Why Are Personal Unsecured Loans Harder To Get?
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.
