? To be honest many major name lenders won't lend you money at all - and, if they do, they'll hike their rates up immediately. Your best option is to deal with an unsecured loans company or broker that specialises in helping people like you. In all cases you should read the small print carefully before entering into any unsecured loans agreement. If there's something nasty in there you want to know about it BEFORE you sign on the dotted line!

Every reputable lender will put you through a credit check before giving you unsecured loans - these are usually done through Experian or Equifax. They may also ask you what you want the money for - and some may refuse the loan if they think you have a bad reason! Might seem cheeky but they are just protecting their interests. So, if your reason for wanting an unsecured loan is a bit wacky you may want to think twice before telling them!

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