At UK Guaranteed Unsecured Loans our brokers make the whole loan finding service as simple as possible, providing you with easy to get unsecured loans for any purpose. And even if you have bad credit our loan brokers can still help you get a loan – within specific criteria.
Guaranteed Unsecured Loans
When searching for cheap unsecured loans online you will be faced with lots of websites and lenders offering different types of loans with different rates of interest. We try and make the loan finding process a whole lot easier. All you have to do is complete 1 short application form and let our loan brokers do all the searching through a large range of loan plans, and they can also help even if you need a bad credit unsecured loan.
With a large selection of loan plans to choose from you can apply for guaranteed unsecured loans for any purpose, whether you’re a homeowner or tenant. The amount you can borrow will be based on a number of factors but in principle our loan brokers can guarantee to find you an unsecured loan between £250 – £25,000.
if you’re looking for quick and easy loans then you can take advantage of our loan finder service and save yourself hours of searching for unsecured loans online. It can also save you money as with more loan plans to choose from it is easier to find you a guaranteed unsecured loan to suit your finances.
How do Unsecured Loans Work?
These types of loans are very straightforward in that you do not need to use any ‘security’ for the loan. So they are the complete opposite to Secured Loans where loan applicants must use their property as ‘security’ for the loan.
However, the non-security aspect of unsecured loans means that you will end up:
a) paying a higher interest rate, on avergae.
b) only having up to £25,000 as the maximum you can borrow.
So although there are certain limitations to an unsecured loan but if you are a tenant for example, then you have no choice as you don’t have a house for security. And although unsecured loans may have a higher interest rate than secured loans, at least the interest is not as high as other high interest, short term loans, such as Payday Loans.
Apply online now and let a loan broker call you back within minutes with your unsecured loans options.
3-in-1 Loan Calculator
The loan calculator will give you a precise calculation on the total amount you will pay for your loan. Simply enter in the Loan Amount, Loan Term & Interest Rate and click on Submit. The calculator will then give you the Total Interest payable.
Are Unsecured Loans With Bad Credit A Wise Choice?
An unsecured loan is one that is not secured with collateral. This type of loan is risky for the lender, as there is only the previous credit history and the guarantee by the borrower that they will repay, rather than having some tangible collateral to call in if the borrower should default on a payment, or even the entire loan.
Those with bad credit may be better off to enter in to a secured loan, rather than an unsecured one. Types of unsecured loans include personal loans by friends or family members, credit cards, payday loans and bank loans. An unsecured loan will often have much higher interest rates than secured loans, leaving the borrower to pay back more money. Lenders charge a higher interest rate to make up for the fact that the borrower has bad credit and no collateral. Because they are taking more of a financial risk with the loan, they want to recoup more on their investment. For those with bad credit this signals even more trouble, as the reason many have bad credit is because they have trouble paying their bills on time to begin with. Adding a high interest loan to the mix only worsens an already bad situation.
Another reason an unsecured loan is not the best choice for someone with a bad credit score is this: defaulting on an unsecured loan with no way to repay with collateral will only serve to further damage the credit score of the individual. This will place the borrower in even deeper financial straits that they may not recover from.
Rather than borrowing money through an unsecured loan, those with bad credit may be better off to educate themselves properly on financial management. There are free classes offered by many communities, financial institutions, and investment houses that can help those with bad credit get back on the road to financial security. In the event that a loan is necessary, a secured loan, vs. an unsecured will at least provide a cushion in the event that the borrower is unable to repay.
It is not a wise choice for those with bad credit to enter in to an agreement with an unsecured loan. The repercussions may place them further and further into debt and damage their credit permanently. The higher interest rates make them almost impossible to pay off on time, and they are a high risk for both parties.