Why Choose an Unsecured Loan?

Why choose an unsecured loan? An unsecured loan can be used for almost anything - a relaxing holiday, a new car, a wedding, debt consolidation or home improvements. These are just some of the reasons why people choose an unsecured loan.

If you want to raise money for most purposes but do not want to offer your home as security then an unsecured loan could be the solution.

For an unsecured loan the amount and period you can borrow varies. Lenders offer loans even as small as Ł500 and can go up to Ł25,000. The repayment period can be anywhere between six months to ten years.

Unsecured loans are offered by banks, building societies and also by the larger supermarkets chains.

Whatever you need it for there are a few things to consider before applying for an unsecured loan.

With an unsecured loan, the lender has no claim on any particular asset. Unsecured lending is generally more risky than secured lending, which is reflected in the relative rates of interest.

An unsecured loan is actually a loan where the lender has no claim on a homeowner's property in case the person fails to repay. The lender is solely relying on the ability of the borrower to meet their loan borrowing repayments.

With an unsecured loan, you're not borrowing against the value of your house. You will usually be offered an interest rate based on your circumstances and the amount you want to borrow. This means that the 'typical' interest advertised might not be the rate you are offered - your rate will depend on your credit rating.

If the borrower defaults on an unsecured loan the lender cannot repossess the goods, but has to resort to other legal remedies to recover the capital, interest and costs.

You should usually borrow as little as possible, and draw up a budget plan to determine how much you need. An unsecured loan might not offer a particularly high amount, so if you're a homeowner and need to borrow more, you could look into secured loans.

Unsecured loans are invariably more expensive than secured loans because the lenders have no guarantee that you can repay the loan, and therefore charge you more in interest to cover the cost of insurance policies that they need to take out to protect them should you default on repayments.

In the event that a borrower does not pay up, the lender will invoke the terms of the legally-binding credit agreement and pursue the borrower through the legal system.

Lenders are obliged by law to tell you how much they charge for this type of finance and this is worked out as an annual percentage rate (APR). Ask whether the APR figure quoted is 'typical' or is what every applicant is charged.

Check whether there is an early repayment penalty.

You may freely reprint this article provided the author's biography remains intact:

About The Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

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GM Likely to Seek Direct Loan From Fed - Barron's

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Get loans to automakers quickly, Engler says - Detroit Free Press

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Rescued by Fannie Mae? - Washington Post

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Home loan numbers at record low - BBC News

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UPDATE: GMAC Tightens Lending To Borrowers Of Auto Loans - CNNMoney.com

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Local lenders are making money and loans the old-fashioned way - Minneapolis Star Tribune

Sanchez#39;s column: Don#39;t blame minorities for economic meltdown - Kansas City Star

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/6i-0fd=Rurl=http://www.familysecuritymatters.org/publications/id.1455/pub_detail.aspcid=1255326638ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNGGNtpVwXkiag_IUBVUUPSLyas9uwimg src=http://news.google.com/news?imgefp=cA_QCcoUYUgJimgurl=www.familysecuritymatters.org/imgLib/20081014_acorn_yelling.jpg width=80 height=53 alt= border=1brfont size=-2Family Security Matters/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/6-0fd=Rurl=http://voices.kansascity.com/node/2406cid=1255326638ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNEA3v873J2MRFeHzm2pPNm2w59h7QSanchez#39;s column: Don#39;t blame minorities for economic meltdown/abrfont size=-1font color=#6f6f6fKansas City Star,nbsp;MOnbsp;-/font nobr13 hours ago/nobr/fontbrfont size=-1Those people who never should have qualified for home bloans/b in the first place. The uncredit-worthy defaulters of all those nasty subprime bloans/b that caused b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-1fd=Rurl=http://www.chron.com/disp/story.mpl/business/buggs/6052705.htmlcid=1255326638ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNGmOyqobHwP3lTNz6aG2Xi6b56JpQCrisis has nothing to do with Reinvestment Act/a font size=-1 color=#6f6f6fnobrHouston Chronicle/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-2fd=Rurl=http://www.talkingpointsmemo.com/talk/blogs/kgoff74/2008/10/why-republicans-want-to-blame.phpcid=1255326638ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNGRWPI3MSdc1OAOsEfcVt8d9c6cQwWhy Republicans Want To Blame Fannie, Freddie and Community b.../b/a font size=-1 color=#6f6f6fnobrTPM/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-3fd=Rurl=http://www.indystar.com/apps/pbcs.dll/article%3FAID%3D/20081011/OPINION01/810110392/1002/OPINIONcid=1255326638ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNGIzYnUPWNa1jZMPOF-vrCroDzdZQbLoans/b to low-income led to current crisis/a font size=-1 color=#6f6f6fnobrIndianapolis Star/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/6-4fd=Rurl=http://www.powerlineblog.com/archives2/2008/10/021764.phpcid=1255326638ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNHsYvqFldU96zCbYMYc_-6-VaQxawnobrPower Line/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/6-5fd=Rurl=http://www.newwest.net/topic/article/breaking_financial_crisis_not_the_fault_of_the_people_in_charge_of_everythi/C564/L564/cid=1255326638ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNEFIUIuOIqTfkSgYWzCiS5ICdqunQnobrNew West/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255326638hl=ennobrall 58 news articles/nobr/a/font/div/font/td/tr/table

Mercantile Bank Corporation Announces 2008 Third Quarter Results - MarketWatch

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/7-0fd=Rurl=http://www.marketwatch.com/news/story/mercantile-bank-corporation-announces-2008/story.aspx%3Fguid%3D%257BFFB39969-A595-466B-A72E-1C4276381E09%257D%26dist%3Dhpprcid=1257254212ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNFMFJOkYJng7fY7GvIqDRybWL37tAMercantile Bank Corporation Announces 2008 Third Quarter Results/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr32 minutes ago/nobr/fontbrfont size=-1The early identification of problem bloans/b has provided us the opportunity to closely work with our distressed borrowers, and during the third quarter we saw b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/7-1fd=Rurl=http://www.earthtimes.org/articles/show/ameriserv-financial-reports-increased-earnings,576214.shtmlcid=1257254212ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNFvJvinwYoiqSVu-9iIkFIXzOCJDQAmeriServ Financial Reports Increased Earnings for the Third b.../b/a font size=-1 color=#6f6f6fnobrEarthtimes (press release)/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/7-2fd=Rurl=http://www.marketwatch.com/news/story/townebank-reports-third-quarter-2008/story.aspx%3Fguid%3D%257BC096EF4E-05E5-482D-A354-CCEFABDC7953%257D%26dist%3Dhpprcid=1257254212ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNERGtUofkBDCoflJWuZZhrqeTDTbATowneBank Reports Third Quarter 2008 Financial Results and b.../b/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/7-3fd=Rurl=http://www.marketwatch.com/news/story/sovereign-bancorp-inc-pre-announces-third/story.aspx%3Fguid%3D%257B4D2CF47D-63FC-409B-9DE7-DB384F314772%257D%26dist%3Dhpprcid=1257254212ei=h3f0SP_oMZWO9QT0w7WlDQusg=AFQjCNGWeHrPcjlL-ErJKXB7um8i8mUFkgSovereign Bancorp, Inc. Pre-Announces Third Quarter 2008 Results/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1257254212hl=ennobrall 27 news articles/nobr/a/font/div/font/td/tr/table

Icelanders Sink Under Foreign-Currency Loans as Krona Plunges - Bloomberg

International Groups Offer Latin America More Loans - Wall Street Journal

Loans - Google News

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