Please call an adviser on 01738 583008

Unsecured personal loans are available to anyone with a fair credit score and can be used to borrow anything between £1,000 and £25,000. Generally, the interest rate will be lowest when you are borrowing between £7,500 and £15,000.

These loans are – as the name suggests – available without any security: you don’t have to be a homeowner to apply.

That said, always check the terms and conditions for fees and charges, such as an early repayment penalty, and make sure that you are happy with any conditions set by the lender.

Advantages of unsecured loans:

  • You can choose to arrange a longer-term over which to repay the loan. This will mean lower monthly repayments – but does increase the overall amount you will repay. Most unsecured loans are agreed with fixed repayments over a period ranging between one and five years.
  • Some loans might offer the option of a payment holiday, typically two or three months, at the start of the agreement.
  • The best loan rates are generally available to borrowers looking to make repayments over three or five years. You will often pay a higher rate of interest to borrow over a shorter term.

Disadvantages of unsecured loans:

  • The interest charges on amounts above £15,000 or below £7,500 can be more expensive than you’d be charged when using other forms of finance.
  • The best rates will go to those with the best credit scores.

Alternatives to unsecured loans

If you are only looking to borrow a small amount, a 0% money transfer credit card could be a better option. It allows you to borrow interest-free for periods up to three years (depending on the lender). You do pay a set-up fee, which can be added to the loan advanced.

Find the best deal

The directors of the Lending Channel have a long, established history providing lending and other financial solutions to clients from all walks of life. We have developed excellent lender relationships across all of our product lines, and this helps us find the best solution to your particular needs and circumstances.

The Lending Channel are members of the National Association of Commercial Finance Brokers (NACFB).
2/1 King James VI Business Centre, Friarton Road, Perth, PH2 8DY
Tel: 01738 583008 | Fax: 01738 500402

The Lending Channel are authorised and regulated by the Financial Conduct Authority.
Company number SC334818
Data Protection Act: Z2030159

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT

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