Personal loans are a form of unsecured credit. They do not require a person taking out the loan to provide ‘collateral’ that would be seized if the loan was not repaid. Collateral could be assets like jewellery, cars or houses.
Find the best deal: Interest rates and terms on both secured and unsecured loans vary widely as different banks and loan companies have different criteria for the basis of the loan.
Taking out an unsecure loan, in a sense offers possible protection for your assets. The interest rate charged is dependent on your credit rating as opposed to the sum total of your assets. If your personal credit history is bad then the interest rate could be higher.”
Unsecured loans are normally smaller that secured loans. Commonly they are generally at their cheapest for borrowing of between £7,500 and £15,000.
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