Hot Topics

What is a Holiday Loan?
A holiday loan is a loan designed to give you the means to pay for a holiday. This is commonly used for ‘holidays of a lifetime' like honeymoons, anniversaries and holidays to exotic locations.
What is a Career change Loan?
If you are planning a change of career then it is likely you will experience either a big drop in or a total loss of regular earnings – and this is why people choose to take out career change loans.
Can I defer payment?
This depends entirely on the specific agreement you have made with the loan company – and you must read your terms and conditions carefully to see if you are entitled to defer your payments at any point.
I live at home with my parents, can I still apply for a loan?
If you live at home you are still eligible for a tenant loan – this is basically an unsecured loan in which you have no property to provide as security against the debt.
How much can I borrow with a debt consolidation loan?
The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

What is an unsecured loan?

An unsecured loan is a loan where no asset is pledged as security for the loan. (The most frequently used security is the family home.)

Apply now

Because you are not guaranteeing the loan against the value of your home, you will not be able to borrow such large amounts of money as with a secured loan. You can usually apply to borrow anything from £500 to £25,000, but this depends entirely on the loan provider and how much they are willing to lend you.

To repay the loan, most lenders will give you the option of paying the loan back within between six months and ten years, depending on how much you are borrowing. It's your decision how much or how little time you need to pay back the loan in full, however do not be tempted to overstretch yourself as you will end up missing payments. On the flip side you also need to pay back enough each month so that the loan doesn't drag on for years and years, because the longer it goes on the more interest you will have to pay, and the more the total loan will cost you.

Without security, the risk to the loan company is higher. Therefore, without security, the loans company will take out extra insurance to cover any money lost should you default on your payments. This cost gets passed onto your loan, and means higher interest rates. This is why unsecured loans almost always have a higher APR than secured loans.

Apply now For an Unsecured loan

 

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.