Personal unsecured loans allow you to borrow money without having to use a large asset to use as collateral against the loan. Therefore, they provide unsecured money to borrow, unlike Secured loans which require a large personal asset to secure the loan (such as your home or car). Unsecured loans are therefore a more flexible way to borrow money and don't carry the risk that you might lose your home. Unsecured Loans often require a good credit rating to get accepted, so make sure you check the terms and conditions of the loan. For instance, you might need a minimum income and have an excellent borrowing record to get the loan you want. Use the table below to compare the options and offers, you'll find that there is a wide range of unsecured loan providers.
Compare Unsecured Loans
Unsecured loans for flexible borrowing
If you don't own a house or a big car, you still can take out an unsecured loan
Are unsecured loans safe?
If anybody has to take a risk with an unsecured loan it is the lender, because you do not have to put up an asset that is used as collateral against the loan. The lender therefore, does not have a guarantee that you will make the repayments. With this in mind borrowing money with a unsecured loan is particularly safe but the interest rates can be considerably higher when compared to a secured loan. .
Are there are risks?
As with any loan it is important to make sure the monthly repayments will really fit into your house household budget. If you are not really sure how you will be able to repay the loan the result could be a debt situation, negative credit rating and even financial hardship.
Who can get an unsecured loan?
Anyone can apply for an unsecured loan, but the lender will carry out a credit check to make sure that you will be able to pay the money back. However, even if your credit history is not completely perfect it doesn't necessarily mean that you will not be approved, but in this case the interest rate may be higher.
How much money can I get?
The exact amount you will be able to borrow depends on your personal financial situation. Usually lenders offer sums between 1000 and 25,000 dollars.
How to find the best unsecured loan
Many banks offer unsecured loans as well as independent lenders. Take your time to look around and compare several offers before you apply. On this page you find a list of reliable companies. Make your choice and apply online!
How to compare unsecured loans?
Firstly, you must decide how much you would like to borrow. Before you start your search for cheap unsecured loans, you must work out exactly how much you really need to borrow. This will ensure that you can compare the individual loans best suited to you and your needs. How much you would like to borrow will impact the type of unsecured loan you will need. When you are searching for a loan, you must ensure that you firstly thinking about how much you are able to repay each month, when you are certain you will be able to make the repayments you can start to compare the loans on the market. If you are in any doubt then you should seek independent financial advice.
04 December 2013
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Small Loans Australia is one of the country’s best online Personal Loans service
08 December 2010
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A secured loan is a loan in which the borrower pledges an asset as security for the loan. The asset works as collateral to ensure that the debt is paid. If the borrower defaults on the loan then the asset such as a house or car will be used to pay the debt.