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What is an unsecured loan?
Where, with a secured loan, the loan is secured against an asset (such as a house), an unsecured loan is solely based on the situation and credit history of the borrower. An unsecured loan is lent over a set time period with monthly repayments. Although not held against as asset, failing to meet repayments for the loan can incur additional consequences such as fees or charges.
What do I need to know about car loans?
Unlike some other car finance options, a car loan will allow you to keep your car once you’ve paid it off in full. Usually, a car loan is an unsecured personal loan. This means that the loan isn’t secured against your property. Instead, the lender will let you borrow money to buy a new car, and you’ll pay it back (with interest) in monthly instalments over the loan term.
As with any big financial decision, you’ll want to be thorough with your research before deciding which car finance option is right for you. Running a car loan comparison is a good place to start. From there, you’ll be able to see the best car finance deals available to you.
What do I need to know about home improvement loans?
If you’re searching for home improvement loans to fund a project, there are two types of loan you can search for: an unsecured loan or a secured loan.
An unsecured home improvements loan is a loan that’s not secured against your property. The lender will loan you a fixed amount over an agreed term, which you’ll then need to pay back in monthly instalments, plus interest.
A secured home improvements loan is one that is secured against your property. This adds a degree of security for the lender as they can take away your property to pay back the loan if you fail to make the monthly repayments. Because of this, you can usually borrow larger amounts with a secured home improvements loan than you can with an unsecured loan.
Your home may be repossessed if you do not keep up the repayments on a mortgage or any other debt secured against it.