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Why Are Personal Unsecured Loans Harder To Get?
Personal Unsecured Loans
The UK lending industry generally prefers to hand out secured loans to customers rather than unsecured ones wherever possible. If you're applying for a personal unsecured loan then you won't need to give lender any security.
You may not own any property that's worth enough to put up a guarantee that the loan will be repaid. Or, you may not want to use your property in this way. In either case, the risk to any lender is higher due to the fact they have no way of knowing they'll get their money back.
What Is The Personal Unsecured Loans Process?
In order to work out exactly how much you can borrow, your lender will carry out a credit evaluation on you before they approve your personal unsecured loan application. You can find lenders that won't credit check but this is an option you should avoid if at all possible. This screams high risk and your interest rates will rise accordingly.
But the process is made more complicated by the fact that personal unsecured loans specialists all have different criteria for assessing your credit rating. And, things in your life that can seem like a positive thing can actually lose you points with some other lenders.
So, for example, if you have no credit cards and have never taken out a loan before then you can actually be rated with a negative score surprisingly. You might be great at managing your money but you are giving them no evidence that you are good with loans. And that's what they're interested in.
Expert Advice Makes It Easy
There's no way you'll know enough about the personal unsecured loans industry to know exactly which lending company or which deal will match up best with your credit history. But you don't need to know any of this to make a successful personal unsecured loan application. We know it all for you!
When you fill in our easy application form we don't just go off and search for the best rates in a general way. We target our search to the information you've given us and then match this with the regulations of the lenders on our loans database (we have some of the best technology available). This guarantees that you'll get the best credit rated choices and deals available in the UK lending sector.
And, because our database stretches across the entire personal unsecured loans UK community, you're guaranteed a perfect match each and every time. All at the lowest rates and including our broker discounts to make your personal unsecured loans choice even easier than you could ever have imagined.
