An unsecured loan allows you to borrow between £50 and £25,000 without having to put down any of your valuable assets as collateral. This means that your loan application is assessed on factors such as your credit score and your employment status, rather than on the value of your car or home. So, if you are unable to keep up with your repayments, you do not risk any of your valuables being repossessed by the bank or lender; instead, it may have an impact on your credit rating.
You may need an unsecured loan for various different reasons, including home improvements, a new car, a wedding or a holiday. These types of loans can also be used to help you keep up with monthly repayments before you’ve been paid (otherwise known as a payday loan). As with flexible borrowing, applicants can choose exactly how much, and how long they wish to borrow the loan for – be it is over a few weeks, a number of months, or even up to 5 years. The cost of a loan will depend on the interest-rates offered by your lender of choice.
Since lenders do not have to enlist professionals to assess the value of your assets, as is the case with secured loans, you can receive your funds as quickly as the day of your application.
Unsecured loans are available to anyone pending approval; you do not have to be a homeowner in order to receive your loan. Whilst unsecured loans are available for a variety of different borrowers, all successful applicants will have to meet certain criteria. This criteria may vary depending on the lender, however some of the common requirements for applicants include:
Certain lenders may have additional, or different types of criteria to meet. Before going through with any application for an unsecured loan, it’s vital to ensure you meet any and all essential eligibility requirements. Failure to meet these requirements will most likely result in your application being rejected.
We are a free comparison site to help people find the best loans in the UK. We have partnered with some of the leading providers in the country, so that people looking for a safe and trustworthy loan loan can find the best product for them.
Rather than going to just one lender and being restricted to their rates and terms, we give our customers choice by working with lots of lenders. All of our lenders have been fully vetted and hold a UK credit license, in addition to either interim permission or full authorisation from the Financial Conduct Authority.
There are many different benefits to taking out an unsecured loan. Unlike secured loans, with an unsecured loan there is no risk of losing your home or car if you can’t keep up with repayments.
Additionally, as lenders will not have to take the time to asses a valuable asset to secure onto the loan, applications can be approved quicker, and you could even receive funds from the loan the same day of application. Some of the other benefits to taking out an unsecured loan include:
Unsecured loans can help you to access the finance you need, when you need it. Our online application can be completed in just a few minutes time, and provide you with an instant decision.
Unsecured loans are great for financing various different things, however, they’re not the best option for everyone. There may be different loan products out there that better suit your needs and financial circumstances.
Below is a list of just some of the loans you can compare with Proper Finance:
Our easy-to-use calculator enables you to view your expected repayment figures when entering the amount you wish to borrow. Driven by our passion for fairness and ease when borrowing, we endeavour to make the terms of your loan as transparent as possible – with no surprises.
Click ‘apply’ and you will be taken directly to the application form where you can safely and securely fill in your personal details, along with the amount you wish to borrow.
Our system will rapidly process your application to the lender that is best suited to your requirements. Simple.
When you apply for an unsecured loan with Proper Finance, you’re saving yourself the hassle of having to speak to a financial advisor, or going to the bank – which can be an incredibly time consuming process.
Proper Finance works with some of the top lenders in the country, all of which hold a valid UK credit license and are regulated by the FCA. You can be sure that any loan you find through us is safe, secure and regulated by the appropriate government bodies.
The entire application can be handled online, whether its on your desktop, mobile or tablet, and all further communication between you and the lender can be completed by phone and email. Applications can be completed in just a few minutes, and provide applicants with an instant decision.
We do not charge any upfront fees for making an application on our site.