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Unsecured Loans Explained

Basically an unsecured loan is a normal loan that doesn't rely on your home as collateral. This means that it's ever more important to make each monthly payment on time and without fail. Thus these types of loans represent a much higher risk to the lender and it also means they are available for shorter amounts of time than secured loans.

Unsecured loans start from around £500 to in excess of £30,000. The amount comes down to the purpose of the loan. The larger the size of the loan the longer amount of time you get to pay it off. Although the timescale while depend on your repayments.

An unsecured loan is more often than not legally binding, so if you don't repay the lender you need to be prepared for the consequences, which could lead to court. In severe cases the courts will send in the bayliffs to take your possessions, which will be sold to pay off the debt.