Article: Unsecured Loans
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Unsecured Loans
When looking for a personal loan, borrowers normally have two options to choose from - unsecured personal loans or secured personal loans. Unsecured loans are loans where the borrower does not have to officially put down any collateral against the loan. They are open to both homeowners and tenants, although some providers of unsecured loans prefer to deal only with homeowners. The amount you can borrow on unsecured loans is generally limited to a maximum of £25,000. It is also unlikely that you will be able to obtain an unsecured personal loan for amounts of less than £1000.
Secured loans on the other hand provide borrowers with the ability to borrow more than £25,000 on a personal loan. They are almost exclusively open to homeowners as a form of collateral is needed to plac...
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