unsecured loans
What is an unsecured loan?
Unsecured loans are normally used for smaller value purchases as appose to a secured loan. Normally products such as a car. Another reason for an unsecured loan is if you are not a homeowner. To gain a secured loan you have to have a property to secure the loan on.
These loans are acquired from a bank or another private lender. They are paid back in regular instalments until the loan is then paid off. However, as the loan isn’t secured on any personal assets these kinds of loans tend to be at a higher interest rate. This can cause the overall payments to be higher also. With an unsecured loan, they are more widely available and easier to obtain.
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Finance Advice Centre Ltd is an appointed representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority in respect of mortgage and insurance mediation activities only. Finance Advice Group Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 624517.
Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.
As a mortgage is secured against your property, it could be repossessed if you do not keep up the mortgage repayments.