If you are looking for a loan up to £25,000 and do not have a property to secure it against an unsecured loan could be the option for you. Also known as a ‘personal loan’ an unsecured loan is provided by a lender based on your ability to repay and your personal circumstances. Your credit history will also be taken into account when deciding on how much a lender is willing to let you borrow.
With an unsecured loan you usually have the money in your account quickly, sometimes within hours, which is ideal if you need the money for an emergency. Plus, if you find that you have a bit of extra money that you would like to put towards and unsecured loan to pay it off early this is usually fine.
The main disadvantage of an unsecured loan is the negative effect that it can have on your credit history if you are unable to keep up with your repayments. Failure to pay the instalments on time could damage your credit history and make it difficult for you to borrow money in the future. However, if you pay your repayments on time and are not looking to borrow a large amount of money the advantages outweigh the disadvantages.
There are a whole range of values and repayment terms available on the unsecured loan market and lots of different lenders offering them. All lenders have their good points, extras and benefits plus interest rates differ between them too which can make searching for the right choice a bit overwhelming. The safest way to get the best deal and ensure that you are using the right lender for your requirements is to use a loan comparison website such as www.Best4Loans.com who will take the hassle out of searching for your perfect unsecured loan.
Usually, the higher the loan the longer the repayment period so ensure that you think carefully about how much you need to borrow. It can always be tempting to borrow more than you need but remember to work out your income and outgoings because you don’t want to end up with larger repayments than you can afford!
If you want to look into your options for an unsecured loan you can contact www.Best4Loans.com on 0844 344 5777 or visit the website where you can complete a short application form and receive a quote.
By Sasha Davison
6th January 2014
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