Loans may be used for any purpose as per your need and requirement. A loan may or may not be secured with collateral as a security. Usually, it is your home which acts as an assurance to the lender that the repayment of the loan would be made by the borrower. Any failure in the repayment may result in repossession of your home by the lender.
However, if you are ready to pay some extra interest, you can get rid of the requirement of providing collateral to the lender. It is up to you decide which way you want to go. Your own circumstances can also force a decision on you.
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Unsecured loans ensure a quick disposal of your loan application. There are very few formalities involved and, thus, a lot of time and paperwork is saved. These loans are ideal for your small to medium monetary requirements. Lenders generally provide such loans that extend up to £25,000.
Your credit score is an important consideration for any lender. In case of unsecured loans, this aspect is all the more important because there is no security involved. Here, the lender gives you a loan only on the basis of your promise to repay. Bad credit unsecured loans are available in the market for people who have earlier gone through bad credit situations like county court judgements, missed repayments, etc. But, these loans are very expensive and the interest rate may increase with your falling credit score.
Unsecured loans are popularly used in the UK for meeting various monetary requirements like education expenses, holidaying, consolidating credit card bills, etc.
It is important to shop around and find some loan deals that can take care of your financial requirements at minimum possible cost. Before closing any particular loan deal, one must thoroughly understand the terms and conditions of the loan agreement.
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