Unsecured Loans For The Self Employed
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As an unsecured loan is not linked to the equity in your home (in contrast to a secured loan where, if you do not meet monthly repayments, the lender could take possession of your home), it is a viable option for people wanting to borrow. Different from secured loans, unsecured loans do not require the lender to secure the debt against your property or any other assets.
Nevertheless, due to the lack of financial security for the lender, with some unsecured loans, the overall APR charge could be higher than those for secured loans.
Unsecured loan products are seen as more compatible for people who are not in the market for big loans - usually an unsecured loan may be up to £15,000, but the individual loan company will set limits to the amount of the loan at their own discretion.
They can be used for any purpose (with some restrictions) - the same as secured loans and you are the one to determine the length of time for paying back the loan. Usually, you will be offered the option of repaying the loan within 6 - 120 months, so it is important that you always do your calculations beforehand and determine the amount you can comfortably pay back each month.
Since the lending criterias are different when taking an unsecured loan rather than a secured loan, you could find it harder to get an unsecured loan.
However, often there are understanding unsecured loan companies who will do all they can to facilitate an unsecured loan.
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