O2
Unsecured Loan
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We hope that you will find this page useful in your search for a new unsecured loan. Below you will find an explanation of what an unsecured loan is.
What is an Unsecured loan?
A loan is described as an unsecured loan when the borrower is not offering any security to the lender, e.g. giving the lender the right to sell their home, in the event that the borrower cannot meet the loan repayments. This means that the interest rate paid on an unsecured loan is generally higher than a secured loan for the equivalent amount, because the lender has to be compensated for the extra risk they are taking on. Generally speaking then, the amount you can borrow for an unsecured loan is less than you could borrow for a secured loan, because the lender is not prepared to risk lending you as much money when they have no security to back up the loan.
What are common uses of an unsecured loan?
Common uses of an unsecured loan are for a new car, holidays, home improvements or debt consolidation.
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