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Facts about Unsecured Loans


Unsecured Loans are not secured against property. The maximum amount you can borrow is normally £15,000 but if you have a very good credit history you may be able to borrow up to £25,000.

If you need to borrow more than this, you will require a Secured Loan.

Please do not think that you are safe with an Unsecured Loan if you miss payments. If you default on an Unsecured Loan and you own property, the Lender is quite within his rights to place a Charge on your property in order to reclaim the money.

In a nutshell, the big myth that Unsecured Loans are safer than Secured Loans is exactly that - a myth.

Unless you are planning to default on the loan, there is nothing to fear by taking out a Secured Loan. You will probably get a better rate too! If you are worried about unemployment, then you can insure against that being a problem.

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