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An unsecured personal loan is a type of instalment loan available for long term, usually from 1 year to 7 years. Amounts available range from £1,000 to £35,000. Unsecured means it doesn't require any collateral (such as your house or car) to secure the loan payments.
Secured personal loans have even larger loan amounts and longer terms available, but require a collateral, usually your house or car.
Personal loans have lower APRs (interest rates), but as a consequence, lower acceptance rates than short term loans or payday loans.
Representative Example: Amount of credit: £5,000 for 48 months at £176.85 per month. Total amount repayable of £8,488.57. Interest: £3,448.57. Interest rate: 28.9% p.a. fixed. 28.9% APR Representative.
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Ronnie
Wallsend, UK
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