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Personal unsecured loans are a lending option where the unsecured loan provider does not request a guarantee (such as your property) to guarantee that the borrower will repay the agreed loan.
This form of borrowing is for people who are not willing to provide a security - such as house equity.
With an unsecured loan, since the unsecured loan company is willing to take a greater risk, the APR charge for the provision will be more, moreso if the borrower has a poor credit record.
The majority unsecured lenders can give loan applicants an unsecured loan from £500 to £25,000 (with an excellent credit rating).
As a general rule, providers of unsecured loans, have their own individual unsecured loan scoring technique to approve or decline a loan applicant.
With a personal unsecured loan, loan providers may also refer to an external credit search agency such as CallCredit plc, Equifax or Experian, prior to accepting an unsecured loan applicant.
Unsecured loan providers need to ensure that borrowers are a 'good risk' and therefore do not have a history of poor credit and unpaid borrowing.
Unsecured lenders have different criteria for giving unsecured loans; so even if you may fall short of one unsecured loan provider's requirements, you could satisfy another's.
The better your credit rating, the better choice of unsecured loans that will be made available to you and usually with a more favourable rate of interest.
Before applying for a personal unsecured loan, look at your credit file.
Make sure that all the facts on it are recorded correctly and get in touch with the appropriate company in the event you find any false information.
Check out that you are included on the Electoral Roll - this provides proof of your place of residence to potential unsecured lenders.
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