Lenders include high street banks and building societies but you may find that specialist lenders are able to offer a loan to you where the high street branches are unable to due to their less restrictive criteria or through their specialism in a particular type of borrower, e.g. the self employed, company directors, tenants, students or people with mortgage arrears, an adverse credit history and County Court Judgements (CCJ's).
What are the Benefits of Unsecured Loans?
Owing to the fact that you will not have to offer your home as collateral against the loan, an unsecured loan offer less risk to the person taking out the loan than a secured loan.
One of the main benefits of unsecured loans is the quick turnaround in applying for one. Since an unsecured loan does not require your home to be valued before the application can proceed, the turnaround from making an application to receiving an answer, and ultimately your loan, is much quicker.
Another benefit of unsecured loans is the fact that the success rate of applicants is very high, and although adverse credit records, CCJ's, mortgage arrears or debt issues will not affect the loan application, it should be remembered that the better the credit record, the better the loan terms and rates are likely to be.