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Unsecured
Loans |
An
unsecured loan
is a loan which is not backed by the pledge of specific collateral
unlike a secured
loan where your house is collateral against the loan. An
unsecured loan
is taken out without security. For example with secured
loans it can be taken out
against a home or land. A lump sum will be loaned in return for you
agreeing to make regular repayments usually by direct debit, this
is the normal procedure due the higher risk. This interest charge
on a loan is expressed as an APR (annual percentage rate). The APRs
will vary dependent upon the amount of the loan and sometimes the
term as well. Usually the rate is fixed on your loan repayments and
will remain the same throughout the period of the loan. These tend
to be generally at a higher rate then secured
loans because of the risk
involved. There is absolutely no obligation and we strive to give
you a decision within 24 hours.
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