What is an unsecured loan?
An unsecured loan is a loan that is completely independent of anything else you own. It is not secured on an asset such as your home or car, so there is no risk of the lender being able to repossess your home or car if you are unable to make your loan repayments.
Is it difficult to get an unsecured loan?
It can sometimes be easier to get a secured loan, because your home or car is used as security for the lender. So most lenders will be quite strict about you having a good credit score before they will consider you for an unsecured loan.
However, at Advantage Loans we consider each loan application on its individual merit. We are willing to lend to customers with poor credit history – or even a CCJ (County Court Judgement) – if we are confident that you are now able to afford to make loan repayments.
What are the risks of an unsecured loan?
As we explained earlier, there is no risk of you losing anything you own – for example your home or car.
But, as with any loan, there could still be consequences if you end up being unable to meet the repayments. Your credit rating will be affected and you may have to pay additional fees such as court fees, or even be subject to a CCJ.
So when taking out an unsecured loan it is important for both you and your lender to agree that it is an affordable option for you.
How can I get an unsecured loan?
At Advantage Loans we try to make the loan application process as straightforward and stress-free as possible.
There are three simple steps that you need to take:
- Decide how much you need to borrow, checking that the repayments are affordable for you.
- Fill in a simple online application form
- Have a quick phone chat with one of our unsecured loans team, to run through the details of the loan and answer any questions that you may have.
If your unsecured loan application is approved, we aim to move the money into your bank account within 15 minutes.