Why Choose an Unsecured Loan?
Why Choose an Unsecured Loan? by: John Mussi Need money to go on a luxury holiday? Want to buy a new car? Need a wedding dress? These are just some of the reasons why you would choose an unsecured loan. If you want to raise money for most purposes but do not want to offer your home as security then an unsecured loan could be the solution. An unsecured loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments. The amount you are able to borrow can start from as little as 500 and go up to 25,000. Because you not securing the money you are borrowing, lenders tend to limit the value of unsecured loans to 25,000. The repayment period will range from anywhere between six months and ten years. Unsecured loans are offered by traditional financial institutions like building societies and banks but also recently by the larger supermarkets cha
