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Unsecured Loans

evekrawiec.com There are many reasons why people might need to take out a personal loan: a holiday vacation, a new car, a new computer or something for the home like a bigger fridge or a better washing machine. Compared to a major purchase such as property, these purchases will generally require smaller amounts of money. In the UK, many people choose to take out an unsecured personal loan for financing these type of expenses.
Unsecured loans donft require collateral. This means you will not have to secure the loan against your property. However, you will be need to provide the loan company with a solid credit history which they will verify through a thorough credit check when considering your loan application.
Most unsecured personal loans are for lower amounts compared to secured loans. The maximum amount you may borrow is usually set in the area of ’15,000. Higher limits are available from some lenders, and provided that you have an excellent credit history, you may be offered a maximum loan of ’25,000 or thereabouts.
Terms for the loan vary between loan companies, with the average repayment period for unsecured loans between one to seven years. Longer terms for repayment of up to ten years may be offered by some lenders.
All unsecured loans are subject to the Consumer Credit Act 1974. Under the Act, strict rules apply regarding how lending is conducted, and unsecured loans for up to ’25,000 are covered.

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