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Unsecured Loan

Definition
A unsecured loan – otherwise known as a personal loan – is taken out by an individual over a fixed term. This type of loan is available from a bank, building society or other financial institution without security. They are covered by the terms of the Consumer Credit Act. A lump sum will be loaned in return for you agreeing to make regular repayments, usually by direct debit.

Explanation
Unsecured loans are usually available from £500 up to £25,000 (security will often be needed for larger loan amounts) and are repayable over a set period of time by regular monthly payments, usually between six months and 10 years.

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