IS THERE ANY BENEFIT HAVING AN UNSECURED LOAN RATHER THAN A SECURED LOAN?
If you are a not a homeowner, then you cannot have a secured loan anyway. Unsecured loans are available to homeowners and tenants, and are available for smaller loan sizes up to £25,000. If you are a homeowner and need to borrow a larger amount, then you will need a secured loan. Many people are worried about losing their home if they fail to repay a secured loan. This need not be a worry as there is insurance available to help repay the loan if you fall ill or are made redundant. The Lender places a charge on your property when the loan is taken out and if you fail to repay the loan, the money gets automatically repaid to the Lender when you sell your house. It is unlikely that the Lender will force you to sell your house, as your Mortgage Company has first interest in your property, and it would not be in their interest for you to sell your house. If you fail to repay an Unsecured Loan, the Lender is within his rights to place a charge on your property anyway, turning the unsecured d
