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Due to the fact that an unsecured loan is not attached to equity in your home (unlike a secured loan where, if you default on loan repayments, you could lose your home), it is a frequent choice for people wanting to borrow. Unlike secured lending, unsecured loans do not require the loan company to secure the debt against your property or any other assets.
Nevertheless, due to the lack of financial security for the lender, with some unsecured lending, unsecured lenders could apply a higher APR than lenders would with secured loans.
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Unsecured loan products tend to be suitable for people who are not in the market for big loans - typically an unsecured loan might reach as far as £25,000, but the individual lender will set limits to the amount of the loan at their own discretion.
They can be used for any purpose (with some restrictions) - the same as secured loans and it's up to you to decide the period to pay it back. Usually, lenders will offer you the possibility of repayment within 6 - 120 months, so it is important to carefully calculate prior to commitment and see exactly how much you can afford to repay each month.
As the lending requirements for personal loans differ when taking out an unsecured loan in contrast to a secured loan, you may find it difficult to get an unsecured loan. However, often there are understanding unsecured lenders who will assist you in your efforts to acquire an unsecured loan.
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