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.
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.
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.