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Unsecured loans of up to £25,000 for any purpose

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Personal Loans

  • Loans up to £25,000
  • Tenants & Homeowners
  • Use for any purpose
  • Less than perfect credit
  • Free enquiry service

Unsecured Loans

Unsecured loans are convenient and low hassle

When you're looking to buy something of a significant size you may need to borrow to do it - it's the modern way. The most popular form of borrowing is the unsecured loan, also known as a personal loan. They are relatively quick to arrange, can be used for any purpose and priced based on your credit profile. And even if your credit history is poor there are probably unsecured loans of one form or another available to you (subject to affordability).

Keep in mind though that being unsecured these loans are capped at £25,000 and the interest cost you pay will be heavily determined by your personal circumstances - in particular your credit history. If you own your home and have a mortgage then you may find a homeowner loan could allow you to borrow more at a lower rate. Our website explains these loans in more depth.

Unsecured Loans - the Options

If you’re looking for personal finance – and you don’t have an asset like a home to secure it against – then unsecured loans are a great option. But how do they work?

  • Choosing an unsecured loan can make a big difference to your cash flow. You can decide on a figure between £1,000 and £25,000.
  • Opt for a repayment term that works for you. Choose from a short term repayment to clear your debt fast (minimum one year) or a longer repayment period – up to 10 years is available.
  • What you use the loan for is up to you – unsecured loans are available for any purpose, there are no restrictions on what you must use the money for.
  • Unsecured loans are available to a wide range of borrowers - whether you own your home or not, whether you have perfect credit or not, whether you are young, old or somewhere in between!

When you’re looking at an unsecured loan it’s worth bearing in mind that the faster you pay off the loan the less interest there will be to pay. Make sure you understand rate bands, as these can mean that borrowing slightly more actually reduces the your total borrowing costs. Work out what you need to borrow as your unsecured loan and stick to what you can afford – it’s never a good idea to stretch yourself when it comes to the repayment schedule as if you miss a repayment you may end up in a mess with your finances.

Less than perfect credit

None of us likes to admit that we’re less than perfect but when it comes to personal borrowing the evidence is right there in black and white. Although you can’t change your credit score over night this doesn’t necessarily need to stop you getting the finance that you’re looking for. There are such a wide range of lenders available – offering a broad spectrum of loans, many of which are specifically designed for borrowers who don’t have perfect credit – that you will be able to find one that suits you. Plus, you might even be able to help improve your credit profile by making all your new loan repayments on time.

If you find that you’re really struggling to get the finance you’re looking for then it’s also worth considering guarantor loans. All this means is that the lender has the security of knowing that someone else will cover your repayments if you can’t, which makes them more willing to lend to you. Guarantors don’t necessarily need to own their own property to be able to vouch for you and you can borrow up to £12,000 with this type of loan. There is a dedicated Guarantor Loans section to this website which you can explore for more information.

Affordability

You’ve probably heard the term ‘affordability’ used a lot when it comes to personal finance.  All this really means is that it’s important for someone borrowing money to make sure that they can afford to repay it. There’s a simple way to work this out:

  • Add up your existing monthly outgoings and any one off payments that will be due during the life of the loan.
  • Subtract your outgoings from your income.
  • What’s left should cover the loan repayment, ideally with a little left to spare.

Most lenders have stringent affordability lending criteria but it’s a good idea to work this out for yourself before you make the loan application. Responsible borrowing is all about using the money you need for the purpose you have earmarked it for and then repaying it on time – that way everyone wins.

All About Personal Loans

Representative Example

Loan Amount

£9000

Monthly Repayment

£246.84

Loan Term

48 mnths

Total Repayment

£11,848.42

Representative APR

14.2%

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When it comes to getting you your personal loan our online service is second to none. In fact Solution-Loans.co.uk has scored 4.7 out of 5 based on 325 ratings & 47 user reviews for its personal loans service.

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